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This post is part of the START SAVING Challenge. Make sure to read previous posts.
Day#3: Open A Savings Account
Congratulations! You have made it to Day #4 of the START SAVING Challenge! If you really want to be successful you have to change the way you think about spending money. When I started to learn about saving my money, this was by far the hardest challenge for me. Back then my spending mindset was – “I want everything!” I would want a new pair of shoes and tell myself “I need them for work.” I ended up making excuses why I NEEDED something, rather than just admitting I WANTED them.
There are always 3 questions you should ask yourself before you make a purchase:
These are all 3 very different things. Your NEEDS are things that are essential to your survival: shelter, food, & clothing. Your LOVES are things that you are truly passionate about. These are usually purchases that you don't mind paying a little more for and tend to be higher in price. You are much more willing to give up something else for your LOVE purchases. For example: I really LOVE blogging and have a true passion for it. I am willing to spend more on software for my blog and give up my coffee budget to get it. My coffee budget is something I WANT, but I am willing to give it up so I can purchase something I LOVE. For me, this adds so much more value to my life than a morning cup of coffee.
The purpose of this task is to establish your LOVES from your WANTS. You want to have a life filled with joy and purpose, and in order to do that let's focus more on what you LOVE rather than all of your wants. It's totally fine if you still spend money on your occasional WANTS (I still get a coffee in the morning every now and then), but you want to make sure you spend smarter and have clear priorities. By spending less on your wants you will have more money to spend on the things you truly LOVE that bring measurable value to your life (we will talk about this more later in the challenge).
Here are some questions or things I want you to do starting today before you make a purchase:
Determining what you LOVE paired with the new things you are going to start doing before you make purchase will really help you when you decide to spend.
Make sure to share your new knowledge with your friends. Use the sharing buttons to spread the wealth.
[tweetthis twitter_handles=”@thebudgetmom”]Today I am figuring out what my true financial LOVES are. #StartSavingChallenge[/tweetthis]You totally got this! Think about what you really love VS what you want, write down a max of 3 things you love, and share your progress with your accountability tribe. Make sure to share your progress in the private TBM Family group and with me in the comments below! Ask your accountability tribe what their loves are and why? My financial loves are retirement, my blog, and a beautiful home. I want to make sure I can have a life I truly enjoy when I retire, I really want to establish my blog so maybe one day me or my husband can stay home with my 4 year-old son, and I want a beautiful home to share awesome memories with my family. Now your turn!
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If you have been part of my previous Savings Challenges, we shook things up for 2020. Let’s resolve to have 2020 vision when it comes to seeing how we can become better savers. This year we have 24 savings challenges, two each month. These are designed to be fun. Saving should be fun because you make things easier for yourself. My course will guide you on a year of savings so you will be better off when 2020 comes to a close. Sign up for the Savings Challenge course to kickstart your savings.
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