3 Ways To Keep Money From Burning A Hole In Your Pocket

Money is the blood that allows the body of business to function. It must flow, there must be plenty of it, and it must be rich in meaning. However, like a cut to your skin can cause you to lose precious blood, the proverbial hole in your pocket can be detrimental to your finances.

Most of us understand the value of hard earned cash. Even the youngest child knows to get what they want in life will more than likely include having to own plenty of Benjamins. Be that as it may, there are those of us who seem to keep finding money so hot, it continues to burn holes in our pockets. Here are a few suggestions on how to stop your money from leaking out of your wallet.   

Buy Some Moth Protection

It does you no good to make a six figure income if you can’t seem to keep the cash in your account. Even the Christian Bible makes reference to the proverbial holes in our pockets. The NIV says in Haggai 1:6, “You have planted much but harvest little. You eat but are not satisfied. You drink but are still thirsty. You put on clothes but cannot keep warm. Your wages disappear as though you were putting them in pockets filled with holes!”

If this sounds like you, you need to invest in some moth protection. Like real live moths, the habit of spending your money as soon as, or even before, you have it will eat holes in your finances that can be difficult to repair. Sit down, with your spouse if applicable, and invest some time in thinking about ways you can prevent your money from burning through your clothes.   

Spend Wisely

While you are taking time to think on it, we will give you some to consider. One of the quickest ways to stop the unrelenting flow of cash from your wallet is to put more thought into what you allow yourself to purchase. We in no way intend to offend by assuming you don’t, but unfortunately, it is the practice of the vast majority to impulse buy.

Some are worse about it than others. The only difference is the amount of money lost in the process. Do you need to buy that one thing, every now and then, that just puts a temporary smile on your face. Yes! With that said, you need to put the other 10 things back on the shelf. A trick a lot of mothers teach their kids when shopping is to put what you want in the buggy when you see it. If by the time you are done shopping, you still want it, keep it.

Chances are, you will put the majority of items back, because as we take the time to think about if we really need it and how long we will actually use it, it becomes clear to us that there are other things we prefer more or there is another way to solve our problem using items we already own.

Educate Yourself

There is nothing more liberating than education. Educating yourself on any topic will leave you feeling more prepared for any situation in life. Money is one of those topics that should be made a mandatory credit for graduating high school, in the opinion of most.

Sit down and take the time to surf the internet for scholarly articles on how to make the most money, spend your money, and by all means, save money. Teach yourself about how to invest in the stock market, the history of money, and how other countries view the almighty dollar.

Talk to professional investors, income tax preparers, and bank presidents. Building your knowledge base about the money you work so hard for is bound to give you a much stronger appreciation for the greenbacks in your wallet. This, in turn, is almost guaranteed to dam up the flood of cash from the hole in your pocket.

Money is a powerful asset in the pursuit of happiness in this world. Use these tips to keep more of that asset in your corner.