Earlier in the year, I was super ambitious about my financial goal. It’s almost as if I thought my Fairy Godmother was going to swoop down and stop me from spending frivolously.
When I take a hard look at why I haven’t reached some of my financial goals, the number one reason is physically visible….
As I look around my apartment on an average day, I will easily find a few shopping bags of items I have yet to pull out after purchasing them. Crafting goods, shoes, target finds, etc. It’s actually a source of embarrassment. I don’t need all this crap, but I somehow feed off the act of shopping. I unwind by strolling the aisles and then feel extra happy by making a purchase.
Unwind? What sense does that make when you look in your bank account and see nothing in savings and nothing to show for it?
Sure, I’m a girl that likes to shop. I’m a girl who has paid off her credit cards and car…so it feels almost guilt-free, but it’s not. I still owe over $50,000 in student loan debt, and I know that the balance due could be vanishing quicker if I just stopped shopping the way I do.
But here’s the thing….I talk a good game. I will “school” others on what to do with their money and what not to do, but then not follow my own advice! I realize that I need to break this spending habit to ever reach some of my financial goals. So let’s focus!
Priority Financial Health Goal: Start a weekly savings plan
I decided to follow a simple plan I found on pinterest. It seems doable and it’s absolutely less than what I spend on eating out per week. So if this forces me to cook more, then we have a win-win!
I’m on week 6 and still going strong. I had actually forgotten that I had also set up a weekly $20 transfer to my savings ages ago (in addition to the monthly automatic $25 transfer from my bank), so the balance will be higher than $1000 in 26 weeks.
Why is this significant for me? I don’t think I’ve ever had $1000 just sitting in an accessible account. If it’s not in my 401K, then I spend it. SUCH A TERRIBLE habit that I need to break!
Now do I have plans for this savings account money? Honestly….yes. I want to take a great vacation for my 40th birthday next year, and I want to do it guilt free, and I want to remain credit card debt free.
So this poses a dilemma. I’ll be accumulating savings to deplete them for an experience. Will it be fabulous, and do I deserve a great trip? Yes. However, I have to admit that there is a slight kick to my gut in thinking about finally having savings and then potentially cleaning them out.
Is there a solution?
I need to save more, I need to spend less, and I need to create another revenue source from my creative creations (potentially). I’m not sure what the final plan will look like. I just know that I’m happy with phase 1 – there are untouched savings in my bank account.
If I need to dip in there for an emergency, I won’t feel as guilty because that’s what savings are for, but I really want to come up with a plan to have savings and take a trip next year.
What if I focus on winning the lottery instead? It’s got to be easier, right? Ha!
Never stop trying! Love it lady. So where is this fab 40 trip going to be. And more importantly, am I invited???
Josephine Sent from my iPhone
>
LikeLike
maybe Cuba 🙂
LikeLike