Money Matters
I’m not a financial expert. This topic is often on my mind and I’ve decided to share some thoughts. Take my advice with a grain of salt, run it by your financial advisor, whatever you feel is best.
I shared some of what I’m going to talk about on my coaching business’ (@energystrengthandnutrition) Instagram stories. I believe that financial peace is a factor of health. We’ve been taught about chronic stress, inflammation in the body and the disease/health issues that inflammation can cause. I don’t know about you but financial stress feels like this low hum. I shouldn’t have purchased that thing, I should have cooked that meal at home, why haven’t I paid off my student debt, etc. So much guilt. This is one area that I’m not sure more pressure -even to better behavior- is going to help much. I am going to share some (hopefully) useful and non-shaming tips. I must be clear - I’m a work in progress in every area especially this one.
Think “soon”, not “never”.
When I am tempted to purchase something that is not a need and I know that I should probably wait, I will tell myself that maybe next month I will get it. I am not telling myself “no”. I am actually telling myself “yes, but wait”.
Why wait? I personally think about this in terms of credit card and checking account balances. I want one low (ideally zero) and the other with a comfortable amount. If I have a credit balance that I want to pay off or a checking account balance that I want to increase or stay the same, that is motivation for me to say “wait”. You can obviously give yourself a definitive time such as “next paycheck” or “next month”.
Don’t purchase the item because it’s on sale (unless it makes sense to).
I’d rather refuse to purchase something if it causes me stress to do so, and be willing to pay more when I can comfortably afford the purchase. The decision to purchase something should be based on more than a discount. I’ll talk more about this later.
Consider the cost/benefit of projects.
I can be a bit of an “idea person” with a tendency to have an idea and then start making it happen without much space in between. I have more than once fallen victim to wasteful spending in this area. Maybe that sizable herb garden with the specialty growing lamp in my apartment kitchen wasn’t the best idea…This leads to my next tip.
Consider your future.
Yeah, yeah we all know about saving for the down payment and retirement, etc. What I’m getting at here is, if you are living in a place (say an apartment) that you do not intend to stay in, take a pause before investing in that space. I’m not saying that you shouldn’t make it nice to an extent, but I believe that every investment in that space should be made with consideration of the home that you actually want to settle in. I suggest taking a pause before purchasing that additional piece of furniture or before asking your landlord if you can repaint the spare room. Maybe there is an additional benefit here in not getting too comfortable if where you are isn’t where you want to be.
Give every dollar a job.
Listen to Jesse Mecham’s podcast if you’d like. This is his idea. I do agree with it. We all have “unnecessary” purchases that are important to us. Maybe you’re into video games, having multiple streaming subscriptions or have outdoor hobbies that require gear. That’s fine, but consider planning ahead of time for a certain amount of money to be dedicated to that “job”.
Cook at home.
Not all the time, of course. Try to set yourself up for success in this area. I would struggle with this when I was really tired from work and didn’t want to cook. It has been helpful to find satiating (think high protein) meals that are very easy to prepare. A couple of mine are ground beef (grass fed!) bowls and a spicy shrimp and rice dish using microwavable rice and pre-cooked shrimp.
Take inventory of what you have before purchasing something new.
This might be obvious but, if it’s not a habit, I suggest making it one.
Avoid stocking up (where it makes sense).
I used to be someone who liked to have backup of certain things. I think that, in many cases, this isn’t necessary and can lead to unnecessary spending. Use your judgment, but I encourage you to question all “just in case” spending.