What's your tipping point for financial change?
byAug 4th 2008 12:00PM
CNN has profiled many families who are taking steps to better their financial lives because of the high price of gas and it's affect on their everyday lives. These 45 individuals and families have been spurred by gas prices to move, budget, ride the bus and even get groceries in suitcase loads just to make ends meet.
We all run into tipping points throughout our lives; we may feel the need to settle down after a bad relationship, or to start up a diet after downing one too many Snickers. Unfortunately the tipping point for many people to make changes in their financial well being only happens after a major increase in our expenses. Can you imagine if all of these individuals had turned to smaller cars, bikes and public transportation a year ago, investing the savings? While they would likely be better off financially, in reality we all need an impetus for change. Many people simply needed the right change to start making better financial decisions.
Personally, my financial tipping point came about 6 months after graduation when student loans first came due! It was then that I realized I couldn't get by with my college budgeting method. My wife and I are still working on a stricter budget but the onslaught of student loans and the numerous expenses incurred from living away from your parents pushed us to be better stewards of our money. Whatever the tipping point in your life is to get your money in order, the sooner it happens. . . the better! If you've already reached yours take our poll and let us know why you started taking better care of your money.