Savvy Saturdays: Why Saving Now Is Important

It doesn’t take a lot of common sense to understand that the more money you save, the better off you’ll be financially. But saving can be hard. In fact, when you live some where like Los Angeles or New York where the cost of living is through the roof, it can seem damn near impossible.

When you’re living paycheck to paycheck, it can be hard to see beyond next week’s bills.

But know this: it’s not impossible to start saving now. Sometimes, all you need is a little mental motivation.

Think about it this way: if you’re living paycheck to paycheck right now, relying on the hope/idea that at some point you’ll snag that job or promotion that will elevate you to a spending status where you can afford to buy a new car or house, you might never get there. But if you start being savvy with your money now, you might not need to snag that pay bump to afford the things you dream of.

Why?

Because saving is a mindset.

Here’s another point to ponder: if you’re living paycheck to paycheck right now, and its not because rent takes up 75% of your income and the other 25% goes to groceries and debt, it means that you’re spending any leftover money you have every month on things that aren’t a necessity. Often, even in a 75/25 situation involving debt payments, there are still ways you can cut your costs. So if you haven’t already gotten out of the habit of spending every dime you own, what makes you think that having a fatter paycheck will remedy your excessive expenditures? Take a lesson from Kanye and realize that having millions (or billions!) doesn’t necessarily guarantee your financial security.

Instead, get into the saving mindset: always strive to live one step below your means.

Simply put, this means that if you live on an income where you can afford to go out twice a week, live with the mindset that you can only afford to go out once a week, pocketing the cash you save not spending an extra night out each week. If you want to save more money faster, you can get more drastic. Currently, I tell everyone I’m too poor to pay for valet parking, go out more than once every two weeks, and spend full price on a movie ticket more than once or twice a year. I’m not going to tell you how much I could afford, because honestly, I don’t even want to know. As long as I live in this mindset, I’m saving money. The second I “let” myself afford more, I don’t.

So if you’re not already in this line of thinking, start training your brain to think this way now. Why? Because you’d be amazed how much you can save up by saying no to a $5 coffee here, and a $20 movie there. You might discover that in a few years’ time, you have enough to pay for a new (or new to you) car, cash up front! Or, if you’re a big dreamer like me, a down payment on a house. 🙂

So get savvy, savers!

-tlc

 

Making Personal Growth

I was speaking with my cousin today – a totally awesome dreamer and creative who is my same age and yet has accomplished so much more than I probably ever will – and we were discussing the pros and cons of work that is creatively satisfying (if not quite what you want to be doing) vs. work that is mundane yet stable. The conversation brought up a lot of insight as to what is most important: your immediate happiness, or your ability to satisfy your personal creative and financial needs while working towards eventually meeting your career goals.

The answer: It’s a toss-up, really. Both hold merits, and it likely just comes down to individual needs and specific job opportunities. But what the conversation really reinforced for me was the idea of personal growth.

No matter what you’re doing, make sure you’re doing it for you.

The obvious consensus here is that you should always be taking into account what you want to be doing with your life. Meaning, not just creative and career goals, but things you want to achieve for yourself physically, emotionally, and mentally. Hence, your personal growth. Any job you have or decide to take should lend itself in someway to helping you reach these goals, whether that’s through immediate exposure (i.e. being an assistant to someone who is doing what you want to do and who will mentor you), or through stable flexibility (i.e. a job that isn’t really what you want to do, but that allows you the flexibility to work on what you want to do in your downtime OR gives you enough of your week that you can focus on your passion as a sort-of side job).

And herein lies the dilemma and heartache, because which do you choose? There are risks to both; the first, which might be more creatively satisfying in the moment, may have you spending much of your creative energies focusing on that which does not directly help your own goals. The second will allow you to spend your creative energies how you wish, but without the guarantee that you will find a direct way toward meeting your career goals. Both provide risks and benefits. Perhaps the decision will not be up to you; perhaps you will only come across the opportunity for one or the other.

You will have the opportunity to choose one thing: to pursue your own work, always. Meaning that while there are plenty of stable jobs out there that you could pursue, you have the ability to choose one that lends you the flexibility or opportunities you need to create the career you want. This might not be easy to find, but it’s worth the work and search.

Just some thoughts. Good luck on whatever your career endeavor may be.

-tlc