The Dance of Money Rules

When it comes to managing money, everyone seems to have their own set of rules, dividing financial habits into "good" and "bad" categories. We often hear about the virtues of saving, creating an emergency fund, investing, and budgeting. On the flip side, indulgences like buying expensive shoes, treating oneself to a massage, or even the simple pleasure of eating out are frequently labeled as bad financial decisions. But is it really that black and white? Are these money rules helping us march toward financial freedom, or are they barricades on our path?

Good habits typically include actions that build our financial future, such as saving and investing. Bad habits are unnecessary spending and therefore detract from our future financial goals. However, this typical view of good and bad money rules overlooks some of the basics personal finance and money mindset. Personal planning is just that, personal. By having this basic, overused rules in money, we take out any personalization and, therefore, any ownership in our plan. This can be so demotivating that we can just stop planning all together because we can’t do the right things and are always giving into the wrong things.

Finding Balance in Money Rules

Finding the money balance is simpler than we think. It's about controlling your finances in a way that allows you to enjoy life today while also planning for the future. You’re practicing self-care now as well as self-care in the future. It’s like exercising now even though you don’t want to so you can say yes to that bacon cheeseburger later. Ok, maybe you should skip the cheeseburger, but you know what I mean. This balance involves acknowledging short-term wants and needs without losing sight of long-term goals. After all, what's the point of money if you can’t enjoy it now as well as in the future?

Balancing immediate desires with future aspirations is a dance where you get to make up the choreography. Focusing too much on the present can lead to financial uncertainty later on, while an overly future-focused mindset might prevent us from enjoying life now. Who wants that? Finding fulfillment in your money means setting both short-term and long-term goals, allowing for enjoyment and motivation now without compromising future wellbeing.

Example of Balancing Good and Bad Money Rules

Take budgeting, for instance. Often dreaded, a lot people believe that if you don’t have a budget you can stick to, you will fail with your financial goals and overspend. Yet, instead of building out a budget, why not just schedule time to look at your spending weekly. Wxamining spending patterns can reveal a lot about a person's values and priorities. You might find that you contradict what you really want a lot and start to curb your spending this way if a budget isn’t for you. Being a conscious participant in your spending and just watching over what you spend can often lead to more aligned and fulfilling financial decisions.

Making Shifts in Spending Habits to Reflect You

We have a client who, after a discussion about her spending habits, realized that her financial choices did not reflect her love for nature and outdoor activities. She immediately went out and bought a kayak and had her friends join her on the weekends for hikes rather than happy hours. She enjoyed her life now much more and was still able to keep saving for the future. She found more joy and satisfaction, which also positively impacted her finances and social circle. Again, being aware of what she really wanted and applying them to her spending ultimately made her happier and also got her back on track with her savings goals.

Avoiding Peer Pressure in Spending

Peer pressure can significantly influence our spending decisions. We like to think that peer pressure is just a thing with the kids but it very much affects us and our decision as well. Peer pressure is just the quite pressure of society and group think. Ever heard of the phrase, “Keeping up with the Jones.’” Feel peer pressure and just the pressure of society can lead us to spend on things that don't bring us true happiness. Ever buy a new fashion trend that you really didn’t like that much but all the other women at work were wearing it. Ever buy a shirt because you thought it was professional rather than what you really wanted to wear which was still appropriate but maybe not mainstream workwear. Resisting the urge to "keep up with the Joneses" and spending in ways that bring personal fulfillment is key to finding inner joy and contentment.

Embracing Inner Joy and Fulfillment in Money Management

I heard a great thing today on the podcast of Carl Richards, a used to be financial planner and now a financial speaker and author. He said that money is a tool to be used. We are not just supposed to store every penny we have away for the future but we are supposed to use the tool of money to live a fulfilling life. I have never heard it better explained. Managing money is less about adhering to rigid rules and more about creating a balance that allows for enjoyment of life now while planning for the future. How are you supposed to know what your future will look like if you don’t try anything in the present? Many people who retire have gotten depressed because they don’t know what their worth is outside of work. Don’t let that be you. You want to retire with plenty of money to enjoy life but start exploring and learning what you love now. It's possible to find fulfillment in both short-term pleasures and long-term financial health by controlling our finances in a way that aligns with our values and priorities.

Conclusion

The journey toward financial freedom isn't about strictly dividing financial habits into good and bad. It's about understanding and aligning your spending with what truly matters to you, resisting peer pressure, and finding joy in both the present moment and future plans. By examining our money rules and finding the right balance, we can control our finances in a way that brings fulfillment and joy, paving the way for a secure and happy future. That’s ultimately what we all want: to be happy! Getting to financial freedom is a way to enjoy that happiness but you can also live a fulfilling and joyful life now. Break a few rules. It’s ok.

The journey towards financial freedom is unique for everyone, but it starts with a single step—make that step today.

If you're looking for support in creating a financial plan that values progress over perfection, consider reaching out to us at One Vision Retirement. We can have a get to know you call and see if we can help. To schedule use this link: https://calendly.com/onevisionretire/getting-to-know-you-call-15-min .

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Investment advice offered through Integrated Financial Partners, doing business as One Vision Retirement, a registered investment advisor. The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners does not provide legal/tax advice or services. Please consult a qualified legal/tax advisor regarding your specific situation.

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