Day 15: Cut Out One Recurring Expense
For today’s challenge we’ve been asked to cut one recurring expense or to analyze our overall spending habits and make some changes! The purpose of this exercise was to be able to weather good and bad financial times and to also live more serenely: “‘If you seek tranquillity,” Marcus Aurelius wrote, “do less.” And today, spend less.” (Daily Stoic New Year, New You Challenge, Day 15 Email).
This challenge feels difficult for me today because I have been feeling so amazing – like Maria twirling in the Sound of Music hills amazing – and when I feel amazing, I feel prosperous and I want to spend, spend, spend. For example, just last week I was feeling a bit tight on money. Then, all of sudden, I started feeling proud about myself and the actions I am taking to go deeper, develop my purpose, and express myself. I know I’m feeling good when my Uber driver and I talk the entire time, usually about international soccer. When I’m feeling bad, it’s headphones on, world blocked out.
Suddenly, I’ve felt so much confidence in myself and my ability to attract money that this past week – without my financial situation changing yet at all – that I’ve gone a bit crazy and:
- Bought two $350+ tickets to the 49ers playoff game
- Spent over $200 on really hot George Kittle and Nick Bosa jerseys
- Spent over $800 on Heavenly ski lift tickets and rental gear for the upcoming MLK weekend
- Used credit card points to snag a cute dog-friendly hotel in South Lake Tahoe
- Purchased flights to Florida to join a family cruise in April – but applied an Alaska Airlines credit and only spent $100 for two people roundtrip – score!
- Spent $47 dollars on an online Business Planning Workshop
Needless to say, it’s been an expensive week! As you can see, I am spending my money on experiences and the things that I love – sports, being outdoors, travel, and family. These are the things that I love.
While I understand the point of today’s exercise, I don’t think I can save my way into financial security. I put away 6% for retirement and pay off my credit card bills every month, and I feel good about that. My goals in life require me to earn more and to do that I need to drop into my authentic self, put in the work that I love to do, and receive. I’m game.
Room to Cut?
Back to the challenge at hand. Just for my own sake, what are my recurring expenses and is there any room to cut?
- rent
- internet
- cell phone
- Wall Street Journal subscription
- Spotify subscription
- monthly donations to Hillsdale College and Notre Dame de Victories Church
The biggest opportunity for me to cut a recurring expense is to reduce my paychecking-sucking rent! And to do that I either have to move and potentially no longer walk to work, or, Renata needs to move in and we can share the expense. I estimate I could save $12,000/year if I reduced my rent – and that would create space for more experiences, retreats, and vacations. Is my perfect location, cozy apartment that reflects my style, and beautiful view worth a $12,000 premium?
In the spirit of the challenge, I can make one commitment. Next week, in order to get to my 7v7 Wednesday night soccer game, I will not take Uber and I will take public transportation. This will save me $30 dollars and serve as an experiment – can I find joy on Muni? Can I make this a habit that would save me $120/month?