Wednesday

Welcome to Wednesday! Here’s the scoop for today:

• What to know about the concept of “soft saving”

• Discover the 50/30/20 budgeting rule

• Taking up writing as a side hustle

• How to shop more through intentionality

What To Know About “Soft Saving”

Rather than diving into an aggressive savings plan and hustle culture, some people have begun to embrace a different idea — soft saving.

An Intuit study claimed that “Soft Saving is the Soft Life’s Answer to Finances.”

This idea is rooted in a “soft life,” which embraces slower living and a different focus on retirement — that’s not fueled by motivation to retire early (if at all). Instead, it focuses on the present moment and taking each day one at a time.

The survey found that 3 in 4 Gen Z’ers said they are hesitant to set up long-term goals due to the current economy, while 2 in 3 say they’re unsure they’ll ever be able to save enough to retire.

This has led some people to embrace “soft saving” and to both save and invest less aggressively.

So — should you do soft savings?

The great thing about personal finance is that it’s all personal for you — and what works for one person may not work for another.

It can still be helpful to create financial goals for the short and long term, as they can play a large role in our overall well-being.

Experts do emphasize that the earlier you begin saving and investing, the more time you can enjoy the benefits of compound interest, and the more your money can grow.

While there’s certainly no harm in not diving deep into hustle culture, experts say it’s still good to find balance and do what you can now to set yourself up for a better financial future.

What Is the 50/30/20 Budgeting Rule?

While soft savings embrace a looser savings and investment strategy, many others choose to budget with stricter parameters to reach long-term financial goals.

One long popular budgeting strategy is known as “50/30/20.”

Each of these numbers represents a percentage category for your budget and how you’d allocate that income accordingly:

• 50: This includes all your needs — like rent, debt payments, utilities, groceries, and so forth.

• 30: This is for “wants” or nonessentials that you’d still like to include in your budget — like clothing, getting a manicure, vacations, additional subscriptions, etc.

• 20: This would be for savings and investments — including retirement, an emergency fund, a sinking fund, and other big financial goals.

This rule makes it easy to divide your income. You naturally create categories where you can be flexible in using the percentage of funds within each to meet your goals, wants, and needs.

However, it definitely does require a bit of budgeting and math, so it’s super helpful to track your expenses along the way so you have a good overview.

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Thank you to American Writers and Artists Institute for sponsoring Note To Self. 

How To Shop Less by Being Intentional

Shopping intentionally is a great way to practice financial self-care — plus, it teaches us to practice discipline and ensure we will really enjoy the things we buy.

However, with easy access to purchases just a few clicks away on our devices, it can be hard not to simply click “add to cart.”

Luckily, by practicing intentionality, we can begin to curb spending habits:

Make a running list of things you want and need: Prioritizing our purchases by “wants” and “needs” can help us reflect on what we’d like to spend our money on. This will also help us remain focused on saving our cash for purchases that we really enjoy.

Think about the place of a purchase in your life: Before you swipe your card, take a moment to pause and reflect on how an item will fit into your life. Is it something you can see yourself genuinely enjoying? Is it something you will use long-term?

Ask yourself “why”: It can also be helpful to ask yourself why you want to buy something. Is it because it’s something everyone else has? Or is it because you feel like it would make your life easier, fill a need, or you’d genuinely enjoy it?

Wait: When you see something you want to buy, unless it’s a need that you regularly purchase (i.e., toilet paper, laundry detergent, groceries, etc.), wait 24 or 48 hours. If you’re still thinking about an item and truly want it, you know you’ve taken time to reflect, and it’s more likely to be a worthwhile purchase.

Buy quality: Have you ever heard the saying, buy it nice or buy it twice? This essentially means that buying a quality item is better than buying something cheap that will soon have to be replaced. Of course, this doesn’t apply to everything, but it’s great to adopt this mentality and intentionally invest in things that will last when you can!

Parting Thoughts

• ✅ Did You Know: Around 60% of Americans have credit card debt. You're not alone if you do — but remember that small habits can make a big impact on that number!

• 🙋🏼‍♀️ 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: Whether you lean towards "soft saving" or the 50/30/20 rule, know that any savings helps you work toward your goals!

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]!