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).
So 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.
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! 🙂
Hustling is seriously one of the most useful tools – it’s like the screw gun or hammer of your tool box ;o)
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 Engagement
Haha, YEAH! Thought I love the idea of the weed whacker!!
I love this post Mel!! My first tool was definitely hustling. I started working at the age of 14 and I haven’t stopped since. I pride myself on my work ethic and I know that things would never get too bad financially because I would work multiple jobs to make ends meet.
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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.
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 2016
That’s awesome! Having a plan is definitely the best way to fix things.
Great post! My first tool was probably hustle as well. Whether it was delivering newspapers, working the ice cream truck, or bringing a stack of pizzas back to the college dorm for a small “finder’s fee”, you need to find whatever way you can to bring in the money. Because I’m a numbers guy, the budget was probably my second tool.
Gary @ Super Saving Tips recently posted…Life or Debt: The Help You May Need to Face Reality!
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
I guess my first tool I can say would be automation. Just automatically stashing money to the side helped me get onto the savings train without much effort. In the long run it helped me beef up my savings goals.
Latoya @ Life and a Budget recently posted…Online Hustle Report: April 2016
I like this concept Mel, we all have a financial toolbox, it’s just that some tools might be a little rustier than others! My first tool was self control skills I guess in terms of managing to make do with what I had rather than buying new.
Hayley @ Disease Called Debt recently posted…Financially Savvy Saturdays #141
Love this idea! It may feel like a hassle every now and then, but the money saving skills you develop will be great tools for life.
My first tool probably was to learn how to make do with what I have. And see where that can take me, in stead of complaining that I don’t have more.
Mrs. CTC recently posted…Pursuing Financial Freedom? Good News: You’re Already Free!
Awesome way to put things. My first Hustle like many teenage girls was babysitting. I think a “game plan” “tool box” “life kit” what ever we want to call it, makes life manageable. Great Article
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