When life gives you lemons, they say you have to make lemonade. Do you though? What if you can take those lemons and make a lemon meringue pie. I guess the real question is, which choice would make you happier? The lemonade or the pie? There’s no real right answer to this dilemma, it’s all just a personal preference to what you enjoy. Being happy in life starts with addressing your opportunity costs.
WalletGyde’s mission is to help you save effortlessly and develop good financial habits. There’s no denying that, but sometimes when life gives you lemons (I.E an important life event) you have to roll with the punches and spend a little more than you normally would. Think about the last time you took out that special someone in your life. If you’re single, sorry about that. You’ll find someone eventually. For the sake of this example, let’s say you’re taking your significant other somewhere special for your anniversary. Here’s where measuring your opportunity cost comes into play.
For your loved ones, creating a special experiences can be a little pricey. We always advocate finding bargains but sometimes to get that “Wow” factor, you have to go the extra mile. What’s more important to you, saving a little money and having a good experience or spending a little more and having an awesome experience? Your opportunity cost.
We want to make these decisions a little easier so you can have an amazing time with the person you love. We recommend creating a separate budget for these types of situations. That way the next time you want to create a special experience, your wallet doesn’t have to feel the burn.
Here are some tips to help start your budgeting journey:
- Create a new budgeting account – Separate your cash so you’re less likely to spend
- Pack a Lunch Three times a week – Your wallet will thank you
- Negotiate your bills – Sometimes a call to cellphone/credit card companies can lower your payments
- Decide if it’s a want or a need – Stop frivolous spending
- Use Apps to save – Utilize saving/coupon apps to save money on your next purchase
- Cut the fat – Decide what you can give up but still live within your means
Take the money that you would spending each week and place it into your new budgeting account. Try to really develop good financial habits starting with the methods listed above. That way this type of saving becomes second nature.
The next time you’re put at a crossroads between saving or spending a little, you’ll know you have extra money already budgeted. You’ve taken the stress out worrying about your cash so you can better enjoy the time with your loved ones.