Summer Financial Musing

It’s mid-July as I write this, and summer is in full swing. I’ve been thinking about how we handle our finances and want to share something fun to do with your money. It’s all about intentionality.  When I say "fun," I’m talking about being deliberate with your money in ways that bring you joy and fulfillment, not just sticking to the essentials or the things that matter most to you. Here’s one idea to make your money work for you practically and enjoyably.

Intentional Splurging

Here’s my idea: set aside a portion of your money for something a bit frivolous but totally enjoyable. This doesn’t have to mean blowing a huge amount of cash, but rather planning a little something special that you wouldn’t normally do. Maybe set aside a little each week intentionally to buy a new outfit that is completely not practical. Or, it could be spending a day exploring a new place you’ve always wanted to visit but couldn’t find the time. You could even splurge on trying out exotic foods or cooking up gourmet recipes.

The key is to be intentional about this spending. Make the event special to you - an event. If what you’d like to do is already a part of your budget - take it out and earmark it with a highlighter. It’s just for you - you’re investing in your happiness.

My Ziplining Adventure

Let me share a personal example and how I came up with this idea. On our last vacation, I finally ticked off a bucket list item: ziplining. I’d always wanted to try it, but it never quite worked out. Either we were in a place I could do it and we didn’t have time, or we were in a place where we had time but no opportunity. When we planned our trip to the Ozark Mountains and Eureka Springs, Arkansas, I saw ziplining as one of the activities. I decided this was my chance.

I set aside extra money just for this adventure, separate from the general vacation monies. It isn’t that ziplining is very expensive. That’s not the point. It is about being intentional. By earmarking funds specifically for this activity, I stayed motivated to keep it in my itinerary. I looked forward to it! It ensured that my ziplining plans wouldn’t interfere with other family activities, and it was a unique experience I might not have the chance to do again in that location.

This approach was about more than just spending money; it was about creating a special experience and making sure it happened because I had planned for it. It’s also deferring gratification, which is an important skill to develop. The adventure is planned for now, paid for now, and fulfilled in the future.

How About You?

So, how can you be intentional with your spending? Do you find most of your paycheck going straight to bills and obligations? Do you need to practice the skill of delayed gratification? What are your big goals?

If one of your goals is to be debt-free? Create a plan. Research different strategies to make this possible. It may be using the “snowball” method or leveraging cash value life insurance. Choose what works best for you.

Dreaming of retirement? Start planning now. How much of your retirement income will be guaranteed? How much of your paycheck needs to be replaced? 80%? 100? Think also about the lifestyle you envision and how much income you'll need to support it.

Worried about outliving your savings? Intentionally plan your income strategy. Do you prefer to manage your investments and draw a yearly amount, or would you prefer a guaranteed income stream? Calculate what you need to ensure your financial security in retirement.

Is it one of your goals to give back? If charitable giving is important to you, be intentional about it. Choose a cause you’re passionate about and set up regular donations. Volunteering your time can also be incredibly rewarding.

Is your top priority to stay healthy? You can invest in your well-being. This could mean joining a gym, buying equipment for your favorite sport (like my Pickleball gear!), or simply committing to daily walks. Even the cost of vet bills can be seen as an investment in your health if it keeps you motivated to stay active. My dog, Rookie, is certainly invested in me staying healthy!

Some final thoughts…

As summer continues, I encourage you to think about how you can be more intentional with your money. Set aside some funds for something that will make you happy. Reflect on your goals and make sure your spending aligns with them.

I’d love to hear what you decide to do or how you’re being intentional with your money. Feel free to drop me an email at deb@teachersroadmap.com. I’m always here to brainstorm ideas or help you on your journey to meeting your financial goals.

Enjoy the rest of your summer!

Best,

Debbie