Money Musings đź’ Spice up your life AND save money
One thing that’s been consistently true during my money journey is that when I do something less frequently (to an extent) it feels like more of a treat. More special, even.
If I dine out 1x per week, I really enjoy it. If I’m dining out all the time, it loses that novelty. Plus, it wreaks havoc on my spending.
Having some fun plans is exciting. Having plans all the time is exhausting.
Doing things less frequently is really a win-win. It saves us money and allows us to enjoy the experience (or spend a little more) when we do indulge.
Now the ideal cadence is personal and fun to play around with. You might notice traveling once per quarter feels like a treat but traveling a few weekends in a row feels like a chore.
Or that getting takeout a few nights in a row is not as enjoyable as once in a while. Maybe the stress of choosing a restaurant outweighs the reward.
It’s important to acknowledge that this requires financial means. Many aren’t able to indulge at all, let alone frequently. But if this is something that resonates with you, I recommend you try it out.
In what areas can you reduce the frequency to increase the novelty?
That doesn’t mean you have to think about it any less. Studies show that planning and dreaming about things are a large part of the happiness we get from them!
We can also do this with our time! With young children, the nightly routine is important but can get quite (QUITE!) monotonous. Early dinner, bath, books (the same ones over and over), then bed.
The thing is, I know these moments are special, so how can I add a bit of novelty to the routine to spice it up?
Maybe it’s turning on some fun music during bathtime, letting E teach us some nighttime yoga or sparking up a new conversation. And maybe it’s also opting out a couple times per week (when I can) and doing something completely different - just for me.
I’d love to hear how you’re going to up the novelty in your life. Hit reply and let me know.
MONEY MOVE OF THE WEEK
GET RECESSION READY STEP #4 - MAKE A PLAN FOR HIGH INTEREST DEBT.
After building your rainy-day fund (see step #1), making a plan to pay off high interest debt is your next priority when getting recession ready. Yes, the interest costs us money but also credit card interest rates are impacted by rising interest rates pretty quickly.
If it’s going to take you some time, that’s okay. Every bit counts!
Here’s how to make the plan:
Step #1: Take inventory of your debt. List out each credit card or other piece of debt you have along with the balance, interest rate, monthly payment, and payment date. We have a free handy debt tracker tool to help you get started and track your progress.
Tip: If taking inventory feels daunting, start by listing out each debt by name (and leave out all of the details). You can build from there.
Step #2: Prioritize your debt. Rank each piece of debt in your debt tracker. #1 will be the first debt you plan to pay off and you can go down the list from there. Use one or a combination of the following methods to choose which debt comes first.
The interest rate method - pay off the debt with the highest interest rate first because technically it’s costing you the most money.
The snowball method - pay off the debt with the lowest balances first. Getting to cross an entire piece of debt off of your list can be so motivating that it propels your progress.
The emotional method - pay off the debt that causes you the most emotional stress first. This might be a loan from a family member or a bank that you’ve had a horrible experience with.
To get your full debt pay down plan, join the 8-week Tackle Your Debt Course! I’ll take you through everything you need to know to create a manageable and sustainable plan to pay down your debt, for good. 🙌 It’s a community favorite!
YOU GOTTA SEE THIS
FISCAL FEMME ANONYMOUS MONEY SURVEY.
I’m excited to share the results of the Fiscal Femme Anonymous Money Survey! First and foremost, a huge thank you to all of you who took the time to fill out the survey with your own information. We can learn so much from each other!
Here are some of the highlights:
The average income for one individual was $76,304 and for a household of 2 individuals was $187,019
The average rent payment was $1,285 and the average mortgage payment was $1,627
The biggest self reported spending “vices” were dining out / delivery (39%), shopping (28%), and beauty / personal care (9%)
71% of respondents are saving; 40% are investing outside of retirement, 76% are putting money aside for retirement
You can read the full rundown of the survey results here.
P.S. Congrats to our raffle winners Alayna Erin and Gayle! 🥳🥳🥳