Money Musings 💭 let’s talk about spending money 🤑
Before we dive in, here's the working link to the quick 5th anniversary survey. If you answer the 5 (very quick) questions, I will be SO grateful.
Okay, back to it.
In the world of personal finance, there’s a lot of focus on what we don’t spend money on and how we can save more.
BUT the whole point of having money - after our needs are met - is to have and experience what we want in life. It’s important to focus on what we want to consciously and intentionally spend our money on.
I have been asked how I spend my money in some podcast interviews. What do I choose to splurge on? Do I buy generic condiments or opt for name-brand? How do I feel about single-ply toilet paper? 🧻
It reminded me how taboo and shameful it can feel to spend money (even when we do it anyway!) and what a powerful shift it is to consciously splurge on things that are important to us.
One of our splurges? When we have a really busy couple of weeks coming up, we order a meal delivery service so that we can just heat up healthy and delicious meals in two minutes. 🍽️
Another splurge? When we’re traveling, we often splurge for an extra bedroom for the kids rather than sleep all together. This limits our options and increases the price, but sleep is so important to us that it’s really worth it.
As far as the toilet paper and the generic vs. name-brand condiments, I’m told these are very controversial questions. It’s even been suggested that people who differ on their toilet paper preferences might not be compatible 😂.
We’re a high-ply toilet paper family (I could probably go down a ply but J's in charge of the ordering) and we usually get generic condiments.
I’d love to hear from you! What do you splurge on? What type of toilet paper and condiments do you buy? Inquiring minds want to know! 😆
MONEY MOVE OF THE WEEK
HAVE A MID-YEAR GOAL CHECK-IN.
We’re almost at the halfway mark of 2023. What?! 🤯 I know.
It’s a great time to check in on your goals. 🥅 If you outlined goals for yourself earlier in the year, evaluate your progress. Are you on track to achieve them? What changes need to be made to get there? Are these goals still even important to you?
If you didn’t set goals or you’re looking to set new ones, consider the SMART method. It’s one of the most widely used and effective methods for goal setting, and it also happens to be my favorite. 🫶
I’m here to help you achieve your goals, but please don’t be too hard on yourself if you’re not where you hope you’d be at this point in the year. We can always start over and we can always start small!
YOU GOTTA SEE THIS
YOUR ENVIRONMENTAL TOXINS.
Environmental toxins are the people, places and things that get the best of our spending. You know… the people you hang out with and spend much more than you planned to. Every time. Or the store you go into intending to buy one thing and then $100 later, you’re wondering what happened.
I polled you on Instagram to learn what places get the best of your spending. Most of this list showed up over and over. Here it is (in alpha order):
Amazon
Bath & Body Works
Coffee Shops
Costco
Grocery Store
Medical Bills
Michaels
Target
Uber Eats
Can you relate? 😤 I can!
Here’s how to handle a toxic place.
The easiest strategy for a toxic place is to just avoid it. But when your toxic place is the grocery store, that’s not so easy.
If you can’t avoid a toxic place, go in with a plan. This can be a goal spending amount and also a target list of items.
Set up a reward. It might sound silly but rewards work. If you stick with the plan, how will you reward yourself? Make a list of five potential awards and test out the first on the list. If it doesn’t feel motivating, move to #2.
Keep me posted on how it goes!
MY TRAVEL JOURNEY
LIVING LIKE A LOCAL.
One of THE most fun parts about traveling for me is the planning. I love love love dreaming about and researching a new place. 🧳
This research not only brings tons of joy and excitement (studies show as much or even more joy than the trip itself), it helps me choose what neighborhood I want to live in, plan as far as budgeting and generally be intentional about our days.
Part of my vision for this trip is to live like a local (as much as someone from the U.S. who speaks broken Spanish can LOL). It’s how I love to travel AND it also saves a lot of money. How?
Local events and museums are sometimes free. We will shop at local markets and do some cooking 🥘 (vs dining out most of the time). We can ask around for the best places to eat, hopefully avoiding the overpriced touristy places.
Now don’t get me wrong, you’ll definitely see us splurge here and there. More on that soon but generally, the goal is for life on this trip is to have a similar cost to life at home. We do live in a high cost of living area so that helps. 😆
your weekly money wins
Here are all the amazing money moves you made this week
Nikki B: Spent under $40 for new summer wardrobe pieces by going to consignment and trading in
Leah N: Supported small, local businesses this week by shopping for produce at our local farmer's market. Win for supporting our hyper-local economy and making meal prep with super fresh food!
Erin G: Had a great check-in with my financial advisor and increased my monthly brokerage account contribution by 50%
Sara S: Sent back items that I didn't love totaling $300
AstroLorraine: Switched to a job that pays the same $ but now I have 3 months off every year!!!
Lamour: Putting more % into my pension fund - matched by bigger % for my company
Patricia: Paid some bills after a bit of procrastinating
Jordi D: Got a new job and negotiated a higher salary
Phoenix A: 3K in savings
Katie F: Invested my Roth IRA
Amy W: Accepted a new job!
Marissa R: Added $1,600 to my Roth IRA
Michele: I sold 2 items on eBay this week! Whatever I make goes into a self care account for special splurges
Dana D: Purchased a book that my friend and I are going to read together from a local bookstore
Dana D: Put a big purchase on hold to look into reviews and make an informed decision
Meg T: Slowly creep up post-tax 401(k) deduction by $20