As positive minded as I am, I fully realize (now) that unless you have significant savings, you can’t just eliminate your income source and expect everything to be fine. This would be the same as quitting your job without a new job lined up and hoping the lottery ticket you buy will be a winner.
Could it happen? Yes. But the probability of the ticket making you any more than $1 is slim to none.
If two, one should be income generating and should get at least 60% of your time and energy. The other time can be spent on the passion project which isn’t (yet) bringing in income.
I love eating out, but that has had to go. Even when it’s just my husband and I, we can easily spend $20+ on a meal. $20 could easily pay for TWO full meals for our family of seven! While I’m not saying that we need to give up all ways to treat ourselves, this is the time to be smart. For the next 90-days you may need to give up your $5 Starbucks, but at the end of those 90-days, you’ll be $450 better off than you are now.
Watching 4 hours of TV every night isn’t going to help you get off the financial roller coaster. What could you be doing instead with that time? Do you have the ability to pick up an extra, part-time job? Could you invest time into personal and/or professional development? Could you create a simple info-product that you could sell for $7 a pop? Too much wasted time can add up to a LOT of missed opportunities! (Please note: Quality time with our families is not wasted time. I will never consider the evening and/or weekend time I spend with my husband and/or kids “wasted” time.)
Shiny object syndrome can lead us into devastating financial depths. Running ALL your “extra” financial transactions past a dedicated financial accountability partner will help you stop making unnecessary purchases. If you don’t feel like running every purchase past someone else, sign up for a habit sharing app like HabitShare, and share a general habit like “No extra purchases” with a friend or two. You will have a rush seeing all the green arrows line up, indicating you have stuck to your budget!
What ONE action are you committing to TODAY to help you exit the financial roller coaster for good? Share in the comments below!