Tuesday, August 2, 2011

Motivation for being financially responsible

Odds are if you're reading this you're interested in being a responsible steward of your finances.  Opting to save, use debt judiciously, and live within your means isn't always a fun decision but it has enormous benefits.  It can take a lot of work to do it right, though.  There's a lot of effort involved in researching great investments, slashing your grocery budget or saying no to the latest fashions or gadgets.  You have to have a motivation.

My current financial goal is up there at the top of the screen, to pay for my MBA from a top business school without debt. But that goal doesn't tell the whole story.  Staying debt-free and getting an MBA, in and of themselves, are not end all goals for me.  Instead, they are steps towards financial independence and being able to pursue projects of interest.  My underlying financial motivation, what really drives me to financially succeed and the metric by which I measure success, is freedom and flexibility.

My father thinks completely differently about his finances.  For him, the driving force for financial responsibility is security, for him and his family.  He wants to be absolutely sure his money won't run out in retirement and he wanted to secure his children's futures by helping pay for their educations.  He wants to have money in the bank to feel secure no matter what happens.  Over decades he's pinched pennies and managed his money to ensure that his family is secure.

My SO's parents are driven by a desire for peace of mind.  They want to feel content with the choices they've made and not have to worry about the future.  Not worrying over every penny is a major goal for their retirement now that their kids are settled and independent.

What is your motivation to be financially responsible?

If you like this please Link Back to this article...

Related Posts by Categories


  1. Jenny ZAug 2, 2011 08:40 AM
    Right now my motivation is to avoid going further into debt. I have quite a heavy debt load from school and while I know I couldn't have accomplished this much this quickly without going into debt. And I'm proud of my accomplishments I am terrified of going further into debt because I'm at the point where I don't know if I'll be able to handle repaying it when the time comes. So for now I'm focused on minimizing that impact as much as possible.
  2. Little HouseAug 2, 2011 11:13 AM
    I have two main goals; flexibility to have options and have enough saved for retirement in 25 years.

    I'm finishing up my teaching credential this semester and need the flexibility to move to where the jobs are within my state. My husband is open to moving, thankfully, but I want to make sure it's a place we like not just because we have to. Oh, and I'm looking forward in a couple of years to finally enjoying the summers off and traveling.

    Then, I'm focusing whole-heartedly on paying off my student loan debt (thankfully it's less than a first year salary as a teacher) and saving for retirement. Save, save, save!
  3. JackieAug 2, 2011 04:04 PM
    My motivation is a combination of wanting to be secure AND a heavy does of wanting to be able to do and live whatever and where ever I want, without having to be tied to a job. Even though I really enjoy my job now, it's nice knowing I don't HAVE to be working there (or anywhere) if I don't want to be.
  4. Harri @ TotallyMoneyAug 3, 2011 08:32 AM
    Steering clear of debt and security are definitely key drivers for me. I want to one day put a deposit down on house, I'd like a buffer fund in case things go awry and I don't want to be financially crippled in retirement.
  5. mbhunterAug 3, 2011 08:46 PM
    My motivation is that my wife is now able to stay home and homeschool our daughter. I want to keep it that way.
  6. Super FrugaletteAug 5, 2011 01:47 PM
    I would say security and peace of mind. I want to make sure that there is "enough" of whatever we need.