.png)
If you’re just joining us, welcome! The past two weeks, I have been discussing what you and I can do if we feel like cash is just bleeding out of our checking accounts. Last week, I reminded us that most likely, we don’t need to overhaul every aspect of our spending. There are probably two or three areas of your spending that are notoriously problematic.
What are your problem categories for over spending? Amazon one click purchases? TJ Max shopping sprees? The gun store where they always have the ammo you need? Eating out more than you should?
We discussed the 24-hour pause last week. Just waiting a day before making that impulsive purchase could save you hundreds of dollars. But if you lack the willpower to pause, today is for you.
The third tool for stopping the bleeding is to get yourself a buddy!
In my early 20’s, I was talking with a co-worker at my office about how I was getting bored of my truck. He looked up and laughed, “Well, just go get a new one!” He said it jokingly. But at lunch, I went to a car dealership not too far from me - you know, just to “look.” An hour and a half later, I rolled back into the office… in a new truck. It was the same model year as my old truck, just a different color and brand. Not the most financially savvy moment of my life.
If I thought the looks my co-workers gave me were bad, I now had to drive home and face my wife. In her very calm and cool way, she asked me why I had bought a new truck without even talking about it. I didn’t have an answer. “Because I was bored,” didn’t sound like the appropriate thing to say. And in this moment, we came up with the buddy system.
If you’re like me and love spending money, then you, like me, need a buddy. You need someone who will hold you accountable and be able to filter through your purchases. Now, the example of buying a car is an incredibly dramatic example. I hope you don’t do anything as stupid as I did. But if you have a tendency to buy things that go over your budget - that cause you to bleed cash from your bank account - then it’s time to enlist the help of a buddy.
Whether it’s a spouse, golfing buddy, roommate, or just someone you respect, find someone who you can ask to approve purchases that are outside of your budget. You’ll find, like I did, that this filter saves a lot of stupid purchases.
Next week, I will give you the third tool you can use to stop the bleeding in your checking account so you can start saving and investing in your future.
Until next week,
Zach Santmier
Zach Santmier is the owner of Trumble Agency, Inc. and the author of the personal financial course, Increase. He focuses on helping families escape paycheck to paycheck living so they can freely pursue their ideal future.
Commenti