It happens to the best of us. You’ve got a totally watertight budget, covering every basic from housing to groceries to gas. You’ve even built in space for quality-of-life extras like a gym membership and a subscription to Spotify.
And for a few months the whole thing goes pretty well. You carefully watch where each and every hard-earned penny scurries off to, basking in your newfound feeling of fiscal control and responsibility.
So you decide to build in another, slightly loftier objective: a savings goal for a once-in-a-lifetime vacation or to finally replace that junker you’ve been driving since you were literally in college.
And then, life happens. Maybe that beater you’re still relying on to get to work suddenly requires a repair, or you discover that moths spent the long summer months snacking on last year’s winter coat while it was in storage. Maybe a bicycle stunt lands you in Urgent Care, delicately cradling a broken wrist.
Or maybe you just lose track of those far-fledged ambitions when you see something shiny and new in a storefront window—or by frittering away your cash on tiny daily indulgences, whether they’re iced Americanos or ice cream cones.
No matter what it is that gets in your way, it’s all too easy to lose sight of financial goals, especially when the payoff is fairly far in the future.
It’s natural to be tempted to satisfy your current self at your future self’s expense. But there are ways around this common financial trap and they might be simpler than you think.Read more