Know Your Limits
Since I hope to help you build a better mindset for money, I want to touch on one of the biggest holes in most people’s budget for both time and money, having fun!
We all have limited resources of time and money, but it is hard to draw that line when having fun.
While I am fishing, I find it hard to stop until I can catch a big fish. Or when watching re-runs of my favorite programs that run one after another, I find it difficult to stop and turn off the TV!
These are simple examples. Other examples can be much more costly in time and money. When meeting friends for a meal or drinks, consider your budget and consumption. Always have a designated driver. Or, if you care less about the impact of your future financial well-being, you could stop at a casino and gamble away your paycheck. That can have life-changing financial effects, of the worst kind. You will have fun until the rent comes due.
You will serve yourself well to learn your limits on time and money and what will be healthy habits or unhealthy habits when it comes to “having fun”.
Know When to Have Fun
As a part of your building a better mindset for money, I promote reading, study, and research on a variety of facets effecting your stewardship with money.
Your ability to do these activities is limited by your ability to focus. Sometimes you need a break, to have some fun. However, remember to take a break, not a vacation. A day or two is one thing, but breaking for months can turn into years if you forget that you should read and study for your future benefit, when you are busy having fun today.
Fit Fun Between Obligations
You have obligations so take care of them. I knew many people who were grown up but did not deal with their obligations. Which do you identify with?
It is so easy to be lazy. I know because I have been exceptionally good at it. But, then, reality hits you when you find that your credit card balance has crept up, you have to buy groceries with your credit card, your car breaks down and you cannot afford the repair, or you lose your job and have very little in savings to carry you through that period of unemployment. That is when you know you have been lazy with money too long!
Granted you need some rest from constantly working on obligations. But if laziness puts you in a bad place financially, try to take breaks to get rest but do not rest too long!
Take care of your obligations but be available for fun.
Measure the Cost of Your Fun
We tend to justify the expenses around our fun. It might be the weekly golf game, shopping online, or eating out at a nice restaurant. We justify the time and the expense.
Though I am repeating myself, I feel the need to admonish with the evaluation of unhealthy habits versus good habits regarding what you call fun. You need to reflect on what you will define as good or bad habits. The bigger question is do you have that in your budget, and should it even be in your budget? Will it benefit your future financial prospects?
If you are justifying your actions with no intent to change your behavior, I must recommend AA or Gamblers Anonymous. And I hope you get the help you need.
Otherwise, if your fun habits are beneficial to you physically, mentally, and spiritually, then they will be worth the cost, if you stay with the allocation in your budget. Schedule time between obligations.
Be Conscious of Why You Need Fun
The actions that will help you prepare for opportunities, grow your skills for better income options, and keep spending below earnings to be able to save more will require your time and attention.
That kind of focus will seem demanding, and you may feel like you are denying yourself pleasure. For that reason, you need to guard against not measuring the cost of time and money to take a break from your obligations and keep your personal finances under control.
Plan for Fun
My hope is that you realize that fun is important to schedule, if you are taking care of your obligations.
One of the best goals you can have in your financial planning is to find ways to build your savings and investments. That will require you to focus on reading and study of those who have succeeded doing so. Consider that as an obligation that can serve you well.
Setting goals will help you plan with a long-term perspective. Experience will help you set priorities.
Then, you can learn to use your fun activities to recreate and motivate!