TGIM: Put Your Money Where Your Mouth Is

Welcome back to Thank God It’s Monday! Today I wanted to talk about where we spend our attention and how we can quantitatively measure it. We are so good at feeding ourselves the story “I’m trying my best” that the truth becomes hard to face and sometimes impossible to find. So how can we use our credit card statement to get an honest assessment of our priorities?

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tl;dr It’s easy to tell ourselves we don’t have time or the resources to work on our goals (new job, new habits, new workout routine). In order to see where our time and resources are going, we can look at where we spend our money. Where our money goes, that’s where our priorities lie.

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If you look at a typical week for yourself, where do you find yourself spending your cash (or credit)? It could be on your morning coffee, ordering lunch at work, on the gym membership where you head after work, or on the Spotify subscription you pay to listen to your music during your commute.

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The $5 here and there adds up, which is totally fine! We all work so that we can enjoy what we spend our discretionary income on. That might be new clothes for one person, fine dining for another. Maybe you spend a little extra on your gym membership or you like to upgrade your travel accommodations. But your money is going somewhere.
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The things we spend our money on reflect what we prioritize. Someone who doesn’t like to work out probably thinks it’s insane to spend hundreds of dollars on personal training. But that person spending hundreds of dollars on personal training might be wearing the same workout clothes for the last 10 years and think it insane to spend hundreds of dollars on clothes every few months. That’s because their priorities differ.
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One tool I find that helps get a grasp on where the discretionary income goes is budgeting. Creating a budget used to be this big scary thing I never would’ve considered using for myself. That is until I figured out a way to make it simple for me (isn’t that how all of life works though). Now I have an easy spreadsheet on my computer that I log everything into, and if I’m not readily on my computer, I keep a note on my phone so I don’t forget the coffee I bought at work or the shake from the gym. Nothing fancy.
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I’m not an accountant and I don’t think my generation balances checkbooks. But keeping a budget is a humbling and confronting way to be honest with yourself. It shows you what category you’ve spent the most money on and allows you to reflect if it aligns with what you say your priorities are.
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For example, my number one financial priority is investing for retirement because I will not be working full time until I’m 65 that’s for certain. So I can look at my budget to see if the majority of my “spending” aligns with that statement. I ensure money is sent to my retirement investments before my paycheck even hits my bank account, that way I put my money where my mouth is. Before I spend a dollar on iced coffee or a protein shake, my retirement investments are done for the month.
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This is an excellent exercise for you to do if you feel like you’ve been stuck in your progress trying to reach a goal. Are you spending money on trying to reach that goal by taking a class or hiring a coach? Have you invested in some way to help you reach that goal? If not, and you have discretionary income going elsewhere, then you’re not truly prioritizing it.
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If your goal is to get in better shape, there are so many ways for you to invest in reaching that goal. This could entail hiring a personal trainer, or a nutrition coach, buying a workout program, or even putting money on a bet with your friends to stay consistent. Or maybe your goal is to start a side hustle for which you can hire a business coach, do an online class, or take a course to improve your skills in that area. Then when you do your budget, you will see that where you’re spending your money is aligning with your goals.

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This may also help you make some adjustments to what you are already spending your money on. Maybe you didn’t realize how much you were spending ordering out at the office for lunch. Or you may not realize how much your streaming services are adding up to each month. A budget is like holding up a mirror to see your reflection.
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While it can be stressful or overwhelming if you’ve never budgeted before, it makes your life easier in the long run. You don’t have to wonder how much you’re putting towards retirement or if you’ll have enough to pay off your credit card. You can also better gauge how much you can spend on your vacations or if you like going clothes shopping every season. It takes the guesswork out and gives you the confidence to spend your discretionary income wisely.
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Budgeting may seem like a strange topic for a wellness newsletter, but wellness is not just working out and eating right. Wellness incorporates financial wellness too. I really believe that being happy and healthy needs to include all areas of your life. If you’re stressed about your paycheck then you probably are not optimizing all of the other areas in your life either. Creating a budget is like creating a workout plan or meal prepping. It creates a plan to set you up for success.

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If you like the idea but have no idea where to start, let me know and I can send you my template. It’s nothing fancy and very self-explanatory. But just the act of writing down your spending and seeing it in a log helps keep you honest with yourself.

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If you found some value in this, please share it with a friend you think would enjoy it! And let me know if you’d like to be added to get TGIM. Or visit https://walshwellness.weebly.com/ for older editions and if you’d like to subscribe.

This week, my podcast recommendation this week is from the Good Life Project, “How Rituals and Habits Make Life Better.” I really enjoyed this podcast after my first time listening to it! There are some interesting-looking episodes and it will definitely be one I add to my usual rotation.

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With that, I hope everyone has a wonderful holiday week! This is my favorite week of the year because everyone is so much happier in the summer and because I celebrate this holiday with all of my friends. Enjoy your shortened work weeks, beach days, and good weather! Be safe!

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Until next time,

Shannon