Financial wellbeing is a foundation in our life.
We need a base level of money to support our basic needs.
From there, we have so many options and our decisions impact our present and future.
When I look back, I was very focused on money and budgets during my early adult years.
I didn’t make much, yet I wanted to save for the future.
I put money into my 401K, kept a budget, and watched my spending carefully.
Soon, I got married, and some financial concerns faded with two incomes contributing.
Then, we had kids, life got busy.
We put money away for the kid’s college and kept contributing to 401Ks.
At some point, the budget and the careful spending fell aside.
We could afford our life and stopped paying attention.
Notes to Younger Me
If I could go back and give my mid-30s or early-40s self some tips, here is what I would say:
- Find a way to get back to a budget. The monthly track will provide a lot of insight.
- If you change jobs, start a new 401K there. Don’t wait until you are a few years in.
- Don’t spend so freely. Do you really need another sweater?
- Start to understand your retirement accounts.
- Plan for savings accounts that you can tap into without penalty before you are 59 ½.
These are just a few of the things I’ve considered in the last 3 years.
Deciding to start my own business has been a wonderful experience.
However, I have a whole new perspective on money and what it’s like to need a budget.
Retirement may bring more careful spending someday.
I think it’s good that I relearned some lessons in frugality before we hit that life stage.
Don’t take your money for granted.
Start digging in to understand your finances and plan well for the future.
Believe me – the known is MUCH less scary than the unknown.
Your Turn
Do you keep a monthly budget to watch where your money goes?
What financial lessons would you tell your younger self?
What step could you take today to better understand one aspect of your financial portfolio?