While, I remain highly motivated to sticking as close to my proposed budget as possible and effectively manage our household finances to the best of my abilities – I have realized that there is one huge important missing piece that always seems to be a bit overshadowed by the importance of saving and paying off bills.
The area I am referring to, is the idea that in order to properly save and pay off debts – you absolutely have to cut out many of the fun things in life. While paying off debts should certainly be a top priority – it should also not represent the entirety of how you spend your time and your income. When we think about it, a huge part of being happy comes from doing the things we enjoy – and sometimes that means spending some money here and there.
Like many people, I often fall into the mindset that I have to avoid spending money on many of the things I like to do, in lieu of being more financially responsible. When the truth of the matter is, by finding a balance between paying off our debts while still enjoying life – minus the guilt, out financial integrity remains in tact and at the same time we find ourselves living happier and healthier lives.
What activities do you enjoy? Do you want to spend time with your friends and family by going out for meals or for various means of entertainment? Maybe you want to purchase a gym membership or join a sports team? Have you always wanted to take part in an art or music class?
Whatever it is you would like to do, there is a way to include these fulfilling activities in your life and also pay down your debt at the same time. Even though you may still feel a bit hesitant to spend money from time to time, it is good to remind yourself that these social outlets and activities are also just as important. Here are some ideas for how you can ‘have it all’ . . .
Balancing your Social Calendar and your Payments Schedule
Spending time with friends and family doesn’t always have to mean spending lots of money. Quality time with friends is really about just that ‘spending time together’ – being able catch up with each other and talk about your lives. By alternating from going out and staying in at someone’s home, you can cut down on the amount of money you spend and still have some income to pay down your loans.
If you want to purchase a gym or activities membership – you can look for discounts and even 2 for 1 memberships that are available at many clubs. You can also look for ways to save money on your own – that still enable you to participate in activities and go to events, such as concerts and shows without spending a fortune.
Continuing to Balance that Budget: Our Plan
Taking steps to become more financially aware and maintaining a steady flow of saving and spending, will go along way to making sure we find this balance. Knowing that I may need to revisit the budget and even revise it occasionally is and has always been a goal that I have continued to stay on top of. Overall, we have been able to remain true to our financial commitment to saving, paying off debts, and yes, even some spending money here and there.
Our specific strategies include: setting aside an amount of money that is first and foremost designated for paying off debt and secondly, once we have made that transaction, we have some income that is left over in what we call our ‘fun’ fund. Keeping in mind that while some months we may have unexpected expenses and that will lessen the amount of ‘fun’ money we have to spend that month – we thankfully are still able to do the things we enjoy and I encourage you to do the same.
While some people may decide to go the route of spending versus paying off debts, and others may choose to prioritize paying off debts, while scrimping on fun – it is my opinion that by completely compromising your lifestyle in order to pay of bills does not make for a very rewarding life! Yes, with some effort and planning – you can indeed have both!
