We’ve always been told that investing in the future is the most important thing, whether it’s through a savings account, 401k, or an IRA. It’s not bad advice – making sure to store some money away for the future rather than spending it all on the “now” is important to ensure you have a long life that’s not full of stress and financial worry is a vital life tactic.
But what happens when we focus too much on the future and not enough on the present? We miss opportunities to have experiences while we’re young and lose out on creating moments for our kids. So how do we take on the task of saving wisely without sacrificing our present happiness?
Prioritize Your Funds
If you don’t want to change the amount you’re currently investing from each paycheck, take a look at your spending budget and prioritize what is most important and what you can get rid of. Reallocating funds to a different outlet, like cutting back on buying coffee in order to buy flights for a trip, can help to purchase the things you really care about.
Create an Extra Income
Adding more money to your steady income doesn’t have to involve applying for a new job. In this economy, so many side jobs have become available that don’t require a specific time commitment. Driving for Lyft or Uber, delivering for Doordash or Favor, or writing freelance blog posts can all contribute to your bottom line without draining your time.
Don’t Cut Things Out… Adjust
If there are certain aspects of your current life that you really love like, say, going out to eat for dinner, don’t feel the need to entirely cut those things out. Instead, cutting back can offer both the pleasure of doing what you love and the saved income of dialing it back a little.
Just because it’s important to save for your retirement doesn’t mean you have to be unhappy now. Make time for what brings joy to your life while being smart about looking ahead into the future.
To learn more about how our programs could help you, contact us.