“Determine the need, build the program to meet that need, and then find the funding”.
I was reading an interesting article some time ago and found this little gem of a quote. I can’t recall where I read this now – don’t you hate that when you want to give credit but you don’t know who that credit is due to? Sincere apologies to the person / author who wrote those words, so sorry I didn’t write down the author’s name at the time.
Maybe, it was somewhere within The Research Whisperer‘s blog .. they have such fabulous advice and information about funding, grant applications and finances.
The article was about accessing funding for worthy causes and the words above were part of the punch line This funding strategy, fits well for me this year with my focus on finance, money and good (ie. appropriate) use of resources.
Question: What is my need?
Answer: To be more financial viable, not living on credit!
Question: What type of program is required?
Answer: A budget! A budget and financial plan that is realistic, achievable, timely and easy to check if I am on track on not.
Question: How do I fund / support / meet this need and program?
Answer: Research options, develop a budget, review credit card use, create a new financial way of living. Seek help and let others know of my intentions (that way I am more accountable to the plan)!
My overall plan: Live within my financial means and don’t borrow any money.
One home mortgage is more than enough for the average family to borrow and then pay interest on that loan. Don’t over borrow or re-borrow if you can avoid it.
My mother has told me over the years, about her Dad (my Grandfather) and how he never bought anything on credit or a promise, his philosophy was if he didn’t have the cash to pay on the day he could not afford it and would wait until he had saved sufficient cash, specifically set aside for the purchase of that item. I do not remember my Grandfather at all and never had a chance to verify the story with him. However, my father also told the same story about the same much admired and respected man (his father -in-law) and I know enough about history to know that for previous generations, credit cards were not available and securing credit at the bank was not common or easily accessible. Interest was high for most families and borrowing usually only utilised to buy a house or a car. Buying a new household item or a holiday was a luxury for most and something that people saved for.
“Make a budget, make a list, take cash and when it is gone .. stop spending!!” (Global Financial Relief, November 13, 2012)
My new mantra: If you can’t pay cash for it today, you can’t afford it today!