Money

You and Me- Let’s Talk about Money

Photo by Photoxpress

Photo by Photoxpress

 

For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs.- Timothy 6:10

Money. We  need it and can’t do without it to survive in this world.  It behaves like a double edge sword and can harm you deeply if you do not know how to handle it properly.

It is really easy to get caught up in the pursuit of hording material things and keeping up with the Jones. There are countless of new gadgets and products released into the market on a periodical period which seem as a “must buy” for many.

Sometimes the desire to be able to “show ” that one is being in possession of the item makes one obsessed. It clouds ones ability to think and reason. It lands one in a vicious cycle of debt which is extremely hard to escape from due to the compounding interest rates.

Photo from photoxpress.com

Photo from photoxpress.com

Money can cause relationships to make it or break depending on the circumstances that one is currently in.  It is the fastest way that one can make friends or  distant themselves from friends and relatives .

I’m sure that you have heard stories of  long lost relatives suddenly appearing at the door when they hear that you had just received a windfall from the lottery. They disappear equally fast if they know that you are neck deep in debt as they do not wish to be implicated in your financial woes.

My concept of money has changed a lot since I got married.  Back then when we were both working full time were able to save up enough to put a down payment for our  own apartment and car.

 

Even though both of us do not splurge on luxury or branded items we do spend quite a bit on dining and travelling.

We were both rather young when we got married and   were not too bothered about taking up  a 25 yr loan for the house or a 10 yr loan for the car . Paying the minimum  would mean that we could have what we wanted  and still live quite comfortably with our limited income.

Little did we know then it had resulted in us wasting a lot of money just paying off the interest on the loans. ( I admit we didn’t have much foresight back then or else we would be in a better financial position today. )

Fast forward to today R and I are trying our best to clear our loans as soon as possible so that we will be able to save up enough for our retirement and the kids college funds.

With the exponential rate of inflation nowadays I’m not sure if there will be ever enough  money set aside to tide us through our twilight years.

It can be a very worrying thought  about the future for one. However with my faith and trust in GOD,I’m sure that everything will work out somehow.

What I have learnt throughout the years that it is really important to have a  budget and to stick to your budgeting goals to be able to live within your means.

Save at least 30%- 40% of your monthly earnings if possible.   Out of this proportion of money which you set aside, 10% -15% is to be put into investment while the remainder is held as an emergency fund.

There are many physical things which are not necessary in life. After some time even the latest fad will pass and become outdated.  It becomes a liability rather then an asset to you.  It is very important that one does plan how to use the limited funds that we have properly so that we can get the maximum benefit for our  dollar.

What is your attitude towards Money?

Post in this series.

1)  You and Me Equals US ( An Introduction)

2) You and Me- Where Do We Begin?

3)You and Me- Love (Part One)

4) You and Me- Love (Part Two)

5) You and Me- Anger and Frustration

6) You and Me- Talking about GOD

7) You and Me- Let’s Talk about Money

8) You and Me- What Now?

The year of the Ox- 2009

Chinese New Year of the Ox #3
Image by chooyutshing via Flickr

We will be celebrating Chinese New Year in about a weeks time. It would be time to send the Rat of and welcome the OX as it reigns supreme in 2009. I have been busy lately spring cleaning the house and getting everything ready for welcoming the new year.

The boys will be  dressed in their Chinese Costumes as we go visiting friends and relatives. Ryan is extremely looking forward to it as it is his chance to build up his “holiday funds” via the cash that he receives as red pocket money.

Photo by Flickr

[ As part of the Chinese Custom kids are given red packets with money inside from married couples to symbolize good luck]

I remember as a kid receiving red packets were what I looked forward to every Chinese New Year. It was also a good time to see how “generous” our relatives were in giving.  The red packets that I received ranged from $2-$50 and I manage to save quite a bit each time.

However with the current economic downturn I am quite skeptical to the number of >$10 red packets that Ryan will be able to bag. 🙂

It will be a fun time for us as most of our relatives who live overseas will be flying in to meet up with the rest of the family during this festive season.  It will be great to see them after missing them for a year.

Mandarins

I’m off now to the market to buy some mandarin oranges which will be exchanging as symbols of wealth and good luck during our visitations.

Have you completed your shopping for Chinese New Year ?

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