Happiness Habit: Become a Saver this Year
Over the next few months, I will share some of my favorite “happiness habits” that will support you as you cultivate confidence within your personal and professional life.
Let’s be honest, living in the cycle of paycheck t paycheck really sucks our self-esteem and confidence to find a better job. Believe it or not as we continue to engage in cycle of not enough and barely meeting my needs, it makes it 10 times harder to be open to new possibilities.
The problem is not how much you are earn. The real problem is what YOU do with the money once it gets deposit into your bank account.
Ok, let’s take a step back. It’s the 1st of the month and your bank account is now replenish with your shitty job paycheck. So what do you do?
Do you go ahead and pay all of your bills for the month? Good job
Ok, so now you have 10-20% leftover for living expenses? So what do you do with the money. Do you allocate certain amount to different buckets such as food. shopping, social, etc? Great
OMG! You found this fabulous coach that promises you to earn 6 figures in no time? Must do it. No worries, I will put those $25000 tuition fee in my credit card. Wait what!?
Your friend is short on cash? No worries, I got you covered.
Boom you are back again in zero.
OH Shit! Dental emergency… I need to get a root canal and the out of pocket expenses are $500.
There is another way to break this insidious cycle that doesn’t require you to win the lottery, sell your soul or join an MLM network.
It is a simple question:
Are you paying yourself first?
Think about it, are you taking care of everyone else but yourself?
I am sorry (but not sorry) life + business coaching does NOT count as financial self-care. Fear of missing out is not worth the credit card debt and long-term pain. #sorrynotsorry
Simply put if you find yourself paying everyone but yourself you are bound to create resentment and likely case of the fuck it’s. It triggers deprivation and a state of not enough because your basic needs are not met.
What if instead of investing your money on other people, places and things, you make the commitment that for 2015 at least 2% of your annual income will go toward building your emergency saving fund.
What if you make it in a way that feels like a no-brainer solution that will give you a sense of security yet opportunity for growth.
Imagine, how would you feel a year from now with a nice extra cushion when emergency strikes?
Imagine, how would you feel when you look at your bank account and its not in the red. You can do this starting today.
The process is simple. It’s about making the commitment to Pay Yourself First.
I encourage you to start small. Baby steps that will create momentum for bigger actions.
My personal recipe for “No Excuses Emergency Funds” Account
- Set up a high-yield online savings account. Check out this oldie but a goodie LearnVest article.
- Setup a weekly automatic deposit to your savings account. This could be $2, $5 or $10 per week. Trust me, the money will continue to grow as you add into the account.
- Perhaps, you decide to participate in the 52 weeks savings challenge. Set up the automatic withdrawal right now to your new fancy schmancy savings account.
- Get yourself a good old piggy bank to drop all of the change. Don’t open it until 6 months from today.
- Setup a guideline, whenever you take out $100 or more from the ATM, you will stash away $20 and drop them off in your piggy bank.
- Be open to create new revenue streams such as selling the things you no longer want and need on Ebay.
- If you receive any type of work bonus, lottery win, and extra cash on the floor, perhaps set aside 60% into your emergency fund.
It’s about progress not perfection. The intention is to start small and be amaze how it will continue to build your self-esteem.