Reap the Harvest!
Take Control of Your Money Now and Enjoy the Rewards Later
In a 2023 survey, Americans shared their top three financial concerns:
- Inflation
- Recession
- Unexpected Expenses
What do these three concerns have in common? We really can’t do anything about any of them!
Money is like life – there are things we can control and things we cannot. The trick is to focus on the first group and forget about the second. When you do, you’re putting yourself on the right track for security and prosperity. Here’s how to get started:
1. Do the Math
Before you can get where you’re going, you need to know where you are. Start by listing all your sources of income and how much you take in each month. Next, list all your expenses and the amount you spend on them each month.
For some recurring items like rent, mortgage, or car payments, you may know the exact number. Other bills may fluctuate from month to month, so try to estimate a monthly average over the past few months. These items are your “fixed costs.”
“Variable costs” include things like groceries, entertainment, and dining out. You may have a hard time coming up with a number at this point. That’s OK for now.
2. Let Go
Remember when we talked about accepting the things you can’t control? Well, there’s not a lot you can do about most of your fixed costs. For example, you probably can’t slash several hundred dollars off your mortgage without selling your house. Learn to accept that the majority of your income is spoken for, and take time to enjoy the things you have been able to purchase with it.
3. Sharpen Your Focus
Once you let go of the things you can’t control, sharpen your focus to the things you can. For the most part, you’ll find these things in your variable costs. In fact, for short savings “sprints,” you may be able to spend zero on things like new clothes or dining out – and put the money you didn’t spend into savings. At first, it might seem like you’re cutting fun out of the budget. But with a couple of small wins, you might come to love the feeling of putting money in the bank and a safety net under all of your plans.
4. Forget About the Joneses
Theodore Roosevelt once said that “comparison is the thief of joy,” and boy was he right! Comparing your lifestyle to friends, neighbors, or social media influencers will always leave you wanting more. Instead, spend more time enjoying what you already have in your life, including loved ones, experiences, and things that have nothing at all to do with money! In other words, spend more time being happy with what you have and less trying to get what you want.
Taking control of the things you can – and making peace with the things you can’t – is one of the secrets to success, whether you’re talking about your money or your life. Follow these tips today, and reap the rewards when harvest time comes.
If you’d like to talk more about these ideas or have other questions, just call 800-695-2045 and talk to one of our experts. After all keeping you smart, secure, and happy is what we’re about!