3 basic rules to financial decision making
Welcome to the first post of this blog! Penny pinching, it can be fun, it can be awkward and it can be downright disastrous!
As the Penny Pinching Doc, I live my life by 3 rules when it comes to appropriate financial decisions no matter how small or big.
Firstly, pay to have fun. This goes without saying, we are humans and are here for a finite time. If it’s not fun don’t do it and definitely don’t pay! Have the courage to say no and be financially sensible. If you don’t find drinking and clubbing fun, don’t do it and definitely don’t waste 50 dollars on the night! Rule number one, everyone is different and their interests different.
Secondly, you pay for convenience. Pay for a car versus walking or relying on public transportation, it’s for convenience. Pay for a house in a safe area or an area with better schools, and its for the convenience of safety and peace of mind for your children. You can choose not to pay for this convenience, and occasionally suffer for it but hey, what about the extra 1000 dollars a month you have in your pocket?
Lastly, pay for fairness. This is obvious, if your family have provided you with warmth and love, pay for their convenience. If colleagues paid for something, pay them back and lastly pay your taxes as deemed by the higher powers, it’s fair for society.
This blog will be all about balancing the first two and hopefully I can help bring up issues to decide when that penny pinching may be worth it!