How to balance enjoying your life today and saving/investing for a better future?

Question

How do you balance enjoying your life today and saving/investing for a better future?

Naturally, I am a saver.

When I was 10 or 11, I turned down a McDonalds Ice Cream from my parents because I wanted them to save that $1. I think this mindset stemmed from my family struggling after the 2008 crash.

- 2022-2023 I let my spending get out of my natural comfort zone.
- 2024, I’ve been retraining myself to focus on saving & budgeting.

Any helpful tips to help balance this?

Jamie O'Connell · Answer

I can't give you any tips on financial hacks but I can say what I do. Which is to revaluate every few months what makes me happy. When I started I wanted to buy buy buy, which I did. But constantly having to have 30k in my bank account for a downpayment when I was under contract constantly for 18 months took its toll. It got me to a point where I can afford to live a little but also be relaxed. But the first few months where I didnt have any houses under contract I was stressed I was slowing down to much and going to hurt myself in the future. After a few months (and paying off alot of my debt) I realized I was making ok money and felt much more at ease in my life.

Now that im about 6 months past that part in life I have focused on what I need to do to make sure im always making a monthly amount that keeps me happy. Whether that is from my monthly investments or on investing larger bulk payments ive made to make sure even if my houses all burnt down I will still be ok.

A lot of rambling but thats just my thought process in life! It wont buy me a lake house or a beach house but it does allow me to focus just on buying houses without an outside job taking my time away from what I like.

But I hope I do make a few good moves to buy a lake house in a few years haha.

Drago Stanimirovic · Answer

It's great that you're naturally a saver and already thinking about balancing enjoying life today with preparing for the future. The key is to find a middle ground where you’re mindful of spending but still allow yourself to enjoy the present. A helpful tip is to create a budget that allocates money for both savings and guilt-free spending. Set clear savings goals, but also give yourself a "fun fund" to enjoy small pleasures without feeling guilty. This way, you stay disciplined about your future while making space for present enjoyment.

You can also adopt a mindset shift by focusing on experiences over material things, as experiences tend to offer lasting satisfaction without derailing your financial goals. Automating your savings and investments helps too, ensuring that you're saving consistently without having to think about it every time. Lastly, try to regularly assess and adjust your goals as your financial situation and priorities evolve, which will help keep things balanced and flexible.

Keep learning and growing!

Best,

Drago