The Waiho Bridge near Franz Josef Glacier, New Zealand.
Prioritizing your spending
Written by R. A. Stewart
Life is all about making priorities and it is not all about money and how you prioritize your spending but about what you do with your time. We have different financial commitments and different levels of income but when it comes to time, we all have an allotted 24 hours in the day, no more and no less but our income and how we earn our income will have an effect on how much time we have to devote to the important things in our life.
Many people sacrifice their time for money by spending all of their time working leaving little time for anything else. They are out of balance.
If you have a specific goal in mind such as saving for a house deposit then the sacrifices may be worth it in the long term. Maybe because only you will know whether the long days were truly worth it. It all depends on what your priorities are.
What factors should you consider when setting priorities?
Here are several to consider:
Your commitments
If you have children then you obviously have different priorities than someone without children. It is their future as well as your own which you need to factor into your plans.
Your debt levels
Paying off your debt needs to be your number one priority because unless that debt is paid, you have no discretionary spending money.
Your age
This is an important factor. If you are in your sixties then you are not likely to set goals with a 30 year timeline. The young ones have time on their side and speaking from an investment perspective can use time to increase their wealth.
Your health
Your health is an important factor. If a health issue has cropped up then your number one priority has to be to manage it and make the most of your life.
Your career
Your career will influence your priorities. Some couples delay parenthood, instead, preferring to ensure that they are on a good financial footing before they have kids. This is the sensible thing to do.
Your pets
Any pets you have will mean that you just cannot forget about them and forget about them. You are responsible for their care and well being.
It is certainly a good idea to think twice before taking on new pets because they could be a hindrance to you as far as finding a new job.
If you are fortunate or smart enough not to have any commitments whatsoever then you will find it easier to gain employment in a new town or province. Most of the commitments listed are choices you make and the consequences of those choices are commitments.
There is a cost to these choices and it is the wise thing to do to take this into account when making decisions.
About this article: You may use this article as content for your blog/website or ebook. The contents of this article are of the writer’s own opinion and may not be applicable to your own circumstances.
www.robertastewart.com
Below: Lake Mapouriki 2 miles south of Franz Josef GLacier New Zealand
