In the book “Don’t spend your raise and 59 other money rules you can’t afford to break”, Dara Duguay outline some do’s and don’ts in managing personal finances. The book is a simple outline of the rules with real life examples of people who followed or disobeyed the rules. I can easily relate with most of the examples. And many of them, I find hard to follow. Here are some of the rules I love to break.
Rule 9: Don’t cure boredom by going to the Mall. A neat advise. And this goes for other moods like being depressed, lonely or celebrating. The author explains that these moods trigger a spending spree. I definely agree. I often make unnecessary purchases when I feel depressed and keep telling myself that I deserve a treat to be happy.
Rule 13: Don’t carry around lots of cash. How true. Sometimes I would wonder where did my money go. I have just made a withdrawal and my wallet is almost empty. If I bring 100 pesos inside a mall, it would be gone by the end of the day. If I bring 500 pesos, it would also be gone by the end of the day. More cash, more to spend.
Rule 26: Don’t shop when you’re Hungry. Oops, I’m guilty. And this has been my habit. Everytime I go to the mall, I feel hungry right way even if lunch was just a few hours ago. Once I step in, I am already thinking what and where to eat. My favorite is KFCs Hotshots, Jamaican Patties and Big Chill Fruit Shakes. That’s why as much as possible, I shop right after lunch. If I shop late in the afternoon, I have the tendency to have dinner in the mall because I would feel lazy to cook dinner at home.
Rule 33: Never have more than two credit cards. At one time, I had four. I was happy to have a collection. It’s easy to get another card once you have one already. And I use it for most of my purchases in groceries and dining. Though I have a good control with the use of my cards, I would sometimes overspend and exceed my budget. The worst part is I would overlook some of the items that I charged that I would be surprise when the bill appears. Later, I just bring one credit card with me. It’s the card where I can get more mileage points.
Rule 37: When you pay with credit and are reimbursed with cash, run to the bank. This is related to Rule 13 mentioned above. Once I have the reimbursment I would have the cash and I have the tendency to spend. But I dont like lining up in a bank to make the deposit. That’s why this can get me to some trouble somtimes. What I do instead is keep the extra cash at home or place it in my coin bank.
