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Dollar Happy Planning Blog

Try The Enough Mentality


To get your spending under control, entertain the “Enough” mentality in your life

Less spending = more emergency fund. 

Try The Enough Mentality

Dollar Happy Planning Blog

Try The Enough Mentality


To get your spending under control, entertain the “Enough” mentality in your life

Less spending = more emergency fund. 

2 months ago


Try The Enough Mentality

To get your spending under control, entertain the “Enough” mentality in your life

Less spending = more emergency fund. 

If you reach the Enough mentality, mark the day on the calendar.  It’s a worthy milestone of your financial maturity.  Too many people don’t know what ‘enough’ means.  Marketers love these people and are happy to indulge the lack of ‘enough’.  ‘Enough’ means that you have reached a saturation point with your personal merchandise, take-out dependence, or whatever it is your bank account is hemorrhaging from.  It means that you’re happy with what you have and don’t need to cure boredom by spending endlessly.  Start feeling OK with what you have.  You don’t need any more clothes, furniture, shoes, wall hangings, candles, tablets, monthly subscriptions, sunglasses, makeup, cologne, curtains, or car accessories.  Live with what you have and realize that you can live without, too.

Cure yourself of “present bias”.  This is a concept explained in Tony Robbins’ Money: Master The Game.  Unfortunately for your retirement plan, your brain is not automatically on board.  The brain leans in favor of immediate gratification and what’s happening today, not tomorrow.  Know the feeling?

Adding to this, it’s not natural to envision the future, or it seems so distant, that saving for retirement feels as unnatural as living Benjamin Button’s life.  “I’m not old, why should I have to save for it now?”, or “That’s such a long time away, I’m putting $X money into my 401(k)” may not cut it. 

I have trouble envisioning my future as well.  I was not blessed with any prophetic skills, so I can understand the resistance to padding the budget of an age that you hope not to be.  No 35, 40, or 50-year-old wants to turn 70, but, probability speaking, it’s inevitable.

Crystal-ball abilities aside, what I do relate to is seeing my savings snowball into a bloated balance.  When it keeps increasing, I psych myself out to keep the momentum going.  That becomes more important to me than buying new stuff.  When I do reach a fat, healthy balance, then I refer to my spending list and pick one or two items.  Mind you, some of those things may have been on the list for a year or two.  That’s how rigid I am.  If even a shred of my rigidity rubs off on you by reading this, I will take a bow.

Consider these:

Create a spending list

Re-visit your budget before making purchases

Separate needs from wants

Find less expensive means, i.e., Craigslist, garage sales

Try using cash only

Create distractions from spending

Browse thrift stores

Stay away from the stores altogether

Buy discounted gift cards

Use a cash back credit card

Use a travel points card

 

January’s Trivia Question:  Monthly overhead for mortgage, taxes, and utilities should not exceed 30% of monthly income. 

 

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