Carnival of Money Stories – My Money Flaws Edition
Welcome to this edition of the Carnival of Money Stories! Since all featured posts reflect a money story, I decided to share my money flaws along with the articles.
If you are new to Gather Little by Little, you should read the following articles:
Money Flaw #1: Having Spendthrift Moments
The current recession and the recent read of In Cheap We Trust got me thinking about my spending habits. While I am frugal in several aspects of my life, I am having a hard time spending less on food, clothes and cars. I don’t go shopping often, but when I go on a shopping frenzy, I can spend my whole pay check on clothing”¦ I am actually worse than my wife when it comes to shopping ;-). In order to control my spendthrift moments, I am continuously asking “will I regret it?”. Thinking twice about what I am about to buy reduces my bill at the end of the month considerably;-).
Tom @ Canadian Finance Blog presents Save Money By Selling Your House Without A Real Estate Agent posted at The Canadian Finance Blog.
Silicon Valley Blogger presents My Retirement Plan Or What I Plan To Do When I Retire posted at The Digerati Life.
Peter presents This Blogger Fell Into The FICO Trap, But Saw The Light And Became Debt Free posted at Bible Money Matters.
Money Flaw #2: Procrastination
In my opinion, procrastination is my worst money flaw. The problem with procrastination is that it often doesn’t show. You barely notice that you are losing money because you don’t take care of something. It’s like water dripping from a leaky faucet; you are losing water but you won’t notice the damage until something breaks and you see the big hole under the counter! I try to send myself emails (it’s a Gen Y thing, so says conspiracy theory man) and leave notes everywhere of what needs to be done (like looking at my insurance coverage for example or analysing how much interest I pay on debt). I am slowly getting better when it comes down to take care of my personal finances.
Mrs. Accountability presents The Time I Almost Married An Amway Salesman | Out of Debt Again posted at Out of Debt Again.
CreditCardAssist presents Card Issuers Find Loopholes Before New Law Takes Effect posted at CreditCardAssist.com.
Money Flaw #3: Looking to increase my income continuously
While aiming for a bigger salary is not a bad thing by itself, I would say that continuously looking towards the next promotion, working more hours to make extra bucks or spending time and energy on a sideline (like starting an online store) will gradually take away from the most important things in life: your family and friends. Since I have finished my MBA, I have decided to cut down on my hours at work and spend more quality time with my beautiful wife and children. I definitely don’t regret my choice!
Steve Patterson presents FastSwings – Blogs – Federal Reserve Holds Rates as Expected posted at FastSwings.
Darwin presents The Truth About Rewards Credit Cards – But, Is it Really True? posted at Darwin’s Finance.
Money Flaw #4: High tendency to leverage
I have mentioned it before, I have a high tolerance for risk and I don’t mind borrowing money in order to increase my assets or income over time. This is what I call “having productive debt”. However, good or bad, a debt is a debt. If things turn sour, my tendency to leverage everything might blow up in my face as I am taking a lot of risk. I haven’t found any tricks to reduce this “bad” habit. I just hope that I will continue to make money from it I guess!
freefrombroke presents My Experience Switching To Cable/Digital Phone Service posted at Free From Broke.
Money Flaw #5: Fighting with my Budget
While I have no problem sticking to my budget (besides a few spendthrift moments ;-) ), my biggest problem is to keep track of each expense in order to be able to analyse them. I did enter each dollar earned or spent for 2 years in Microsoft Money software. But since starting my basement renovations, I have completely lost count and never went back to my original budget again. While I know that, overall, my assets are increasing and my debt is decreasing, I can’t pinpoint where to concentrate my efforts in order to get rid of my debt faster.
Chris Lang presents Property and money: 20 tips any married woman must read (part 1). posted at Home I Own.
Mike presents The Finish Line posted at Minting Pennies – Personal Finance, Investing, and Microfinance.
Matthew Paulson presents Thefts at Open Houses Return to Real Estate Market posted at American Consumer News.
Mr Credit Card presents Should I Get Another Credit Card Before Moving Overseas? posted at Ask Mr Credit Card.
I hope you have enjoyed reading about my money flaws along with the articles in this carnival!