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Honor Bank Blog

What Good Hunters Can Teach Us About Our Finances

Posted by Kasasa on Sep 14, 2017 10:00:00 AM

Hunting-750x500.jpgAs we ease into fall, hunters are getting out their bright orange gear and camouflaged blinds to start tracking deer, elk, and waterfowl. When you look at the habits of good hunters, their cautious, conservation-minded approach can teach us a lot about paying down debt and not overspending.

Make do with what you have

To start, hunting gear is expensive. Most sportsmen don’t start out with a brand new, top-of-the-line rifle because that would put them deeply into debt. They borrow, buy secondhand, do without the extras, and slowly upgrade as they set aside cash and wait for great sales. Take this mindset with you in your daily routine. Hungry? "Shop" your own cupboards and put together a meal instead of going out. Need a new couch? Make do with the college futon until you have enough cash to buy one — on sale. 

Choose companions wisely

Good hunting buddies are fun to be with, but they also do things right. They follow regulations, they’re ethical, and they make sure everyone in the group stays safe. When you hang out with people with high standards, it rubs off on you. While you’re budget conscious, choose companions who will support you, and stay away from friends who pressure you on high-cost outings.

Find your target

It’s not impossible, but hunting without a scope with crosshairs is much more difficult and you’re more likely to miss the mark. Bring precision to balancing your checkbook and creating your budget. If you go around with a hazy idea of what’s coming in and out of your checkbook, you are much more likely to go into debt.

Don’t schedule the feast before you hunt

Because what would you do if you came back empty-handed? Sometimes in life, good fortune comes at unexpected times. But this should be a part of our hopes, not our plans. Which is why good hunters and good budgeters don't make overly optimistic promises about what they can handle. Don’t put off debt repayment in hopes that a bonus will come through.

With a lot of resourcefulness and care, you can cut back on spending and knock down debt. But here's hoping the financial equivalent of a 10-point buck comes your way!

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Blog Courtesy of Kasasa

Topics: Checking, Savings, Community News