Bigg success is life on your own terms. The five elements of bigg success are money, time, growth, work and play. Today we want to focus on money.
Some people struggle to save money in the first place because they love to spend it. Other people have no trouble saving it, but they get uncomfortable spending it.
I grew up with one of each. I’ve never seen research on this, but I bet that happens fairly often. Mom was a saver and Dad was a spender. I learned from both of them.
So I know the answer to this, George, but share with everyone which one you are.
I think I’m both so I face this internal battle – there are times when I swing to the savings side; there are times when I lean toward spending. The challenge for me is not letting it get out of balance when I shift one way or the other.
Both of us tend to spend on small ticket items. We’re not bigg ticket buyers so we can completely relate to one of our readers, Paul.
Paul sent us an e-mail about his dilemma. He’s a regular saver, but he has trouble spending it – especially on bigg ticket items. For example, he could comfortably take a vacation but he’s not sure if he should pull the money out of savings. He wants our advice.
Reading between the lines, it sounds like Paul wants to spend the money but he’s afraid he’ll need it for something else. Here’s the bigg solution:
Set up a separate account dedicated to the next bigg purchase you want to make. Set aside a portion of what you save in this account.
Right now, you’re implicitly saving for these things, Paul. By planning for your purchase and explicitly saving for it (i.e. by stashing money for it in a dedicated account), you’ll feel comfortable buying it once you’ve accumulated enough money.
Since you’ve been saving all along, Paul, consider taking a portion of the money you have in your general savings account and seeding this account with that money. You may feel you have enough to take that vacation now. If that’s the case, go for it! Then use this separate account for your next bigg ticket item.
Live (a little) in the moment
It’s important for all of us to save for our future. It’s also important to live a little in the moment and enjoy life along the way. Otherwise, we risk forgetting why we’re doing what we’re doing.
So Paul’s going to save for a vacation. If you can’t afford that right now, plan for a weekend away. If that’s going to stretch your budget too much, plan for a nice dinner out this month. Maybe even that’s too much … plan for a nice meal at home. Make it an event. Every day … every hour … every moment is precious. Don’t fall into the trap of living too much for the future. Strike a healthy balance between now and then. That’s living bigg!
How do you save for bigg ticket items?
Share that with us by commenting below, calling us at 877.988.BIGG(2444) or e-mailing us at email@example.com.
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Please join us next time when we discuss getting your employees to take a step toward personal leadership. Until then, here’s to your bigg success!
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(Image in today's post from vranarc)