January Wrap
Well folks, we did it. We made it through January (hopefully with our sanity intact)!
Is it just me or did that month go by fast? Like - blink - and January was over. Can’t wait to blink again and be 70. Kidding! I’m kidding, time. I know you come for us all, but leave me be.
*Cough* Where was I? Oh yes…
As we move through 2024 on this flying rock-ball of chaos (otherwise known as earth), I feel it appropriate to take a moment to reflect. When we’re heads down, working towards our goals, it can seem like we’re not making any progress. That’s why it’s important to reflect back and note the wins, even the small, seemingly insignificant ones. In this blogy context, I’ll be talking about myself, but I highly encourage you to pause and reflect back on all that you accomplished this month, because you’ve come a long way, baby!
Now…as influencers the world over like to say: Let’s get into it.
Progress: How’s My Good Ol’ Goal Coming Along?
Well, I did it. I saved half of my income in January. Yessssss!
While I’m quite pleased about this achievement, I must admit that working towards this goal felt pretty chaotic at times. I know things will get easier as the year unfolds (knock on wood), but suffice it to say, even with a solid plan, January wasn’t easy-peasy-lemon-squeezy for me.
Let’s break down the month in terms of what I saved and spent at a high level. After taxes, benefit deductions, RRSP matching by my employer and at source charity donations, I was able to save and invest half of my pay in various financial vehicles and my emergency fund (click here for a complete breakdown).
With the remaining amount, I paid to live - aka rent, groceries, gifts, health/wellness, transportation, pet supplies, taking my dad out for breakfast (because I am a good and loving daughter), and various other flim-flam and mumbo-jumbo purchases that I won’t bore you with.
All that said, and with all that sweaty, meaty cash earned, I was aided in January by a few benevolent factors, including:
$50 gift card for Sephora (aka Vanity Cave) I received for christmas
$50 gift card for Bulk Barn also received for christmas
$50 prepaid visa card I won at work
$50 gift card for cineplex, which was another holiday gift
With these helpful additions, I was able to splurge on a few things while maintaining and staying true to my wider budget. I recognize with all of these gift card advantages, February’s budget may feel a bit tighter. But that’s the magical thing about “doing the work” I won’t really know until I go through it. So I guess “yay” to that.
Hitting my savings goal did make me feel accomplished, but as alluded to above, it was a little hard won and more mentally taxing than I initially thought. For those who don’t know me, I can be a smidgen hard on myself at times (a super tiny, baby amount). And the idea of potentially not meeting my goal was constantly on my mind, it consumed my thoughts more than I would have liked.
Taking a brief pause, I must admit that I’ve learned, or at least identified, some lessons.
Lessons Learned
The plan can be trusted.
Look, to say that I had a sound budgeting plan for January and then trusted in that plan with the confidence of Elon Musk would be a lie. When I start something new, I stress out about it a little bit (or a lot a bit). Throughout January, I would double and triple check my finances to make sure my plan was working. And then I would recheck and check again. And then stress out over it and check, you guessed it, again!
As a “non-mather,” relying on math is a scary thing. Did I get my equations right? Was my calculator working? IS THIS REALLY ENOUGH MONEY FOR ME TO LIVE OFF OF?! If you can sense the stress radiating through your screen, trust me there’s more where that came from (I’m laughing through the tears).
One of the biggest lessons I learned this month is that logical, sound, realistic planning is there to help manage the stress that comes with starting something new or forging into the unknown. Changing how you operate brings up all kinds of emotions. And relying on tools and techniques you’ve never used before reveals themes, insecurities and questions you couldn’t have anticipated.
Having gone through a full month using this new approach to my finances has demonstrated that my plan works and I can trust it. I write these words knowing it’s the truth, but getting my emotional-stressy brain to fully accept that truth may take a few more months to settle in.
Lesson acknowledged, world! I’ll work on it. #workinprogress.
BUY THE F*CKING LATTE
Another big lesson this month: treating myself is necessary. This lesson is lesson number one’s cool, hip cousin. Just because I’m budgeting doesn’t mean I can’t enjoy a treat or two.
Oh man, this hit me hard toward the end of January. As you now know, I was stressing out about whether I would meet my goal, so as a precaution, even though I could afford a little special treat here and there, I lived a pretty boring existence in January.
January, in south-western Ontario is not the most exciting place to be. But when you tell yourself you can’t spend a dime beyond what’s absolutely necessary, a non-exciting time and place can become borderline painful.
When making rather large changes in life, it’s important to maintain perspective and go easy on yourself (I’ve discovered). If I’m hitting my savings goals, sprinkling treats in, budgeting rewarding activities, and doing things that make me feel alive is VERY necessary.
I’ll write a larger post on this topic soon. But for now, I’ve realized that it’s too easy for my goals to become my jail. Every once in a while I need to budget a treat, not lock myself in solitary confinement.
Creativity is the special sauce
I love problem solving. It’s seriously the best. Part of the fun of coming up with potential solutions is the inherent creativity that comes with looking at things in a different way. You can’t address a problem with the same thinking that got you into trouble in the first place, you have to explore different ways of thinking, different tactics or behaviours. You have to embrace creative thinking.
Though I didn’t face any major setbacks this month (typed while knocking on wood), I was confronted by dozens of mini or micro challenges that I needed to solve week-in and week-out. Finding solutions to all these little roadblocks meant getting creative. I had to think about things differently - groceries, gifts, activities, entertainment - I had to get creative. So I did.
Now, I’m by no means prefect at this creative, flexible, frugal living lifestyle (see lesson one for the inflexibility that lives within me, #aniexty), but I’m learning that when I embrace creativity, new possibilities open up. I also found that when I embrace creativity, I’m much more present in what I’m doing. I have to think through my actions, “if I want X, what do I have to do to get it?” And then I run through options and ways to obtain X. It’s a much more engaged way of moving through the world.
Creativity and creation are superpowers. And as the year unfolds, I will definitely be exploring both, and using them to my advantage (muwahahaha).
Focused February
Having shared my January wrap-up, along with some lessons learned, I feel excitement as the world moves into February. This next month will bring new lessons, experiences, and crippling anxiety (just kidding…ha…ha……..ha), which I hope to continue to grow from.
One month down, eleven to go!
We got this!
Way to go. As I was sitting drinking my starbucks latte reading your blog it reminded me how this latte was a treat I had got myself. I use an app called cashwalk (Apple) that collects my steps each day and then I go retrieve the points. This not only instills a good walking habit but at the end of each month I typically have enough points to get a $5 gift card for starbucks. Just a thought if your a walker anyway and still able to indulge on 1 more small indulgence in a month without much extra work needed.
Keep it up, yo