Wednesday, March 31, 2010
The trials and tribulations of personal finance
So today is the last day of the spending freeze. Although I had to break the rules a little (birthdays, bridesmaid stuff, etc.) and had a meltdown midway through, spending too much at Victoria's Secret, I thought I did really well avoiding the temptation of shopping for the past three months. But regardless of how well I did or didn't do, I still feel like I have learned some valuable lessons about money management and when to spend and when to save. I also came to appreciate the things I already own. I was forced to create outfits from what I already had in my closet on Friday nights and the results were often surprisingly good.
Moving forward, I came up with three questions I must ask myself before I make a purchase:
1. Is this something I truly need and have been planning on buying or is it an impulse buy?
2. If it is on the pricier side, is it classic? Will it last season after season?
3. If it's something trendy, is it worth taking a chance on? Is it a piece that can be paired with other pieces that are already in my wardrobe or would I have to buy additional pieces and parts to make it work?
And I can't end this post without saying the best rule of personal finance, "Don't spend what you don't have" (ie, credit cards are bad!).
(Photo via Nordstrom)
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