Money Musings 💭 let’s talk about spending money 🤑
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.
In a few of my recent podcast interviews, I was asked about how I choose to spend my money. 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 my splurges? I buy really fancy salad dressing. 🥗 I get Primal Kitchen’s Caesar dressing because I love the taste and the ingredients. Not only does it often cost $6+ per bottle (lucky for me as it’s become more popular, the price has gone down a bit), I go through an average of two bottles per week. $12 per week on salad dressing is definitely a splurge, but it gets me eating salad and I enjoy it.
Another splurge? We like to be comfortable while traveling with Eli. We rent Airbnbs or get hotel rooms where there’s a door between us and where we have access to a bathroom without going into his space. 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 Justin’s in charge of the ordering) and 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?
Money Move of the Week
Plan for your tax refund. Those of us who expect to get a tax refund tend to file our taxes earlier than those who expect to owe money. If you filed and are waiting for that refund, it’s time to make a plan. When we don’t make a plan for money that’s coming into our accounts, whether it’s our tax refund, a bonus, or even a raise, it’s easy for expenses to fill it up (and even for us to spend it multiple times lol 😂).
To prevent this, we want to make a plan for our tax refunds before the money hits our accounts. Then, as soon as the money hits, we can distribute it according to our plans. You might decide that you want the money to go to your #1 priority goal or maybe you split it between a goal and something fun. The same goes for an annual bonus.
A raise works a little differently because the additional money will be coming in each paycheck (which makes it even easier for it to disappear 🧙♀️). Make putting that money to use automatic. Increase your savings to your rainy day fund, up your 401(k) contributions, increase your debt payments, or add to the amount you are setting aside for your vacation fund. By planning ahead we ensure that the money goes where we want it to go, rather than getting taken up by other things.
You Gotta See This
Free clothes for women running for office. The women’s clothing company, M.M. Lafleur, announced their new “Ready to Run” program, which will allow women running for office to borrow clothing at no cost. Company founder Sarah LaFleur shared that while they don’t think clothes are what get women elected for office, the initiative aims to make the process just a “little bit easier for female candidates.” And the goal? Seeing more women win. 🙌 To become part of the program, candidates can email the company with their name, credentials, and a description of the office they’re running for.