Money Musings š Waiting for a special occasionā¦
I first heard about the "Use It Or Lose It Challenge" from Becca (of @blondebrokeandboujie) and I loved it from the start.
She challenged herself to use up all the items around her apartment. From Becca - āThere are so many things Iām saving for a special occasion, or I keep just in case, or I honestly forget I have.ā
I do this with a lot of things. There are the:
š Beauty products I keep as backups for when I run out of the ones I actually like
šÆ Fancy candles Iām saving for a special occasion that never comes
š¾ Nice bottle of champagne that is past its prime because I never find a reason to open it
Thereās also the clothes I donāt wear for fear I will ruin them (which given what happens at our dinner table - isn't that much of a stretch š).
And the uncomfortable shoes I know Iāll never choose to wear.
AND the dress that is perfect for the one night every 5 years I go to a club. š
The list goes on and on.
I think why the challenge resonates with me so much is that these things accumulate in my house for two reasons.
The first is due to a scarcity mindset. The idea that I wonāt be able to order more of the products I actually like or want so Iāll keep the ones I donāt just in case. Mind you, I do this with chapstick that costs $3.
The second is even more pervasive. Itās the belief that my future self will be more deserving of all these luxuries - like the champagne, candles and nice clothes - than right now Ashley.
But Beccaās right. Itās time for me to stop skimping. We are worthy of enjoying our things now. And as cliche as it sounds, now is all we got.
Itās time I use them or lose them.
Who could use a challenge like this? šāāļø
Whether itās keeping around a backup plan or waiting to enjoy what you have, Iād love to hear about it! Hit reply and let me know about your Use It Or Lose It Challenge.
MONEY MOVE OF THE WEEK
TAX SEASON PREP: STEP #4 - REFLECT TO MAKE NEXT YEAR BETTER.
When youāre done filing your taxes, probably the last thing you want to do is spend any more time thinking about your taxes, BUT hear me out.
While itās fresh in your mind itās a great time to set up a system so that the next year is less of a cluster.
Take note - what about this year felt stressful? If you were scrambling to gather documentation for all of your charitable contributions for the year, add a monthly calendar reminder to do that monthly going forward.
Keep that list of documents you made in step 1 handy. That way you have a great starting point for next year (if not exactly what you need).
Label a folder or digital folder for the next tax year. As you receive any tax documents, file them away.
Were there any deductions you wish you were able to take advantage of this year but couldnāt? Plan ahead for next year. Can you increase your 401(k) contributions, contribute to your HSA, or max out your IRA?
Keep all this in a google doc or folder so you feel more organized and confident come tax season 2024. I promise, your future self will thank you! š¤
YOU GOTTA SEE THIS
HAPPY ANNIVERSARY TO MY MUSIC VIDEO.
You may not know that a few years back I produced and starred in a music video. š¤Æ
I know - what?! It was one of the most fun yet terrifying projects Iāve been a part of. And if you watch it, youāll know why. I have no singing talent.
So why did I do it? I was at my cousinās bachelorette party when I heard Ariana Grandeās song 7 Rings for the first time. I LOVED the vibe - powerful women doing what they want with their money. Buying diamonds š, a big house š , double closets, etc.
BUT, given who I am š, I felt compelled to talk about how itās actually even more powerful to save and invest your money than to spend it.
Compelled is an understatement. I couldnāt stop thinking about the parody lyrics to this song.
So I rewrote the lyrics, worked with my voice coach (who also directed the video) on how to semi-sing it, we produced it in a studio, invited a bunch of friends over and we shot the music video.
If you watch the original first, you can see how we parodied the original video shot for shot.
I hope it gives you a giggle. And inspires you to get sa-ving!
your weekly money wins
Here are all the amazing money moves you made this week ššš
Harriet: Got a new car and despite pressure to do otherwise, stayed within my budget!
Rachel G: Pitched my side hustle (even though it felt uncomfortable) and hoping to bring in more income
Danielle: Maxing out my IRA contributions for 2022
Mallory M: Made sure to invest $100 in my IRA even though my budget was tight this month
Anna: Getting my CPA the last of our tax stuff since K-1s are now out and then (hopefully?) closing the book on 2022 taxes