How To Save Money While Enjoying Life
Now that we know the pros and cons of saving money or enjoying life, let’s figure out how to find the balance between them.
1. Evaluate Your Goals
You won’t be able to set a proper personal budget until you know what you’re saving for. Setting financial goals is a great way to gauge how to budget in certain aspects of your life. These will typically fall under two categories:
Lifestyle Goals
This is the time to look at your past social calendar and figure out where you’re typically spending your money.
This will include vacations, restaurants and any activities that you’ve opened your wallet for. That way when planning out your budget for the future, you know how much you should put away to achieve this part of your life.
Savings Goals
Savings goals will range depending on your situation. That said, there are common goals that you can make to help achieve a more financially secure future, like establishing an emergency fund, saving for retirement or saving for a down payment.
Setting these goals are important because they get you to start thinking about how you’re going to achieve long term financial security. For example, your emergency fund is going to help you cover unexpected medical bills if you’re in a pinch, so you don’t have to worry about money along with the situation.
2. Create A Budget
Now that you know what your financial goals are and what you want to save for, you can create a budget. When setting up a budget, you’ll want to consider the importance of each goal you set to find that right balance between saving and spending.
3. Explore Experiences That Fit Your Budget
One way to stay within your budget is to research activities that only fit into the budget you’ve created. It’s a great way to regulate how much you’re spending, and while it doesn’t allow you to go to every experience, you still have a way to find something to enjoy. To start, try a quick internet search to show you budget friendly experiences around you.
You can also find communities online, sign up for Facebook and join groups that recommend cheaper group activities if you’re looking for some companionship.
4. Reassess And Adjust
There is one thing you can count on during your life, and that is change. This means a budget and financial goals you made 5 years ago might not be relevant to your life now. Take the time to reassess your needs as time passes and make adjustments so that your budget continues to help you live the life you want.
