Have you ever given somebody advice and then did the exact opposite of that advice? Well I feel sheepish. I gave you advice to periodically review your financials in my Spring Cleaning post, but I ignored that advice. Over the past year my wife and I have fallen into a comfort zone with our finances. I had not reevaluated our budget for a while and if it wasn’t for my wife’s persistence I probably would have ignored it longer. What can I say, life gets in the way.
My wife recently came to me and asked if we could go over our finances to see if we can afford to have her work part time during the last year of her Masters program. I told her I would do it, but I kept putting it off. She eventually got tired of waiting for me and decided to put a budget together her self. When she showed it to me I was pleasantly surprised at how good of a job she had done, but on the other hand I was concerned that we were starting to out spend our income. It is a good thing that she took the initiative because now we have enough time to cut back on our expenses to make sure we can afford to have her go part time in August.
We are very fortunate that our spending didn’t spiral out of control and caught it just in time. We were spending far too much on shopping sprees, going out to dinner and buying unnecessary things online. It is really easy to get comfortable in your financial situation and lose sight of your goals. The lesson learned here is to practice what you preach and pay attention to your finances.
Have you ever given someone advice and then caught your self ignoring that advice?
“There are two things which a man should scrupulously avoid: giving advice that he would not follow, and asking advice when he is determined to pursue his own opinion.”