Q. Dear Ruchi, I’m starting to notice that when I think about spending money I feel anxious and I’m not sure where it’s coming from. I save and am grateful to have money in the bank but I am always paranoid that there isn’t enough or that I will make the wrong financial move. I want to look at spending differently but I have a hard time letting go.
A: I want to applaud you for making such a strong effort to save money. Having a safety net is so important and stashing away a nest egg for yourself is a great accomplishment, so make sure to celebrate that! And aside from that, what if I told you that money was meant to be spent?
I know that might sound crazy at first, though try to remember that money is simply energy. And what does energy do? It flows in and out and comes back in multiples. Having an abundance of money in the bank is crucial for emergencies, unexpected expenses, future investments, and peace of mind, but abundance reflects more than just a dollar amount. Abundance is a state of being and is about finding prosperity in all areas of life. From our relationships to our happiness, health, and even personal achievements. It involves recognizing the amazing opportunities that surround us and leave us feeling grateful for what we have, regardless of financial circumstances.
My challenge for you is to sit down, look at your numbers, and create a customized budget for yourself to help relieve anxiety. Seeing everything in plain sight can help ground you and connect you with the numbers in a realistic way. Understand what you have coming in and going out. One way to narrow down this concept is with the 50/20/30 rule. This means that 50% of your average net income will go toward fixed costs, 20% toward financial goals, and 30% toward flexible spending. This is something you can do on your own or alongside a trusted advisor.
So remember, a portion of your hard-earned money IS in fact available to you purely for your enjoyment! Travel, make memories, invest in experiences that will enrich your life, say yes to the upgrade that will add more ease… you get the picture. Now enjoy!
Here’s to your prosperity!
Ruchi
