You can do three things with money – give, save, and spend. Most people are not good at doing all three. However, you should always do some of each category.
- Give – Give to others, to charity, to those in need.
- Save – Save for future goals, retirement, or emergencies.
- Spend – Spend on needs and wants.
What happens if you are missing one of these skills?
Individuals who are strong at giving and spending but lack the saving skill will find themselves missing resources in the future and on the receiving end of someone else’s charitable giving.
Someone who is strong at spending and saving but is a weak giver will harm relationships and may be seen as a miser (Mr. Scrooge).
If you find yourself missing one of these skills, look to make up for your weaknesses by setting up an automatic plan – giving monthly, saving with each paycheck, or setting a strong spending budget.
If you need help improving your money skills, schedule a time to meet with a financial advisor by clicking here!