What kind of money personality do you have? There are 4 different types of money personalities. 1. Saver 2. Spender. 3. Avoider 4. Monk. We may have a little bit of each within us, but usually we will dominate one the personalities. For me personally I was a spender, now a recovered spender lol!
I would spend more than what was coming in. I had heard the phrase "live below your means" several times through out my life, but always pushed it way. I stretched myself out which equaled "stress my self out!" I was completely over my head in my spending.
When my husband (who is a saver) and I went to the Millionaire Mind Intensive for the first time about 2 1/2 years ago our eyes began to open. They talked about these 4 money personalities. It completely changed our perspective. They talked about having a jar system, basically a money management system.
One principle they taught was to live off of 50% of your income. This would be the necessity jar. Things like rent, mortgage, utilities and food. This is great for the saver! For the spenders out there they teach having a play jar- 10% of your income. Which can be spent monthly. This definitely full fills the spender!
I can honestly say my husband and I live off of 50% of our income since June 2013. It is the best feeling in the world! It was not easy at first to simplify. Probably the hardest thing to do at first. Once accomplished momentum kicks in and guess what, because we are being more responsible more money comes in. More than you expect in very unexpected ways. My husband and I now sit down once a month and manage our money. I used to think "I don't have time to manage my money." Now, I have a different mind set, managing our money actually gives us more time in the long run. Taking control is a priceless feeling!
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