Learn How to Say No - it's your money

Our ability to manage money rests in part on us learning how to say no to competing demands. The spouse wants this, the boss wants that, your friends are asking for something else, and your kids are clamoring for things all the time.

And, we haven't even begun to talk about what the neighbors and the government want.

Each of these can be a competing demand that effects your ability to go about managing money effectively. You'll need to learn how to handle the demands.

It's not always easy, but it's always required. If managing money is going to be one of your strong suits, you have to know how and when to say "no" and sometimes "no way in hell."

There are a range of techniques, and sometimes we just have to:

  • ignore
  • walk away
  • run away
  • head it off
  • reason and explain
  • refuse
  • eliminate potential
  • minimize the effects
  • accept and compromise
  • make exceptions
  • draw a hard line
  • beat 'em at their own game
There are many approaches to handling competing demands, but you'll have to be good at it or you'll start to crumble bit by bit and before you know it, you're in a money mess - all because of competing demands.

A key to managing various demands is the ability to prioritize spending so your spending is focused on a demand that is important and urgent, rather than just something that appears to be urgent.

Let's look here at how we might handle managing money in the middle of a sea of competing demands. How about lending money to a friend? Is it any less demanding when you're considering family loans for those who come calling? If you're having trouble with the whole idea of lending money to others, you might want to review my take on personal lending.

Remember, it's your ship, it's your voyage, and you're the captain and crew as well, so you have to learn how to say no to competing demands, or suffer the consequences. Often, the consequences of not being able to say no include more and more competing demands on your income.

Done with Learn How to Say No, back to Managing Money

There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.

I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.

If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.