- Mindset Money Matters: A Snowfish Publication
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- Feeling the pressure 🤕
I find myself constantly saying lately…
”Wait, that cost how much? I remember when that was…” 😩
The latest Retail Sales report last week shed light on a growing trend:
Consumers are becoming more discerning in their spending habits- prioritizing experiences that bring them joy or satisfaction over basic needs.
So I ask you, what exactly are you spending your hard-earned money on?
Money 💰
The pandemic has caused everyone to rethink what truly matters to them as it was a stern reminder of how short life really is.
Experiences have emerged as a fan favorite, with concerts, international travel, and cruises topping the list of indulgences — often financed by credit cards.
Yet, as we chase after these fleeting moments of joy, it's essential to recognize the impact they have on our financial health.
Discretionary purchases, once made without a second thought, are now revealing signs of strain.
Starbucks saw a decline in revenue for only the 3rd time since its IPO in 1992, the other two times 2008 and 2020.
Home Depot reported its 5th consecutive quarter of negative year-over-year growth, the longest stretch since the aftermath of the 2008 financial crisis.
Nike reported it’s revenues growing at the slowest pace since 2020.
Price sensitive consumer caution warnings have been issued by:
Coca-Cola, PepsiCo, Tyson Foods (meat producer), Hershey, Burger King, McDonald’s, Popeyes 😳
Amidst these cautionary tales, of the consumer and the labor market weakening, it is crucial to take stock of our spending habits and reassess our financial priorities now, before the house is on fire.
Here are some tips to help you stay disciplined on your long-term financial goals:
1) Track Your Expenses: where is your money going? Create a spreadsheet (if that’s not your thing write them down on notes).
- Identify what you are spending on? Those needs or wants?
- How many subscriptions do you have vs. actually use or need?
- Where are you overspending and why? What feeling does “that” bring you?
- I know my monthly expenses are a fixed amount and review my transactions weekly and monthly to make sure I follow my budget.
2) Budget: after writing down all your expenses and what you can’t live without create a realistic budget that accounts for both essential expenses and discretionary spending.
- I have a set monthly budget for eating out, business expenses, subscriptions etc- when I want to increase it, I have to eliminate something else.
3) Build an Emergency Fund: 70% of Americans live paycheck to paycheck; 80% have less than $5,000 in their savings account. Don’t be part of this stat.
- Having money aside provides peace of mind and financial security during uncertainty.
- Aim to save 3-6 months of living expenses in a high yield savings account.
- Prioritizing savings will help you get where you want to go faster.
4) Invest in Your Financial Education: make time to educate yourself on personal finance, investing to grow your assets and money management.
- Self-reflect on what your strengths and weakness are when it comes to money so you can understand what is holding you back and what you need to change.
- Seek a mentor, read finance books, take a financial literacy class.
By being mindful of our spending habits and making conscious choices about where our money goes, we take control of our financial future and work towards achieving our long-term goals.
Photo by Andre Taissin on Unsplash
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Encouraging others to:
To seek more → what fuels your passion
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To uplift and want more from not only ourselves but those around us
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