It’s hard to have self control. This is perhaps the most challenging aspect of our human existence.
Drinking too much. Eating too much. Spending too much. These are all things most of us do from time to time (or perhaps more often than we should). Regardless of which one you choose, it almost always ends in regret and self loathing.
The good news? This can all be avoided with a little self editing. As it relates to our money, self editing is the difference between “winning” and “losing.”
My wife and I attended the Best Dam Food Festival with our young daughter yesterday. It was a great event and we were excited the weather held off so we could attend. The event itself was free along with the kids zone areas and musical entertainment. What wasn’t free was all the great food offered by the myriad of vendors. This is where you can get into trouble.
These days, it’s easy to spend $20 on a pizza, $15 on ice cream or $20 on two alcoholic beverages. No matter where you go, your entertainment dollar doesn’t go nearly as far as it did several years ago. But, this doesn’t have to be a reason for you to stay inside and never spend a dime. It’s important to have a plan going in while avoiding a deviation from that plan.
I manage the budget for our family (no doubt you would have guessed that). I wanted us to attend the event and have a great time but I also wanted us to stick within our budget. I had a number in mind on how much the day would cost. Going over that number isn’t an option, sailing underneath it is always welcome but not necessary.
If I’ve already spent the money in my mind and allocated the dollar amount from our weekly budget, it shouldn’t matter. It’s a mind game to let go and have fun without the stress and worry associated with what you spend.
We ended up having a blast. Although we did end up spending less than I had anticipated, it wouldn’t have bothered me if we had ended up spending exactly what I thought we would. Again, the money had already been allocated toward family fun. I had a plan going in and I simply executed that plan.
Does that sound exhausting? It can be at first. It’s hard to have self control and even harder if you’re not used to doing it. Self editing is not something most of us are inherently born with. This takes practice. Once you start planning with our money and what you want it to do, you’ll find this approach is useful in other areas of your life as well.
Moderation becomes second nature, you’ll actually enjoy that you’re not overdoing anything in your life. The self loathing will be gone, replaced with happiness, freedom and positive thoughts.
Telling your money what to do takes work. It’s not necessarily hard work but it is work nonetheless. If you don’t put the time and effort into it, nothing will be gained. You’ll continue to swim in the choppy waters of regret, saddled with an anchor of debt and limited options on what you can do to move forward.
Diets don’t work in the same way useless spending doesn’t work. It’s not necessary to withhold the pleasures of food or the purchasing of items. It is necessary to eat less, spend less and budget for the items you want. Tell your money what to do and you’ll have success. Allow your money to flow freely and you’ll end up in the same place every time.
In front of a judge declaring bankruptcy.
