(Photo courtesy of onlineloancalculator.com)
You have to pay the cost to be the boss. We’ve all heard this term once or twice before in our lifetime. Paying the cost to be the boss is a statement used to reflect the demands of responsibility. If you are serving in a leadership position, you are responsible for the overall success of those things that you have been assigned to do. Whether your leadership position is that of a parent, business owner or even an employee, everyone has financial responsibilities. When it comes to paying for things that you want or need, it is you who makes that final decision. Prices are continually increasing, yet this may not be the case when it comes to your income. Your income may remain stagnant or in some cases, decrease. Through it all, you must decide what you are going to spend your money on when it comes to purchasing consumer goods. The cost of food, gas and utilities continues to rise. And in today’s market, purchasing a car or paying for college requires that you have more financial resources available to you in order to afford these things. If you are a business owner, you are having to juggle purchasing supplies, paying employees or simply paying the overall cost of running a business.
Ten years ago, the average cost of a gallon of milk was $1.50. Today, a gallon of milk averages $3.29. This is more than a 100% increase. When it comes to looking at those things that you want to buy as opposed to those things that you really need, you must be wise in how you spend your money. Before making a decision to spend money on things that are not essential, take time to consider if this is something that you can really afford. I myself have experienced purchasing something, like a pair of shoes that I really didn‘t need. I brought them because they were my favorite color and I liked the style of them. That purchase took place over six months ago and I have not yet worn those shoes. If you are buying things that you do not need, and then find yourself not being able to pay the electric bill, it is time to refocus your priorities. Gas prices continue to go up, yet the prices of oil for these mega companies are not rising as fast. The cost of food such as vegetables and meat is also rising. When looking at hard goods like furniture and home good products, prices are going up in these areas as well.
As you look at the rising cost of living, focus on how you can stay on top of your finances without getting deeper in debt. The best way to do this is to make a commitment that you will become more conscious in your spending and decide that you will spend wisely. Spending wisely means that you are shopping around for the best prices; this includes purchasing a new car, buying a house or simply shopping for groceries. If you are a business owner, shop around for the best suppliers and cut back on spending cost for the company, be more conservative with supplies and eliminate waste. It’s not an easy task to keep up with this growing economy, but if you look at what you spend and how you are spending your money, then you may be able to stay on top.