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Finding balance so that you can experience life in your youth
Do you fall into this category?
If so, you can do a few things to get yourself out of your comfort zone to ensure you’re living in the present and not focusing only on your future self. Not overspending and executing over-the-top disciplined financial habits is a positive problem, but many people look back on their lives and wish they had lived a little more in their younger days. Now, they’re older and wish they experienced more life in their younger bodies.
Don’t wait to make use of all of your hard-earned dollars. It’s okay to give in, have fun, and throw away some money now and then. As long as you’re reaching your goals, it doesn’t matter what you do with the rest of it.
To determine if you’re on the right track, ask yourself the following questions to learn if you’re on the right financial track. If you’re on track, you can live a bit more starting today. The best balance is to live now and in the future. You shouldn’t have to sacrifice now for tomorrow.
Guiding Light Questions
1. Do you have a budget?
Are you tracking all of your income and expenses?
How much money do you have leftover at the end of the month?
2. Are you debt-free?
If not, are your debts smart debts (e.g., rental real estate) or unsmart debts (e.g., private student loans and overpriced car notes)?
Are you successfully managing your debts, or are you getting eaten alive?
3. Do you have a 6–12 months emergency fund?
Do you dip into your emergency fund often for non-emergencies?
Does your emergency fund account for all of your expenses each month?
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4. Are you on track with your retirement savings goals?
What age do you want to no longer depend on consistent or traditional income?
How diversified are your retirement savings?
The answers to these questions will be your guide in helping you determine how much leeway you have for spending. If your responses to these questions are primarily green lights, and you haven’t been having any fun with your money, it’s time to indulge.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.