Do you feel like you are walking a tightrope between SPENDING and SAVING?
Those who are the first in their families to build wealth tend to struggle with balancing spending and saving the most because wealth can come with a lot of emotional baggage. There is a battle with expectations, guilt, and the constant pressure to save for the future but a desire to reward yourself for your hard work.
In this quick video, I cover the four steps you must take to have that balance between spending and saving and what it means to let go of guilt and put yourself first financially. It’s not about choosing between spending or saving but finding a positive and sustainable balance between both. Let’s get started.
“You deserve to enjoy your money.” –Jacent
Step #1 –Set Your Baseline Goal
The first step is setting your baseline goals to build your financial foundations. These goals are what I call your “non-negotiables.”
“Non-negotiables are goals that are necessary for your long-term Financial Freedom.”
Example: Saving 15-20% of your income towards emergency funds, retirement, or your child’s college funds.
This step will give you a sense of direction and relief, knowing you have a clear plan for your financial future.
Step #2 –Treat Yourself with Intention
This is NOT impulse spending or emotional spending. What are your values, and how can you spend your money in a way that betters you or others?
“Intentional spending on things that bring you joy and add value to your life.”
Example: Selectively spending money on things that are truly rewarding to you makes it easier to say no to the things that don’t serve you.
By treating yourself with intention, you are acknowledging your worth and investing in your well-being, making you feel valued and appreciated.
Step #3 –Plan to Spend
Make guilt-free spending part of the plan. Budgeting for intentional spending sets boundaries and releases the stress of spending money on yourself.
“Create a Fun Fund specifically for treating yourself. Give yourself permission to spend without derailing your overall goals.”
Example: Setting aside 5% of your income or however much makes sense for your finances for personal spending.
Wealth is not just about money; it’s about living a life of abundance. Abundance looks like treating yourself and others with LOVE.
Step #4 –Shift Your Money Mindset
Feeling guilty is likely because you were conditioned to believe that wealth was meant for saving, not enjoying. It’s okay to enjoy the money you worked hard for.
“You don’t have to carry the weight of your family’s financial history forever. Break free from the scarcity mindset and step into abundance.”
Example: Thinking you deserve to enjoy the fruits of your labor without guilt or shame that stems from a fear around spending money.
Shifting your money mindset will empower you to break free from the scarcity mindset and step into abundance, feeling confident and in control of your financial decisions.
Ready to feel empowered in your Finance Journey? Book a call now and get a complimentary session to get started building a financial plan and learning how to balance your spending and savings.