If there's a large expense that you wanna save for but the span of time until you reach that goal is gonna be longer than you originally thought, how can you still make meaningful progress to this goal each month without depriving yourself of fun experiences?
That's a really good question, and many people struggle with it. Balance is crucial. You don't have to decide between living in the moment and saving for a big goal. Try this:
Consider your savings as an unavoidable expense, but modify the amount according to your monthly circumstances and income. The momentum is maintained by even modest but regular contributions.
Make a "fun list" of inexpensive or free items that will make you feel like you're getting a treat without going over your spending limit. Sometimes being deliberate with your spending is more important than increasing your expenditures.
It's not falling behind or delayed because the timeline is longer or changed. It's learning how to maintain both your happiness and your goal at the same time.
so it’s a balancing act at the end of the day, I like this approach and will be using this as often as I can moving forward because I’ve always felt like no fun at all would get me to the goal faster but at the same time I’ve noticed that its caused a bit of depression and put me in a scarcity mindset which isn’t healthy for the long term.
I think part of it is the rewiring takes time. I am keeping track of our expenses, and we've cut waaay back on impulse purchases, but we still seem to be running out of money and not saving as much as I want. So one thing is my husband gets out cash every pay period. That's his 'snack' money for picking up drinks, food, when he's out on shifts. So that helps? I just lowered our savings contributions to everything except one goal so that we can still live while we're trying to build up our cushion and not run out of money every pay period. I hope that helps a little. Open to any and all ideas you have or anyone has!
Here are a few suggestions to expand on your current work:
Give every dollar a purpose, even the enjoyable ones. It's a success if you include your husband's snack money in the plan. Because it's accounted for and not "extra" spending, labeling it eases your mind.
Change up your savings objectives. Just like you did by concentrating on just one thing. Rather than attempting to hit them all at once, you can cycle through them every few months.
Conduct an audit of "money leaks." Your budget can occasionally be silently depleted by even minor recurring expenses or neglected routines. Ask yourself, "Would I choose this again today?" after reviewing the previous 60 days.
Honor inexpensive victories. The more you can link advancement to minor triumphs as well as major turning points, the more motivated you’ll stay.
Definitely wish you all the best when it comes to your budgeting in the future and if nothing else all of these things will make all of us more resilient, thrifty, and financially savvy in the days to come.... especially if a recession does come our way...smart, strong, and resourceful survives at the end.
Never really thought about this before if I'm being honest and I think it's something worth trying out. also, when you wanna introduce something new to the spending list would you recommend giving it more thought I just making the purchase and trying it out first before reverting back to your original spending list?
Always love your practical articles on money! This 'knowing' energy is chasing me and I love it. Then the thought of daily knowing is powerful, not just monthly. And ofc, monthly check-ins are so helpful in all branches of life, so why not money too? Thanks for your support always!
If there's a large expense that you wanna save for but the span of time until you reach that goal is gonna be longer than you originally thought, how can you still make meaningful progress to this goal each month without depriving yourself of fun experiences?
That's a really good question, and many people struggle with it. Balance is crucial. You don't have to decide between living in the moment and saving for a big goal. Try this:
Consider your savings as an unavoidable expense, but modify the amount according to your monthly circumstances and income. The momentum is maintained by even modest but regular contributions.
Make a "fun list" of inexpensive or free items that will make you feel like you're getting a treat without going over your spending limit. Sometimes being deliberate with your spending is more important than increasing your expenditures.
It's not falling behind or delayed because the timeline is longer or changed. It's learning how to maintain both your happiness and your goal at the same time.
so it’s a balancing act at the end of the day, I like this approach and will be using this as often as I can moving forward because I’ve always felt like no fun at all would get me to the goal faster but at the same time I’ve noticed that its caused a bit of depression and put me in a scarcity mindset which isn’t healthy for the long term.
It’s a hard but manageable theory…live for today, plan for tomorrow. Being present in the moment is life.
Goood question. We are having such a hard time with this. Especially with four kids.
Any ideas y'all are looking to try out when it comes to this?
I think part of it is the rewiring takes time. I am keeping track of our expenses, and we've cut waaay back on impulse purchases, but we still seem to be running out of money and not saving as much as I want. So one thing is my husband gets out cash every pay period. That's his 'snack' money for picking up drinks, food, when he's out on shifts. So that helps? I just lowered our savings contributions to everything except one goal so that we can still live while we're trying to build up our cushion and not run out of money every pay period. I hope that helps a little. Open to any and all ideas you have or anyone has!
You're doing so many things right already Sarah!
Here are a few suggestions to expand on your current work:
Give every dollar a purpose, even the enjoyable ones. It's a success if you include your husband's snack money in the plan. Because it's accounted for and not "extra" spending, labeling it eases your mind.
Change up your savings objectives. Just like you did by concentrating on just one thing. Rather than attempting to hit them all at once, you can cycle through them every few months.
Conduct an audit of "money leaks." Your budget can occasionally be silently depleted by even minor recurring expenses or neglected routines. Ask yourself, "Would I choose this again today?" after reviewing the previous 60 days.
Honor inexpensive victories. The more you can link advancement to minor triumphs as well as major turning points, the more motivated you’ll stay.
I like that question ‘would I choose this again today?’ That’s powerful.
Definitely wish you all the best when it comes to your budgeting in the future and if nothing else all of these things will make all of us more resilient, thrifty, and financially savvy in the days to come.... especially if a recession does come our way...smart, strong, and resourceful survives at the end.
Never really thought about this before if I'm being honest and I think it's something worth trying out. also, when you wanna introduce something new to the spending list would you recommend giving it more thought I just making the purchase and trying it out first before reverting back to your original spending list?
I would say your spending should align to your values and beliefs.
Such practical, powerful shifts. Small habits, big impact!
True!
Love planning for disruption
Glad to hear Nandi!
Thank you!
Always love your practical articles on money! This 'knowing' energy is chasing me and I love it. Then the thought of daily knowing is powerful, not just monthly. And ofc, monthly check-ins are so helpful in all branches of life, so why not money too? Thanks for your support always!
That means a lot Grace, thank you! Glad to see your building trust with yourself. Appreciate you always showing up and sharing your energy!
I needed this …Thank you!
Thanks for being here Evelyn!