Thursday

Happy Thursday! Today, we’re discussing:

• How to know if you're overspending

• How to decide what to do once you're debt-free

• The best prices on e-Bikes

• What lifestyle creep is

How to Know if You're Overspending

It's 100% normal to have unexpected expenses come up from time to time.

However, if you constantly question where all the money you made (or saved) went, this could be a sign you're overspending.

Here are a few things to look for to consider your spending:

• You never have money left over — but you should: If, on paper, you should have lots left over at the end of the month, but you don't, this may be a sign you're overspending.

• You don't keep a budget, and really have no idea where your money goes: If you don't keep track of your income and purchases, it's easy to lose sight of how much you spend.

• You blow your budget: If you're constantly going over in non-essential categories — like shopping and eating out — you may be overspending.

• You accumulate consumer debt: If you rack up purchases on your credit card because you spend on things you aren't paying off, this may mean it's time to take a step back and consider your spending.

How to Decide What to Do With Your Money Once You're Debt-Free

Being debt-free is an incredible milestone that many of us are working toward.

But after so many years of working toward this financial freedom, how do you decide what to do with your money?

First, give yourself a moment to pause and enjoy this feeling. It's a major accomplishment!

Next, it's time to reevaluate your budget. This is the perfect time to reconsider your expenses, savings, and investments.

With no more debt payments, you may decide to move some of that extra income to other important areas.

This is also a great time to allow yourself a little more wiggle room for the things you enjoy — without letting lifestyle creep take over (more on that below). This could be as simple as a coffee a couple of times a month, something you've been wanting to get for your home, or something bigger if it's in your budget!

If you feel your financial plan is in good shape, you may look to other goals — like saving for a house or taking extra trips.

All in all, deciding what to do with your income once you're debt-free is all about what works for you!

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Thank you to Upway for sponsoring Note To Self. 

What Is "Lifestyle Creep?"

You finally got a raise at work, a promotion, or another job that landed you a bigger paycheck!

You're so excited because this means you can get that much closer to your financial goals. However, at the end of the month you still find you don't have any extra money left at the end of the month — so where did it all go?

When you think about it... you started eating out a little more and doing some more shopping, and before you knew it, that extra income disappeared.

This is a pretty common scenario known as "lifestyle creep."

This happens when you have access to more money and, therefore, begin to spend more.

There is absolutely nothing wrong with treating yourself and enjoying the fruits of earning more! However, it's still important to ensure that we're being mindful of financial self-care.

A few ways you can keep lifestyle creep in check include:

• Balance and keep a budget.

• Set aside a specific amount of spending money to enjoy whatever you want!

• Automate your bills, savings, and investments to ensure those are always a priority.

A Note From Us

Parting Thoughts

• ✅ Did You Know: 66%. That's two in three people. Even if it feels isolating, know you're not alone if you have debt!

• 🙋🏼‍♀️ Snapshot Of The Day: We'd love to see moments from our readers lives that they are proud of! If you recently accomplished an achievement, experienced a joyful moment, or are proud of a picture you have taken, be sure to capture it on camera and send it to us for a chance to be featured next week! 

• 💭 Final Self-Care Thoughts for Today: Lifestyle creep can be a very real habit. However, making a budget is a great way to keep an eye out for it and not go overboard on spending.

Enjoying Note to Self?

Know of a great self-care tip or article you'd love to share with the community? Want to send us pictures of you completing one of your self-care rituals? Email us at [email protected]!