Just imagine spending a day without spending!
Worldwide Buy Nothing Day, conceived in Vancouver in 1992, is coming soon - Nov. 27. It highlights a consumerism awareness option as it coincides with the annual Black Friday spending frenzy.
Like it or not, we must realize our relationship with money can have a major impact on our lives - and our personal relationships. When money matters affect us in a negative way, it's time to take steps to restore a positive relationship.
To help understand your relationship with money - and because money management should be 60 per cent personal and 40 per cent financial - briefly answer the following questions. If you have a partner, take this quiz separately, then compare answers.
- What is your attitude toward money - especially spending?
- How do you manage your finances?
- What role (if any) do other family members and perhaps advisers play in your finances?
- How do you deal with financial crises - unexpected expenses, drop in income, investment losses?
- How do/did your parents manage money? n What is the best financial move you ever made?
- The worst financial move?
- Do you have a financial plan? If yes, what does it comprise?
- What are your financial objectives?
- What is your biggest concern about money, and what are you doing about it?
Do some of your answers surprise you? Do they reveal any underlying concerns which should be dealt with, possibly through professional/psychological help? Just like having an alcohol-free day (or week), a food-free or any other "-free" day, use Buy Nothing Day (and your answers to the preceding questions) to motivate you to take action to deal with any problems - or, hopefully, to confirm you are on the right track. Perhaps also use the awareness prompted by Buy Nothing Day to help reduce any excessive spending in the upcoming often too heavy spending holiday season. Your budget will thank you.
Mike Grenby is a columnist and independent personal financial advisor; he'll answer questions in this column as space allows but cannot reply personally. Email [email protected]
