It’s My Fault So Stop Me Now

One of my biggest problems with maintaining a goal is follow-through.    Three weeks or six months into pursuing a goal, it becomes incredibly easy to rationalize setbacks.    If my back hurts, it’s easy to skip some sit-ups.  If a custom knife maker offers me a good deal, it’s easy to drop a significant part of my discretionary budget on a really nice knife.   The rationalizations come pouring in when I see a good deal on Amazon.   “I need to read that book” or  “I’ve been waiting for the move forever.”  The excuses don’t matter.  As long as they are coming in, I will eventually cave to my inner impulse demon.   How do I avoid that?

I try to make myself accountable to as many people as possible. At the beginning of the year, I posted my 30 Day Projects here, for the world to see.    I post updates on a regular basis.   Admitting my failure with the sit-ups was surprisingly difficult.   I made myself accountable and fell short.  That’s hard.  Thankfully, none of you came around with a sjambok to make me regret my slip-up.   When I was doing push-ups, my wife was more than willing to let me know when I slipped into bad form to try to squeeze out a few more before I collapsed.   I count on that.

I count on my wife to help me stay on the right path.  Eliminating our debt is easily the longest goal either of us have ever set for ourselves.   Mutual support and mutual accountability are our main methods to maintain that goal.   It is, after all, a marathon, not a sprint.   When I want to buy more cookware, she reminds me that we already have something to serve the purpose.    When she wants to buy the kids new jammies, I remind her that they have more than can fit in their dressers already.    Neither of us are afraid to tell the other to return bad purchases to the store if it’s not in our budget.  When we go shopping, we go through everything in the cart before we get to the checkout, to decide if we really need everything we picked up.   We support each other.

If I couldn’t make myself accountable to my wife, my family, my friends, and–last, but certainly not least–the three people reading this, I would fold in the face of my marshaled rationalizations and leave my goals in the oft-regretted gutter.   Thanks for that.

How do you keep yourself on track?

Update:  This post has been included in the Money Hackers Carnival.

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Budget Lesson, Part 7

It’s been a month(again!) since I’ve written a post for the budget series, so I’ll be continuing that today.  See these posts for the history of this series.

This time, I’m looking at how to reduce my “set aside” funds.  These are the categories that don’t have specific payout amounts and happen at irregular intervals.   One of the convenient features of our set-aside funds–also a feature of our non-monthly bills–is that the money sits in our checking account, providing a buffer against overdrafts.   The buffer is big enough  that I can withdraw our entire month’s discretionary budget on the first of the month.

  • Parties  – Twice a year, we have large parties.  We have a barbecue(not necessarily low and slow, I’m in the midwest) and a Halloween party.   We also have three kids with birthdays.   Each year, we try to do something exotic at the barbecue.  One year, it was a turducken.  This year, we’ll be skipping the show-off portion of the show.    The Halloween party is never expensive.   I don’t drink much, so the bar stays well-stocked without frequent expensive shopping trips.   We throw two large parties for less than $300 combined, and our guests start RSVPing a year in advance.  We’re fun.   The kids are getting gypped this year.   I am over my addiction to expensive birthday parties for my kids.  There will be a small party for one, a sleepover for another, and a party combined with some cousins’ birthday parties for the third.    It sound horrible but all of them will have fun.
  • Gifts  – We set aside money for presents, but we don’t feel we need to spend all of the money we have set aside.   Anything left over stays here.  Eventually, it will be something nice for all of us.
  • Pet Care – We have 4 cats and a dog.  Cat litter and food are expenses that we can’t make disappear.  We don’t buy the fancy food, but we also don’t buy the stuff that uses cardboard as filler.   We have set a new limit at 3 pets, but that limit will only be reached through attrition.   There’s nothing to cut here for a few years.
  • Car Repair – This is another category with nothing to cut.   If we don’t spend it, and something catastrophic happens to a car, we’ll be covered.  If it doesn’t, we’ll have a bit more cushion in our checking account.
  • Furnace Warranty – When we bought a new furnace and air conditioner, we got the extended warranty.   This is an unlimited renewal warranty, so, in 5 years, we’ll have to buy it again to keep it.  If we keep it forever, they will eventually replace our furnace when it dies.
  • Medicine/Medical – It’s a sad fact that people get sick.   We set aside a small amount to cover our costs.   The costs rise and fall, but over any given quarter, I don’t think I’ve been off by more than $5.

I’ve taken a hard look at most of the bills over time, so there isn’t always a lot to cut.  Next time, I’ll be addressing our discretionary spending.

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ROI for Life

How often do you examine the return on your investment of time and money? A dear friend once spent 3 hours in the waiting room of an auto shop to save $15 on an oil change. When I asked, she refused to sit quietly in the corner for an hour in exchange for $5. That’s an inefficient exchange of time for money.

Last week, a close relative spent $2000 repairing a car that’s worth about $500…after buying the replacement car. That’s a poor exchange of money for value.

Why do people make decisions like that? They seldom take a look at the values being traded. My friend knew she would have to work to replace the money she wouldn’t have saved, but didn’t think about the time she could never get back. My relative was emotionally fixated on the sunk costs of the repairs she had already put into the older car and couldn’t bear the thought of losing that “investment”. Neither was an example of rational decision-making, but rather a case of allowing emotions to rule.[Continue Reading…]

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5 Ways to Force Your Spouse to Get Frugal*

Communication is important in a marriage.  If you can’t communicate, how are you going to get your way?**  I’ve helpfully compiled the best possible ways to get your spouse on board with your budget plans.

  1. Don’t include her. When I absolutely, positively cannot afford to be working towards a different goal than my wife, I do my best to ignore her.  I don’t tell her how much we’ve paid off, how much we have left, or what we can afford to spend on groceries.   I think she enjoys not having to worry about the petty details like “Are we overdrawn?” or “Will we be eating Alpo next week?”   I’ll do anything to make her life easier.
  2. Nag. Nothing convinces my wife to do things my way like unending scolding.   If I just remind her, day and night, surely she’ll cooperate with my budgeting plans and ideas to save money, right?   Every body loves the attention, and, since we got a text messaging plan, I can shoot her a message every five minutes while she’s at the store.   In all seriousness, this is actually a problem and a source of friction at my house.   Reminding her every time she goes to the store is not an effective strategy.
  3. Whine. If nagging fails, I always try to take the advice of my toddlers and whine until I get my way.   “But Ho-uh-neee-eee!  Why’d you buy tha-at?”   It’s always been a big hit at my house.   My wife appreciates the effort I put into getting the third, screechy syllable into simple words, just to try to convince her to give up or see things my way.
  4. Obsess. This goes hand-in-hand with both #2 and #3.    If I never giver her the chance to forget about our goals, she can never stray from them.   A memo in the morning, hourly text reminders, and a daily summary of our account balances and month-to-date budget compliance just keeps us working together.    Everything we do can be tied back to our frugal choices and debt repayment, whether it’s a game of Sorry or a trip to a wrestling tournament.
  5. Yell. If all else fails, just turn up the volume.   If there’s a problem, I nag at level 10.   Whining loudly enough to wake the neighbors will convince her to comply with my wishes next time.  This has the added benefit of allowing my kids to receive the wisdom of my experience, even if they are in the basement playing games with their friends.

*This obviously isn’t a gender-specific article, but, as a man, I write from a man’s perspective and my pronouns match my perspective.

**Sarcasm.  Really.   Following these rules should result in divorce, NOT happy agreement.  If you are operating under this action plans, get therapy.

Update:  This post has been included in the Carnival of Personal Finance.

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