By Chris Buchheit on September 1, 2010
.jpg.aspx?width=75&height=75) Despite what the politicians and the media tell us, our economy has not recovered. When unemployment is as high as it is, many people are out of jobs. And until these jobs reappear, and hopefully thereafter, there are many steps that we must take in order to secure our personal finances.
Near the top of the list, right under “Don’t burn your money” is being a responsible consumer. What does being a responsible consumer mean, though?
Being a responsible consumer, first and foremost, means using your head and placing fiscal responsibility above short-term wants. This means setting your priorities where they should be. For example, if money is tight, having a huge TV does not take precedence over having a good health insurance plan. Getting new hydraulics for your Chevy Impala is nowhere near as important as having water and electricity.
Therefore, getting your priorities straight is the most important step to take in being a responsible consumer. Once you have these priorities straightened out, be sure to make out a budget that caters to these priorities. Most importantly, stick to this budget. Your finances, and those who may or may not depend on them, are worth the extra time. Plus, this simple procedure is better than waiting in line to file for bankruptcy. Plus, it does not look like the government will be giving out any more bailouts any time soon.
Another important factor to take into account is whether or not you actually have money to make the purchases you want to.
This means figuring out if you can afford the purchase not only in the short term, but also for the long term. Figure out how much it will cost to maintain your purchase. Be conscientious of the inevitable repairs, and the extra costs that might not be apparently. In other words, do your research before making big buys. Ask the tough questions, be in the know. As GI Joe says, knowing is half the battle.
The more you are involved with your finances, the more money will inevitably be freed to spend on yourself or your family. The point is, you do not have to live like a Daoist monk in order to secure your finances. You can have nice things. You may be forced to make some sacrifices for the benefit of your fiscal progress, but if you follow these two simple steps, you will be well-prepared for the future.
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