Saving versus spending
Saving money now is worth more than spending money later. This advice applies to any budget item that you could spend less on now.
Even if it is a really great deal, remind yourself that cash in hand now is worth more than an unnecessary purchase.
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Spending money mindfully
- Leave the item for 24 hours. If you still want it and can afford it, then make the purchase.
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When you should use cash
- When you have an emergency: Cash is accepted everywhere, so have some on hand. Dave Ramsey recommends having at least $1,000 in an emergency fund.
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Defining Budget Deficits
When you spend more than you earn and the total amount of money that you're spending turns out to be more than the amount that you're brining in causes a budget deficit.
For example, if you spend $100 per week but earn less than that every week, that's a budget deficit. In addition, sh...
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