Have you ever wondered what it would feel like to buy something you have always wanted without the feeling of stress or guilt? Most people are like me, we love spending money! While that may be true, we always feel the pain afterwards once the high of shopping wears off. The guilt starts to creep in especially as the dreaded bills start coming in.
We start to say things like “I shouldn’t have bought that ___ (fill in the blank)”. In the moment, clicking “Add to cart” felt so good! We told ourselves that we work hard for our money and we should be able to spend it however we like. We later realize that our choices to “add to cart” just because money is sitting in the bank end up causing our responsibilities to keep lights on and food on the table to be stressful situations.
For people like me who love to spend money often, this cycle often repeats every paycheck. This is what living “paycheck to paycheck” is all about. The same people who “live for the weekend” are often the same who live anxiously waiting for their next paycheck to arrive. We must ask ourselves, how do we break this cycle in order to be able to spend money joyfully?
Age your money! The answer sounds so simple, but what does this really mean? First of all, this does require a temporary sacrifice. I know, I know, that word is like a four letter word for most of us. But trust me, if you were to allow yourselves to be disciplined for a short while, you will be proud to have earned the right to spend money joyfully!
The key to aging money is very simple to grasp but very had to practice if you really love to spend money. However, it is the key to living a very prosperous and joyful life. So, how do you do it?
- 3-4 months of no frivolous spending which include limiting your eating out.
- Use all that money you would have spent typically and place it in a Savings account that is not attached to your Checking account, preferably a whole different bank. Make it hard to access.
- After about 3-4 months, you should have an entire month’s of expenses saved up! Congratulations, you have finally broken the paycheck to paycheck lifestyle.
Once you have saved a full month’s worth of expenses, you will then budget that at the start of a new month which means you no longer have to time bills to paychecks! All your bills and expenses will be covered at the very beginning of the month. Then, each paycheck you get that month, you will budget towards next month’s expenses so that you are always a month ahead.
The weight of stress will start to fall off your shoulders. This will allow you much better focus when it comes time to Budget your way to Success. This will start to allow you to feel joy when you decide to purchase something you want. You must stay within your budget though, don’t get crazy.
In fact, I recommend being a full 3-6 months ahead on expenses eventually. This will take time but is a goal you should have if you really want financial security. Anyone can do this. It does take discipline and sacrifice but know that it is temporary. Age your money and you will then learn how to spend money joyfully, no guilt or stress needed!
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