It's only Money

From time to time, I think I should write a blog on money. So, today's blog is about my new line, "it's only money". I have started using those 3 little words to justify a purchase. I don't want to speak for all retirees, but for me, I had some adjusting to do regarding spending retirement money. When I worked, and I wanted to purchase something, I just worked harder. Once the pay cheque tap was turned off, I was now more conscience of money. I was rethinking how to spend money. It was one of those "retirement issues" I had to figure out. 

I am not one to focus on money, and I fit into a financial "Polly Anna" because of it. Polly Anna's are described as someone that doesn't care about money, they rarely check their accounts and have very little interest in money. Words like inflation, interest rates and other financial terminology will rarely come out of my mouth. 

I scan headlines all the time. I find that an article will catch my eye if it has a number in it. Like the one I read, "10 ways to manage your money in retirement". The article spoke to me, and I assume it was written by a Polly Anna. I am going to share some of my takeaway highlights.    

1. Never live above your means. 

Remember when you could only buy something with cash or a cheque. If you didn't have the money, you didn't get it. Then credit cards arrived, followed by debit cards and now there are a multitude of ways to pay a bill or make a purchase. Banking is so easy now; it can be done in the comfort of your own home. I can even deposit a cheque simply by using my phone. 

I have always said that having cash will create more cash. If you work in a business that deals in cash, you will understand what I am saying. It seems a cash flow is fed by more cash. I am sure, most men have cash in their wallet. It is probably in order according to the size of the bills, and the heads are all facing the same way. Women on the other hand, if they are anything like me, may have cash stuffed in a variety of places throughout their purse. There is probably a small fortune in coins roaming around in the bottom of the purse. I usually have a small amount of cash in my wallet. I don't like going to an ATM, I use debit whenever I can, and I hoard my cash for when I really need it.  

2. Never spend money on gifts that no one needs. 

Practical gift giving is an art. I like to buy what I think is the perfect gift, but in the end, I think, is it perfect for me, or for the person I was buying it for? I prefer to give spontaneous gifts, for no particular reason. The majority of my gift giving is cookies or books, both practical in my mind. I feel buying gifts in a rush, or not knowing what to get someone, may be a time when we tend to purchase gifts that no one may need.  

3. Never shop when you are emotional. 

I am hoping that everyone has had at least one "pity shopping" experience. It could quite possibly be some of the most expensive shopping you can do. 

4. Trust your financial advisor. 

I have already shared how much I like my financial advisor. He has been with me from the start, and to see his excitement when he talks about money makes me think he knows what he is talking about. We are light years apart in our understanding, but as it is right now, I have no reason not to trust him. In my world a good financial advisor is money well spent. 

5. Never lose track of your money. 

I have learned so much about money management over the last couple of decades. I have watched people obsess about money, and it seems they have money struggles. It is doubtful that anyone could ever answer the question, "how much is enough money?". 

6. Label your savings accounts for a specific purpose. 

The picture they showed to explain this point, was mason jars with money in them and neat little labels, identifying each reason for saving. I had a dear Aunt that had labelled jars for each item on her wish list, and she managed beautifully. I remember when I worked a couple of women had a certain amount of money come directly off their cheques each month. It went into an account that was identified as their travel account. I admire that forward thinking, but this would never be anything I would do. 

7. Lend money with no intention of ever getting it back. 

At one time, I thought if you lent money to someone, they would pay it back. Until I heard two powerful women, Suze Orman and Oprah say never assume you will get your money back. When I hear people complain about not getting paid back for a loan, I think of those famous words of wisdom.   

8. Don't spend money on things you don't really use. 

Are we ever guilty of this one. I find as I purge my house and realize what I have, I rarely buy anything that I don't need. Even in my favorite store I think before buying it. I am not one that stockpiles. I believe that toilet paper or tomato soup will go on sale again. I have been told that I live in a city, so I don't need to stockpile like others that live in the rural areas.   

9. Never buy a new car. 

Suze Orman always says, never buy a new car. I think this is for people that have to make monthly payments on a vehicle. I know several people that lease. I can honestly say, I don't understand leasing. Since I have been in charge of buying vehicles, I have chosen to buy new.    

Now that I am in retirement, I spend a considerable amount of time in my home. I feel that everyone should love their surroundings and get comfort from what is around them. I knew I needed to replace the flooring throughout my condo. It was bothering me, and I decided to get it done. After all, "it's only money". There is an old saying, "money can't buy happiness". Well, money has bought me happiness; I am in love with my home again. 

I like my saying, "it's only money". You are welcome to use it anytime you care to. You will notice no one has a response, so that must mean it is a worthy statement, what else could it possibly mean.