M is for Money

People never change – it’s a phrase often repeated. But does this always hold true or are there circumstances where people will change, either due to desire or necessity? And when it comes to money, can a spender become a saver?

This question was raised recently on a message board from someone who was worried their financial problems will never be under control. Overspending is a common cause of financial woes and for many people, curbing their shopaholic tendencies is the only hope to getting out of debt. But change is never easy.

I know for a fact that a spender can become a saver, after all I’m an example of one. I used to spend mindlessly on clothes, make up and home furnishings. The only important question to me was – did I want it? I never asked myself if I could afford it. With easy access to credit, saving felt like a tedious, unnecessary task. But a life of easy credit can easily get out of hand.

Saver versus a Spender

A saver puts aside money and then spends the remainder. A spender spends their money and then puts aside the remainder – if there is one. Sometimes the cure is as simple as setting up an automatic savings plan or a retirement plan at work. Many people spend whatever is left in their paycheck, by taking out savings first you can painlessly make the transition. Start small and you’ll never even notice the difference. But for people who spend more than they earn – like I did – it’s not so simple. Automating savings will help with one side of the balance sheet, but not the other. You have to start living within your means, including setting aside money for rainy days.

Change for Yourself

It is impossible to force someone to change and if somehow you do accomplish it, they’ll probably resent you later. Change is best achieved from within, a spender has to want to change. I know I wanted to change, the stress of the debt and the size of the balance I faced was too much. I had to eliminate it so I could get on with my life. I changed for myself. It is possible and it only takes two things – desire and commitment. Track your spending, get a budget and make saving money a priority, not an afterthought.


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