Money Musings 💭 All that to save $133 🧐
What you’ll find below:
Reflection: One of my irrational (less conscious) money moves
Money Move: A 4-part retirement check-in (do not miss!)
You Gotta See This: An audience Q&A on money transitions
Reel of the Week: I got to meet someone very inspirational last week (you can find her in this reel!)
I have come to accept that I’m irrational with money (most, if not all, of us are!). But that doesn’t mean I have caught all the ways it manifests.
Recently, I discovered another one.
In my opinion, I don’t have a very high maintenance beauty routine. I wrote about my haircuts here. 💇🏻♀️ I also get my brows done.
I probably should get my brows done every month but I always try to wait as long as I can. Partly because it's another thing for the to-do list but also because I think it will save me money.
In the same way, I don’t buy my vitamins every 3 months (when there are 90 in a bottle). Just in case they last a bit longer and I can put off the purchase.
This isn't something I do completely consciously, it is just how I operate. I try to wait to buy something until I need it.
Inevitably, a month after I get my brows done, I’m overdue. They start to look pretty bad (at least to me they do). I try to put off any filming, and if I happen to get a TV gig, I notice I am slightly annoyed when they reflect back to me on screen. 😆
One day I thought - how much does this delaying charade actually save me? If I proactively got my brows done every month, how much extra would that cost me per year?
Turns out it’s $133. $133 per year or $11 / month to always feel camera 🎥 ready.
A couple of weeks later I was on the Finding Mr. Height podcast and a similar conversation came up. Erica shared that she saves her “nice” foundation for special occasions to minimize the cost but it ends up expiring, unused. Plus, she buys two foundations. Sounds familiar!
We didn’t get to calculate the cost comparison of just using the nice foundation for her on the air but I bet if she saves anything it’s not too much.
I love discovering these less conscious savings strategies and then consciously deciding if they’re worth the sacrifice.
Do you do anything like this? Hit reply and let me know.
MONEY MOVE OF THE WEEK
RETIREMENT CHECKUP SERIES - STEP #1 - DREAM UP YOUR RETIREMENT.
Today we're kicking off a 4-week retirement checkup series. 🥳 This is important!
First, what is retirement? Ideally you retire when you have saved enough money 💰 (in what may be called a nest egg) that you can live off your investments. Your income is made up of a combination of your investment returns (or investment growth and dividends) and selling the investments themselves.
The best part? Working becomes optional.
Retirement can sound like a snooze-fest 💤 because unless you’re close to retiring, you are saving for something that is very far away. It’s hard to say no to money now to reap the rewards much later. But the benefits are big and worth it. 📈
To reconnect with such a long-term goal, and to better help us plan, do some dreaming.
What do you want your life in retirement to look like? Get as detailed as you can. Try to use all your senses. This can and will change (and that’s okay).
In the press
CNBC: A FINANCIAL CLEANSE TO CLOSE OUT YOUR YEAR? HERE'S HOW TO KNOW IF IT'S RIGHT FOR YOU
Ashley Feinstein Gerstley, a CFP®, suggests in her book “The 30-Day Money Cleanse” that people tackle a different challenge each week.
“I found the weekly structure really helpful because people are really busy,” Gerstley tells CNBC Select. “I’m a big proponent of breaking up actions into steps that feel manageable so that we take it and get to the end.”
With Gerstley’s financial cleanse method, each week is designated to a particular goal:
Week one: Track your spending and cut out purchases you may deem frivolous
Week two: Take a close look at your spending and see what makes you happy
Week three: Ensure that what you’re putting your money toward are things that you value
Week four: Build a money dream team of people who can help you in your process and also hold you accountable
Throughout her book, Gerstley also shares various inspirational quotes and helpful tips to get you through each week. Knowing that there are people who begin the cleanse and stop in between, she encourages them to continue where they left off even if it’s not done perfectly.
YOU GOTTA SEE THIS
ASK ASHLEY - "FEELING OVERWHELMED IN A FINANCIAL TRANSITION."
QUESTION: What are some things you do to not feel overwhelmed when you're in a financial transition period?
ANSWER: Transitions can feel like setbacks, but often, they're just moments to pivot and realign. Watch this to learn how.
If you have a question, amazing! Please share it here.
your weekly money wins
Here are all the amazing money moves you made this week 👏👏👏
Amy B: Paying off my mortgage this week. I am not willing to pay 6.75% interest at this point in my life.
Dani: Have $3k in savings (more than I've ever had!) and have paid off 3 out of 4 credit cards!
Ariel F: Didn't buy anything at Sephora and was in there with a friend for 40 minutes
Alli: Transferred $3,000 to my hysa bc I got a bonus at work 💃🏽 that's double what I normally save
Lauren R: Took my donation pile to the consignment store first instead of straight to goodwill!
Gail: Picked up an extra shift
Ari: Staying ahead with bi-weekly mortgage payments
Renee: Opened a 403(b)!
Suzanne V: Trying to cut back on impulse purchases and I haven't used a credit card for 3 weeks 🥳
Rachel H: Dug through cabinets instead of ordering dinner in when I was tired lol