A Fool And His Money Are Soon Parted: Keeping Clear Accounts Is Soon Started

Taking care to be smart with your money is in a word

, smart. This English proverb about a fool and his money simply means: If someone acts and spends their money unwisely, then do not be surprised when that money is gone. Its possible that every reader staring at these words has either known someone or has themselves been foolish with money. It is all too easy to get carried away with the buy it now, get it now mentality that so many people fall victim to. So what about the second half of the title? How can we be smarter with our money? Below is a list of 5 simple things you can do to be wiser with your cash.

1. Do not fall victim to peer pressure. This type of pressure is everywhere and will likely knock on your door until the day you die. Learning now the importance of not having to keep up with the proverbial Jones family will save you from many headaches later in life.

2. What do you want and what do you really need? Satisfying every want and desire can, and usually does, lead to financial disaster. It is perfectly acceptable to treat yourself to something nice on occasion. If its every little thing, every single day, then it may be time to sit down and re-evaluate wants versus needs.

3. Learn from the successes and failures of others. Sure, youre going to have to take a risk every now and then, but youve seen others risk everything and lose everything. If you want to be successful, then hang out with successful people. If you want to be a fool well, you know the rest.

4. Know how much money you need to live off of. Of course you could live off of $20,000 a month, but is that really what you need? It would be much wiser to choose to live a simpler life and put some of your money in a high interest earning account.

5. Know where your money is going and pay attention to whats going on with it. Keep a close eye out for mistakes or inconsistencies in monthly account statements. As well, keep track of where the bulk of your money is going, and cut back where you can.

There are many proverbs that explain what fools do and where they build their houses. Keeping your finances in order will not only make you wiser, but it might just make you happier too.

by: Henry Collins

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