It Pays to be Patient with Money

They say that patience is a virtue; this is especially true when it comes to money. Planning ahead and seeing the bigger picture can make for a much more enjoyable life in the long run, so make sure to get it right the first time and set a good tone for your financial future.

Considering Credit

It’s important to realize how much will change when you live on your own. Credit cards are often a young adult’s first go-round with lending and monthly payments, and they can get out of control if you don’t take your time.

The problem is that when many young adults use credit, it feels too much like getting things for free. It’s true, you just swipe your card and walk away with a new TV or wardrobe, but monthly bills are right around the corner, and they come with extra fees and interest.

If you choose to only make minimum monthly payments on your card, the interest piles up. Going this route, you could wind up paying double, triple, or even more for the original purchase. Think about it, no one would take a TV to the register and say, “Go ahead and charge me for three of these, but I’ll only be taking one.” In reality, that’s what often ends up happening.

This is why planning and patience are crucial. If you don’t have the money for the new TV or wardrobe, take your time and save. Taking the easy route in the short-term could put you in a difficult spot just down the road. When considering any type of credit card or new monthly payment, plan it out. Is there a potential for paying way more than the goods or service are worth? Are you willing to pay more in the long run to get something quickly? Are you sacrificing your financial freedom by acting on impulse? Think it through, and sleep on it.