19 September 2014 : 
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Some might think that money might be the root of all evil, but without it getting through life is impossible. Whatever your income amounts to, you can be rich or poor no matter how much you make. It’s what you do with you money that counts. Spending sprees everyday will ruin any bank account, but investing wisely, choosing multiple streams of income and managing it will is the key to understanding why money matters.

Your Money Matters

No amount of education will guarantee you to be rich or well-off. Take Felix Dennis for instance, he was a college dropout but is the founder of Maxim magazine (and many more), and it was all created from looking after his money, ensuring it went as far as possible and made sure that each venture returned much more than was laid out. Being one of the UK’s richest people, his snippets of encouragement to anyone that wants to make a decent living is to never give away ownership of something you’ve created; delegate menial or lesser jobs to others; invest in workers that will work with you in creating more money; and be prepared to make sacrifices.

Felix’s straight-forward no-nonsense way of business and running his life have added a simplistic view of what it really takes to not only be rich but just to look after your money. He knows that he’s not the most business-minded or business-savvy as others yet has a lot more money in the bank than his competitors. Through a mind-set, willingness and making sure every pound is accounted for, he’s looked after his money and made it grow.

One of Gandhi’s famous quotes on money, “Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed”, suggests that it’s what people do with money that makes it evil. Everyone needs money; to live, to house, clothe and feed themselves with, and to treat themselves once in a while. Living day to day is possible but if you’re clever with your money and think ahead and for the future, you can lift the overall standard of your living up just by accounting for each pound.

Being paid a fixed amount each month might sound preferable as you can organise quotas for bills, food, living costs and miscellaneous items, but if you have varying amounts of income from being self-employed or having different streams of income then managing your money is a little more tricky. It’s not impossible to have an average amount of money but live the high life, you just might need to trim down spending elsewhere. Keeping your fixed costs to a minimum and your variable costs under a tight rein will undoubtedly allow you to have a better, healthier and worry-free life, when it comes to money.

Many people use people and love money, whereas they should use money as a tool and love people. Instead of being a slave to your finances, think of money like a river: it is always flowing, don’t let it dry up, don’t let it out of your sight, and make sure you keep pools of it for day to day things and emergencies. As John Ruskin once said, “there is no wealth but life”, which shows that as long as you keep your head when it comes to money, whether you’re rich or not, you still need to live your life and having your health is far more important than what’s sat in your bank account.

Always plan ahead when it comes to money. If you want to go on holiday, how are you going to save or how are you going to get the money to do so. Plan it, put your plan into action and enjoy the rewards. Setting goals for certain aspects of your life, whether it’s finding a new job, a new income stream or increasing your earnings will ultimately help you be better with money. By achieving those goals you set, that gives a great feeling of accomplishment even more so than the thing you were saving money for will. Money does matter in life, you just need to know how to earn it and what to do with it once you have it that is important.

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Jemma is a news & research reporter for compareandsave.com.

Having worked as a journalist on a number of personal finance websites; she now spends time researching and commenting on UK personal finance stories and investigating new ways to help our readers save money.

For press enquiries, please visit our Media Centre page.

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