What’s in Your Financial Toolbox?

What's in Your Financial Toolbox?

What’s in Your Financial Toolbox? | brokeGIRLrich

I’m kind of a control freak. When things start spinning a little out of control in my life, I like to find what I can control within the situation and do something about it.

I think this is why I jumped right on the frugality bandwagon back when I was paying off my student loans.

I’ve always had a pretty low income – there’s only been one year since I left college where I’ve made more than $50,000. My usual average is around $35,000 and this past year I came in at a whopping $24,000.

I’m all for trying to make more money, but sometimes the most immediate thing you can do to make a difference in your situation is to start cutting back. You can control how much you spend (for the most part).

8d15ba55baf45f9c3a099b80f3f3e1b0So maybe a crazy medical bill comes up (which you can’t control) but you can cut your cable. You might not want to, but you do have control over that. You could do it.

You could start meal planning like a mother effing ninja.

You could do a no spend week or even go whole hog and see if you can turn it into a no spend month (in which case, I bow to you master, I’ve never pulled that off).

The fact is that frugal skills give you control. They allow you to actively participate in your financial future, rather than just letting your future control you, even when things are bleak.

You may not be able to wring a single penny out of your budget, but you can hit up the library and learn how to sew or repair something that’s broken. You can learn skills that will help you save money even when you’ve already cut the cable, budgeted your food spending down to the penny and done every other penny pinching trick in the book.

I haven’t met a person who knows how to can their own fruits who is in a financial jam yet.

Fruits. Jam. Get it?

I love puns.

Anyway…

Every frugal skill you learn is literally like building your own financial toolbox. Solid cooking skills are like a ratchet set. Calling your utility providers to negotiate lower rates is a like a power drill. Cutting out the lattes can be like a screwdriver.

Having a well stocked toolbox is incredibly useful. That doesn’t mean you try to hammer a nail into the wall with a crow bar though. You can use the right tools at the right time.

Though, to be fair, you probably could hammer a nail into a wall with a crow bar – carefully. And you can reach your financial goals using a really weird arsenal of financial tools.

Or you can just stock up your toolbox bit by bit so life can be a lot easier and you can just grab a hammer when you need one. Or cut back on eating out without much trouble because you already know how to cook. Or save up for a vacation without breaking a sweat because you changed your own oil all year and stopped buying Starbucks twice a week.

What was the first tool in your toolbox?

14 thoughts on “What’s in Your Financial Toolbox?

  1. Great article!

    My first tool was the Hustle. I mowed lawns before I could get a job. After I got a job my second tool was the Side Hustle. I mowed lawns all the way into college, even when working. Been a Side Hustler ever since. My favorite too is Automated Saving and Investing. Can’t go wrong with that Auto-Pilot! 🙂

  2. Great post! My first tool was the weed whacker for unnecessary expenses. I’m still working on the cooking and repair skills. The biggest area I need to improve is in adding extra income though, THE HAMMER!
    Miss Thrifty recently posted…A Thrifty EngagementMy Profile

    • It’s true – I think hustling is the most versatile tool to have in your toolbox. It can seem sort of intimidating to start using, but before you know it, you’re using it for everything.

  3. For me it starts with a plan. It’s usually the first tool I break out. I grab the piece of paper or spreadsheet and get the information down on paper and go from there. I like starting with being organized. From there I can figure out if I need the hammer or saw!
    Brian @DebtDiscipline recently posted…Net Worth Update: April 2016My Profile

  4. Love this idea. I think for me it was budgeting, just the act of tracking and then being intentional with my money. Then I think as I analysed each item it made me think about other things in my toolbox which led to better cooking etc

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