The root of all evil...

Money is the root of all evil. Did you know that the actual Biblical reference is often misquoted? Apostle Paul isn't saying that money itself is the root of evil, but the misplaced love of it is. I can be cautious about how I view money, and use money, but all in all money is a big factor in my life let alone any one's life.

Recently I've been reading articles on the Get Rich Slowly Blog, which has me thinking more rationally about my spending and more importantly, my savings. Personal finances have been one of the biggest stressors for me over the years. I returned the first vehicle I ever bought because I couldn't afford it, and wanted to dodge the repo hit against my credit. And last year I finally killed $24,000 in credit card debt.

More and more I realize that spontaneous decision making, or at a minimum, un-weighed decision making on my part has led to tough times and unneeded stress. Last year I refinanced my house. Something that you all should look into if you're a home "owner". Thankfully this has allowed me to save about $200 a month. But you know what? I still spend way too much on my house each month. Having a house, even a refinanced one eats up about 40% of my pay.

Just yesterday morning I sat down to review my spending and budget. When you're in love, and looking toward the future you start evaluating your finances. Ring. Wedding. Honeymoon. (Kids.)... Well I look everything over, run some simple math calculations and I think, "HOLY HELL I'm screwed!" It is never a good feeling to see the -$XXX.

I quickly make a mental list of things I could readily sell. Yes, selling my body briefly crossed my mind, but it's not an option that my wonderful girlfriend would be ok with.

Sooo... I've modified my car insurance premiums in order to save some money. A whopping like $6 a month or something savings. I just didn't see where I could trim or even be more responsible. Another cut to my budget I made was to stop investing in my Roth IRA. This isn't the wisest when you think in terms of compound interest, and also when I'm making like 20% interest. I seriously did not know what to do.

Why am I sharing all this with you? Well first of all, because this is what the The Transparency Campaign is all about. Openness. I'd much rather have you read about my indiscretions than have your own.

Here are some things that I've been learning over the years, and even since yesterday:

• Don't spend more than you make. Simple rule. But one that's often difficult to follow.
• Don't rely on credit cards.
• Only spend on credit cards if you have a budget and a game plan to pay off the balance or purchase in a timely manner, if not monthly.
• Buying a house is a BIG deal. Know what you're getting into.
• Don't buy a house because you're emotionally attached to it. But buy it because it'll work well within your budget, and with your lifestyle. Mortgage and utilities payments will suck up a ton of your resources.
• Don't leave home without it! Leave home without it. "It" being your credit card(s). If you don't have them with you, you'll find it near impossible to spend money that you shouldn't. And if your debit card gets you into trouble, leave that at home too.
• Eating at home can be so much cheaper than eating out. And, it can be just as rewarding if you invite some friends over.
• Free activities are fun. Go for a hike, a bike ride, or dive into a book.
• Save money! Start saving when you don't make much money. Don't take on the attitude of "when I make more money I'll start saving." Start early, and as raises come along bump up your contributions.
• Savings accounts might be ok for short-term savings for a goal you have in mind, but are NOT ok for long term savings.
• Don't let fads and or peer pressure force you into buying things you don't need. If your phone works, and you have internet at home and work, there is no need for a "smart" phone and an extra $60 monthly fee for internet.
• Keep tabs on where your money is going.
• Renegotiate your credit card interest rate(s) annually.
• Find cheaper ways to do things. Whether activities or products. Did you know that white vinegar can be used as an inexpensive household cleaner and even fabric softener?

Use your money wisely!