Part of the whole financial independence malarkay is gaining control of your spending. Cutting down on the shit you don’t need. The new golf clubs. The new surfboard. An Xbox One (yes please). A new hobby.
But not all the time
There are certain things I won’t go cheap on.
These bad boys perch upon my face most days and a little bit more money means more comfort and not looking like a throwback from the 80s day in, day out.
You’ve only got one body, so look after it, right? I bought myself a nice set of Dainese leathers and a proper back protector. It definitely wasn’t cheap, closing in on a grand for the two. But if I come off my bike they should perform better than some cheap tat from Aldi and not leave smeared across the tarmac. Too bad I haven’t got any money left for a decent set of boots. Leathers and flipflops are a sweet look.
Proper gear isn’t cheap, but it is far more comfortable and will last longer than the cheap stuff. A half decent set of bibbed shorts and a proper jersey can set you back near £120, but after a few hours in the saddle your arse will thank you.
Where to spend
It’s easy to justify spending money on things. New clothes for work are an investment in the future me. No they’re not, you can tap away at your keyboard just fine in your current clothes. I’ve worked hard, got myself a good job and a promotion. I need a new car. And besides, Keith just bought himself an Audi and I know he’s on less money than me. Bugger Keith! We get to Financial Independence through being disciplined, we don’t drive there in an Audi.
On the other hand, sometimes it’s easy to justify not spending at all, especially as your financial nugget begins to grow and you start to see the fruits of saving get bigger and bigger. I’ll carry on using my current motorbike lid for another year so save a bit of cash, I dropped it last week but it looks fine. Time to splash out mate.
Keep on it
So what’s the plan? To keep updating my NetWorth each month and checking I’m on track. If my savings are on track, then some new biking gear would be nice, if I’m not on track then I’ll need to cut back on spending and save some more. Simple, right?
You’ve got to find that balance that is sustainable (and not depressing). Saving enough to bring FI closer and closer. But not spending so little you slowly go mental. Reducing spending so that you are not spooging money each month on tat you don’t need, but not cutting back on certain things like I mentioned above.
Come the New Year I’m going to increase my savings by 1% a month until it really hurts. Then hold it there for a few months until my spending normalises at this new amount.