Cut Back or Make More Money?

I've been a fan of the Shopaholic book series for a few years and in the recent movie, the producers omitted a very important bit of financial advice that Becky's Dad always told her: "You know, there are two solutions to money troubles... Cut Back or Make More Money. Which is it to be?"

To which she replied, "Oh, both, I expect."

I rather like the idea of making more money better than cutting back, but have learned that indeed, Becky's actually right in that you need to both cut back and make more money.

This interesting article was a fun read, but having been on a very strict financial diet myself for a few weeks, I'll tell you cutting back is no fun and definitely unsustainable if you don't want to feel trapped in a boring, oppressive lifestyle.

Yet, if we allow ourselves to be undisciplined, no matter how much we make, we'll always have more month left at the end of our money. This I know too well. Once you start making more money, you'll want a different lifestyle and you'll have different standards of luxury as well. At least it was true for me. Did I always want an Hermes handbag? Or Bulgari watches? Or Harry Winston? Probably not always. But when you get close enough financially as to be able to afford luxury items, they will become somewhat of a necessity. It's kind of addictive, really and there's no point in being half-hearted about spending. If you're going to spend, then do it with some passion, right?

It's a very fine balancing act - cutting back vs. making more money.