Lessons on Personal Finance from The Song of Solomon
Catch for us the foxes, the little foxes that ruin the vineyards, our vineyards that are in bloom. Song of Solomon 2:15
This ‘catch the foxes’ phrase comes from Song of Solomon in the Bible (also referred to as Song of Songs). On one level, Song of Solomon captures the romantic passion of a marital relationship – and it can get quite steamy in places!
So, what does catching the ‘little foxes’ have to do with your personal finances? In Song of Solomon, the little foxes are the small, annoying actions, or inactions, accumulating over time, that undermine or even destroy a relationship. In regard to your personal finances, the ‘little foxes’ are small, frequent expenditures that add up and could jeopardize your long term goals and financial well-being.
What are your ‘little foxes’ that need to be caught and addressed? Here’s a list to help you identify them. Note that each of these items may cost you hundreds or even thousands of dollars every year – money better applied to achieving goals and attaining financial security.
- Picking up a morning coffee on the way to work
- Regularly buying snacks and soft drinks from vending machines
- Buying lunch rather than bringing one at home
- Frequently dining out or getting takeout rather than preparing meals at home
- Multiple nights out on the town with friends each week
- Paying late fees for bills not paid on time
- Concerts and sports events
- Paying high interest on credit card debt
- Bank fees and ATM charges
- Cable TV or streaming services
- Gym memberships rarely used
- Leasing expensive autos
- Subscriptions to newspapers and magazine that are rarely read
- Purchasing or downloading books rather than checking them out of the local library
In postings to come, we will delve into how destructive these ‘little foxes’ can be and actions you can take to catch them. For example, that $4 latte picked up daily on the way to work could cost you more than $55,000 over a 25-year-period! *
As a new feature of Frugal, Wealthy and Wise, I created the ‘Catch the Little Foxes’ Checklist.
Please help out by sending your ideas for cutting small, regular expenditures so that I can add them to the list.
I am giving you 15 ideas to start with. How about a goal to collectively compile 100 ways to cut habitual spending???
Resolve to keep those small, unnecessary expenditures from ruining the vineyards of your future wealth.
*Four dollars a day, 250 days a year, assuming a 6% annual rate of return if invested for 25 years.
© 2016 Paul J Reimold