What exactly did I do with that five hundred shillings ($5)? This is a question that I have asked myself too many times, as have millions of others in some corner of the world. Money is a weird creature. To some people, it grows wings and flies away without warning. But to others, it grows roots and stubbornly lingers on in their wallets, purses and bank accounts.
Here is one way to understand what you can do so that your money can grow roots, not wings. If you are driving and you lose control of your car, maybe because the brakes have failed, it will crash. That is exactly what happens when you lose control over your money – it crashes and you crash with it. If you want your money to grow roots, don’t lose control over it. As Dave Ramsey, an American radio host put it memorably, ‘You must gain control over your money or the lack of it will forever control you.’
But how on earth can we gain control over money. My sister Liz, who is a celebrated money manager, had this to say, ‘I STRICTLY work with budgets. I have a MISCELLANEOUS as part of my budget for any 'unplanned ' purchases I may make. For me, mostly usually kids goodies. I am also an enemy of debts.’ Nathan W. Morris, a personal finance expert concurs with her on that last point, ‘Every time you borrow money, you're robbing your future self.’ This doesn’t mean that you should never borrow. Rather, only ‘rob’ your future self as a strategic necessity, not casual indulgence.
May the beautiful breeze of sound financial planning cause your money to grow roots not wings.