I am a big fan of new years resolutions, goal planning, goal tracking, etc. I've started to put together my list of resolutions for 2014 and I'm up to 12 so far and none of those resolutions relate to finances. Eight of my draft resolutions relate to health and fitness.
I learned back in psychology that it takes 4 weeks to develop a new habit. Indeed, one of the reasons rehab is 28 days is based on the 4 week new habit model. Today, I read an article over on today.com that it actually takes closer to 66 days to establish a new habit.
So, if today is day 1 of a new behavior, stick with it for a couple of months and it should become an actual habit.
Here is to a happy, healthy and prosperous 2014.
Showing posts with label Today Show. Show all posts
Showing posts with label Today Show. Show all posts
Wednesday, January 1, 2014
Wednesday, November 20, 2013
Financial Bully
According to this post from the Today Show, it sure sounds like I should be classified as a financial bully. We work on an allowance system, so I absolutely limit the amount of money Mr. Sam has to spend. I similarly limit the amount of money I have to spend as well.
I think if you asked Mr. Sam about this system he would have the following to say. First, he is very happy at our progress over the last 7 years (since we got married). We paid of $55,500 in unsecured debt the first year and half of that was Mr. Sam's MBA debt. We have also made good progress at saving money every year since then. So he recognizes that by limiting our spending and working from a spending plan and an allowance system there is a payoff.
Second, he does, from time to time complain about running out of money and further complains that he can't have a credit card. When I say "he can't have a credit card" he agrees with the fact that he has an abstainer personality and therefore really can't have one. What that means is that Mr. Sam can't eat just one cookie, rather if there are cookies in the house he will eat the entire package. So, in order to not eat an entire package of cookies he has to abstain and not have them available. I am a moderator personality which means that I could each just one cookie a week (if I want cookies in the house I have to hide them). So when it comes to money, Mr. Sam really will spend just about as much money (or utilize as much credit) as is available to him. Hence the allowance system actually works very well for him.
While I am the financial task-master in the house, Mr. Sam is involved in the decision making, the spending plan creation, the savings goal setting, etc.
I think if you asked Mr. Sam about this system he would have the following to say. First, he is very happy at our progress over the last 7 years (since we got married). We paid of $55,500 in unsecured debt the first year and half of that was Mr. Sam's MBA debt. We have also made good progress at saving money every year since then. So he recognizes that by limiting our spending and working from a spending plan and an allowance system there is a payoff.
Second, he does, from time to time complain about running out of money and further complains that he can't have a credit card. When I say "he can't have a credit card" he agrees with the fact that he has an abstainer personality and therefore really can't have one. What that means is that Mr. Sam can't eat just one cookie, rather if there are cookies in the house he will eat the entire package. So, in order to not eat an entire package of cookies he has to abstain and not have them available. I am a moderator personality which means that I could each just one cookie a week (if I want cookies in the house I have to hide them). So when it comes to money, Mr. Sam really will spend just about as much money (or utilize as much credit) as is available to him. Hence the allowance system actually works very well for him.
While I am the financial task-master in the house, Mr. Sam is involved in the decision making, the spending plan creation, the savings goal setting, etc.
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