Dallin and I are still sticking with our May challenge....and really just our new lifestyle change, and we are STILL making amazing progress and accruing some hardcore savings. After four months of really altering our mindset about money and spending habits, the best part about it is that we are STILL enjoying it. I am STILL loving being a "penny-pincher". So, my advice to you today is to make a game out of saving money. It really is a challenge to do it, but it's a challenge worth achieving and a challenge that yields a very rich reward, literally. Here are some of the ways Dallin and I turn our frugality into a game:
1. Talk about your money goals and spending habits...a lot! Don't be afraid to chide each other a little bit if one of you gets weak and slacks off a little on the goal. This keeps both of you on your toes and helps remind you not to make silly, unnecessary purchases. Example: The other day, I went to Walmart (a store I almost never visit anymore) because I was in need of some coverup and mascara as my current tube is almost entirely dried up. I came out with not only the needed makeup, but also a nail polish that I REALLY didn't need...the ones I have barely fit into my storage bin for them as it is! Anyway, I showed my new purchase to Dallin, and his response was, "Jess, you already have SO MANY different colors of nail polish...are you sure you need another one?" This was not him saying, "I am ashamed of you because you broke our goals and that upsets me", this was him reminding me in a nice way that we both have a goal TOGETHER and that I could be better. I do the same to him. A $4 nail polish doesn't seem like a big deal, but what are the $4 "nail polishes" in your cart? What do you come home with from the store that you really don't need and that's not going to make you any happier in the true scheme of things? Well, I happened to accidentally buy the wrong shade of coverup, so on my return trip to Walmart today, the nail polish will be happily returned and that four dollars will buy my eggs for the next month. Not only do we talk about it when we are trying to help each other, but we also just talk about the awesome goals we have, the amazing savings we've accrued, and the things that are finally starting to fall into place for us financially speaking. It's exciting! It is hard to stick with it until you see the money start to build up, but after that, it's SO WORTH IT.
2. Set short-term, easily achievable goals to stoke motivation and satisfaction. Nothing kills good intentions early-on like unachievable or really long term goals. You don't just go and run a marathon without any training! The training also doesn't start with 7 milers every morning...start with half a mile. I am a true believer in baby steps! So, sit down with your spouse or other person this weekend and set a goal for next week. Some short-term easy goals that Dallin and I used when first starting out this new fiscal challenge were to not eat out for an entire week, not buying anything unnecessary that wasn't on my pre-planned grocery list, and to not make any purchases online. These are super easy things to achieve! Not only did they help my wallet by the end of the week, but they also helped my health (I didn't buy junk at the grocery store).
3. Start LEARNING. Learn how to do things yourself that maybe seem daunting or foreign but can save you loads of money. A few weeks ago I managed to convince a friend of mine to teach me how to change the brakes on my car. In return for the help, I offered one of my insanely scrumptious cherry pies as a form of "payment". So, last night he came over and taught my husband and I how to change the brakes on my car. Now I will be able to spend $70-80 to change my brakes instead of the usual $180-200 that I would spend taking the car to a shop to get the brakes changed the next time in needs to be done. It was so much easier than I thought! You just have to be a little brave sometimes. You will certainly make mistakes, but that's part of the learning curve. It's WORTH it. YouTube is a great friend when trying to learn how to do different things.
4. TRACK YOUR SPENDING. Everyone has a different preference on how to do this, but just checking your bank account once a week does not cut it here. Download the free Mint app on your phone, buy a personal accounting notebook, or get an excel sheet going. At the end of every week, Dallin and I plug in all of our spending into our Excel sheet, and it uncomfortably reveals all of the ways in which we broke our goals for that week. I am happy to say though that plugging in the numbers is now getting more exciting and less painful...because the savings are starting to heavily outweigh our costs now. This is a tiny bit time consuming to do, but I think this is one of the absolute most important things to do if you really want to fix weak spending habits and start to save a good amount of money
4. TRACK YOUR SPENDING. Everyone has a different preference on how to do this, but just checking your bank account once a week does not cut it here. Download the free Mint app on your phone, buy a personal accounting notebook, or get an excel sheet going. At the end of every week, Dallin and I plug in all of our spending into our Excel sheet, and it uncomfortably reveals all of the ways in which we broke our goals for that week. I am happy to say though that plugging in the numbers is now getting more exciting and less painful...because the savings are starting to heavily outweigh our costs now. This is a tiny bit time consuming to do, but I think this is one of the absolute most important things to do if you really want to fix weak spending habits and start to save a good amount of money
5. Finally, get some motivation from people who have really achieved true happiness and wealth by applying these principles. My inspiration? You've all heard of him before...Mr. Money Mustache. Read one of his articles every day, and apply what you can! Dallin and I aren't anywhere close to as cool as he is yet, but we hope to get there someday. Be inspired by other people, too! There is so much knowledge to be gained out there....stop being idle about it.
So, start talking about your financial goals for the future and how you can start to achieve them by taking baby steps NOW. NOW is the time to start making small changes in the way you consume products, NOW is the time to open an investment account, NOW is the time to start planning for your future. Making a goal to simply save for a house that you want to buy in 5 years or early retirement doesn't work...but making a goal to stay home and not eat out this week does, and that sets you walking on the path towards that house or early retirement in a more easily achievable and visible way. So, get going and start collecting money as you go around this game board!!
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