If you have ever set a savings goal, only to fall off the wagon as soon as you see a shiny pair of shoes, you are not alone. It takes focus and discipline to save consistently. And like going to the gym, the hardest part is getting started. But once you start and each time you go to the gym, it becomes easier. And eventually it becomes fun.
The secret to saving money is to make it easy and fun. Being good at savings has little to do with being good with money, and everything to do with your behaviors around money. And your behavior around money is 100% dictated by your beliefs around it.
Think about it - if you believe that in order to save, you have to sacrifice something that you love, how likely are you to stick with it? Exactly, not likely. Who actually wants to give up something they love?
When most people set a savings goal, they do it at the expense of something that is usually important to them. Or they make the goal so freakin huge that it’s almost impossible to achieve and they end up losing motivation.
For example. Have you ever said, “I’m going to eliminate eating out so I can save for a rainy day or for a down payment on a house”? A lot of people do. And here’s the thing. Most people love eating out, and hate thinking about a rainy day. So why would you stick to this plan long-term? You wouldn’t. Your brain is silently screaming at you for budgeting your life to boredom and it will sabotage your efforts.
And while a down payment for a house seems like a good motivator... If this is your first time saving, it would be like jumping into a marathon having never ran one mile. Your body isn’t prepared for the race. Just like prepping for a marathon, you have to train your savings muscles with smaller goals before jumping into a big-ticket item.
To reach your savings goal this year, you have to make it easy to achieve and fun!
And Money & Mimosas will be here every step of the way to help you boost your savings. Having cash is a huge factor in being of financial successful because it gives you freedom.
Yes, you read that right. We are inviting you to save money and use it to go shopping. Set whatever financial goal makes sense to you, it can be $50 per month, $200, $5,000….it doesn’t matter.
And at the end of three months, if you meet your goal each month, you have full permission to treat yourself to a shopping spree. In fact, you have to go on a shopping spree because it’s bad karma to break promises you made with yourself.
I’ll be doing this challenge with you, too! Late last year, I started working with an amazing wardrobe stylist- Andrea Faye- who helped me do a closet cleanse and redefine my style. So this year, I am upgrading my wardrobe and treating myself to a fun shopping spree every quarter.
Investing in your outer appearance is important for a few reasons:
Confidence booster- confidence is the not-so secret ingredient to financial success. When you look good, you feel good, and feel more confident in your money skills.
Saves time- rummaging through your closet isn’t because “you have nothing to wear”. It’s because you don’t have the “right clothes to wear”. Investing in intentional items eliminates the time it takes to find the perfect outfit, because you’ve got a preplanned closet.
Supports the economy- especially when you shop at local boutiques, you are supporting another woman’s business or career.
My personal goal is to save $500 each month so that I have $1,500 to spend every quarter to spend on clothes.
To be clear, $500 is a percentage of my total monthly savings goal. I’m not spending all of my monthly savings on a shopping spree. So, be sure that you are also saving above and beyond your shopping savings goal for the month.
As I wrote earlier, choose a goal that makes sense for you at this stage in your money journey. No goal is too small. Remember, you want to choose a goal that is easy to achieve and makes saving fun for YOU.
Ready to calculate your shopping savings goal? Ok, there’s some math to do here- but it’s fun math. Here we go!
Calculate your Shopping Savings Goal for 2019
Ask yourself: how much money do I want to add to my savings account this year? This is your savings goal. Write it down.
Divide your savings goal by 12. This is your monthly savings goal.
Multiply your monthly savings goal by 15%. This is your monthly shopping savings goal.
Divide your monthly shopping savings goal by 4. This is how much money you need to put away each week doing your money date towards your shopping savings. Note: You’ll also want to divide your monthly savings goal by 4, and this is also how much you need to put towards savings each week during your weekly money date.
And that’s it! Easy peasy.