Satisfied Spending

Embrace Today's Desires. Empower Tomorrow's Passions.

Why I Loathe Percentage-Based Budgets

Budgets come in many shapes and forms. And no one budget type is right for everyone. However, I loathe percentage-based budgets. Absolutely. Unequivocally. They upset me and, if you have an ounce of individuality, they should upset you too!

When first starting on my personal finance journey, one of the largest challenges I faced was determining how much I should be spending in each expense category. To answer this question, I turned to percentage-based budgets. After all, I had no clue what was “normal” or what I “should” be spending, but I had a mountain of debt that I needed gone ASAP.

Percentage-based budgets seemed like the perfect answer to my dilemma and a great way to set my finances on track.

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Can Money Buy Happiness? Yes!

If you are like most Americans, you have likely asked, “Can money buy happiness?” Yes! However, only if you think about and spend money in certain ways. Many studies tout the amount of money required to buy happiness. Money Can Buy HappinessYet, these studies rarely provide:

  • concrete ways to spend for greater happiness
  • the importance of satisfying goals
  • and the true key to finding happiness with your money

Let’s explore all three of these points. And snag more happiness and satisfaction from your money along the way.

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Financial Goals Are Oxymorons

Have you ever felt the thrill of achieving a financial goal only to discover a few days, weeks, months after achievement you feel the same as before you met your financial goal?

I’ve never met a financial goal that leads to lasting satisfaction.

If so, you are not alone. This feeling is the result of your financial goals. Financial goals are oxymorons creating emotional highs and lows with no lasting satisfaction.

Due to financial goals’ point-in-time focus, you trap yourself in an emotional high/low cycle. Instead, you need to create time-based goals with supporting financial milestones. Spending money to support time-based goals allows expression of your core values, increases your happiness, and fulfills a basic human need to be your “best self”.

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The Ideal Way to Live Paycheck to Paycheck

The real question is not, “Do you live paycheck to paycheck?” The real question is “Do you know the ideal way to live paycheck to paycheck?”

Everyone lives paycheck to paycheck. Yes, everyone lives paycheck to paycheck.

In all the classes I have taught, ranging from doctors to auto mechanics, I have noticed this one consistent theme. No matter who is in the audience, they claim to live paycheck to paycheck.

Clearly, all paycheck to paycheck living is not created equal.

Could you pay your bills long-term without a paycheck? If not, then you live paycheck to paycheck too.

How a person lives paycheck to paycheck varies dramatically. And there is definitely an ideal way to live paycheck to paycheck. 

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The Truth About Spending Money on Wants

One of the largest challenges to creating and managing a personal budget is understanding the difference between needs and wants. Spending money on wants is often the first thing personal finance gurus will tell you to cut in their budgeting tips. However, the truth about wants spending is much more complicated and (more important to satisfaction) than any needs spending.

Financial Need Vs Want

First, let’s define financial needs and wants.

Needs: Spending on good or services required for basic survival without which an individual would die. Needs spending includes basic shelter, food, clothing, healthcare, etc.

Wants: Spending on goods or services that are not necessary for basic survival but that we desire or wish for. Examples of wants spending include dining out, going to the movies with friends, buying brand name vs. generic, etc.

In general, spending money on wants makes life more comfortable.

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Huxley, IA 50124

Karen@satisfiedspending.com