Money is a tool. It is like all the tools in the toolbox. I have a hammer, wrenches, screwdrivers, a saw, pliers, lots of other things. Every time I pull a tool out to do something around the house, I have the opportunity to stab, pierce, scrape, bash, or otherwise do something nasty to myself.
The challenge is to get the project done without hurting myself. How can I achieve that goal?
Before I pick up a tool, I need to plan when I am going to do and how I am going to do it.
- Do I have enough time?
- Do I have the right tools?
- Do I need to get more tools or other items?
- Can I get it done without making things worse?
- Is it the kind of thing I can get done and clean up afterwards?
Some steps to getting a task done:
- First, most of the time wear gloves.
- Second, I need to use the right tool for the right job. Don’t use a wrench when a hammer is the right thing. If I am going to use a hammer, I need to make sure that I am precise in my movements. If I pick up a hammer, don’t assume everything is a nail.
- Third, I need to have a clear workspace. No reaching over too far when I am the ladder. Keep all breakable things far away. When working with another person, be sure they are not in the line of tool action.
And so on.
How does this apply to money?
Money is a tool. But it is a tool that can take different forms. Money can take the shape of different tools. If desired, I could buy lots of tools: some needed and some unneeded. I can hire someone to do a task, and this can be a simple and inexpensive endeavor, or a break-the-bank affair.
I am for the reasonableness of the situation. If it is something within my skill level, let me try to do it myself with tools and items I have on hand. In that way, perhaps there is no outlay of money.
If I need more tools or hardware, I take a jaunt to the local hardware or big box store. Sometimes I can score some advice in those kinds of places.
If it is something about which I have need more information or advice, I first attempt to find out as much as I can. I use some no-additional-charge type of tools available to me: Google and YouTube, for example.
Beyond that, when it comes to tasks that are simply beyond me, I may need to look for a local repair person. For this I use some other advice tools: Google can me help find advice about local people, things like Yelp and HomeAdvisor, etc. These kinds of sites show ratings of repair companies, etc.
Managing my financial life means managing both my income and my outgo. Regulating what I spend and how I spend the money I do have is critical to being able to have enough money later for other needs.
So my judicious use of money is important that I don’t hurt myself when I do use it.
If I can prop up some trellises in the back you with scraps of wood I have around without a trip to the hardware store, then that is what I will do.
If I can transplant some plants from smaller flowerpots into some larger flowerpots I have around without needing to buy new ones, that is what I will do.
If I can get a refrigerator repaired for $100.00 instead of ditching it and buying a new one, it is money well spent. While humanity survived without refrigeration for centuries in the past, it is a helpful thing to have nowadays and I would prefer it (refrigeration) to continue being available.
So managing money does not usually mean spending zero. (Although if necessary it could happen. Here’s one woman’s severe way to do it. )
To me, it means spending when necessary.
If I need to travel, then money is usually necessary. Airlines don’t give me tickets based on my good intentions. So savings in advance of travel provides the means to actually travel.
Hence we see that advance preparation is the key to success. Waiting until a fire breaks out to organize a fire department is not productive. Even though it seemingly save some money and time up front, the down side is catastrophic.
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Illustrations from “Ichthyology of South Carolina. Vol. I” (1860) by John Edwards Holbrook (1794-1871).
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