Wealth Builder - Chapter One

From Making Money, there were a few quotes that sprung out at me.

"You will only achieve your objectives by spending less than you earn."

"It's not what you earn that matters - it's how much you spend."

"Make a commitment to the concept "if you can't afford it, you can't afford it""

"If it looks to good to be true then it is".

These quotes made me look and question my money spending habits. From my past, I was bad with money but I never looked deep into what I did wrong and how I could fix it PERMANENTLY. I created debt and then I repaid it with interest as I lived above my means. If I want to live a comfortable life I need to change my behaviour and the concept Getting Rich Slowly hit home. I need to save money slowly to become rich in the long term. I need to compromise with myself. I have a bad habit of getting into cycles where I overspend and then to compensate I underspend which leads me back to overspend as I feel as if I owe it to myself. This cycle needs to break for a healthy monetary pattern. My only defence is that I have very little money as I have to live away from home and the circumstances have made it hard to save money, but not impossible.

I don't think it will be feasible for me to start permanent savings until after I finish uni as I need to repay the debt I owe to my parents. That is my first priority - a short term goal that will be achieved by the end of 2010.

This blog will help me analyse what I spend my money on, possible cutbacks and future budgets for when I have a stable income. The key is Get Rich slowly, small savings over a long amount of time. I need to be patient so that the retired Sabina will have a healthy nest egg to live off.