She Strengthens

Taking Control of My Finances: A Journey of Self-Discovery

After purchasing my first condo, I realized I had been living in a state of financial ignorance. Despite always having a comfortable amount of money in my accounts, I had never taken the time to track my spending or understand where my money was going. It wasn’t until I felt the weight of homeownership that I began to worry about financial scarcity.

A Simple yet Powerful Tool

In June 2016, I started tracking my spending and account balances in a simple Google sheet. I thought I would stop after a few months, but I found that tracking my spending helped me make more intentional decisions about my money. By setting a global “goal spend” each month, I was forced to think critically about my spending decisions and work with real numbers, not just assumptions.

Lessons Learned

Between June 2016 and June 2018, I spent and saved around $75,000. Along the way, I learned some valuable lessons about money and myself.

The Power of Employer Matching

My employer’s generous retirement contributions have accelerated my savings by around $20,000. However, I realized that I couldn’t rely solely on my employer’s match and needed to take an active role in my savings. I now contribute 10% of my income to my retirement fund, on top of my employer’s match.

Honesty and Accountability

Tracking my spending has made me more accountable to my financial goals. I can no longer pretend to prioritize certain values or habits if my spending doesn’t reflect them. While I’m not perfect, tracking my spending has helped me become more intentional about how I spend my money and what values I want to prioritize.

The Dark Side of Saving

While saving money is often seen as a positive habit, I’ve realized that it can sometimes be harmful. In my case, saving became a way to deprive myself of things I need or want, which can be damaging to my mental and emotional well-being. I’ve learned to find a balance between saving for the future and enjoying the present.

Money as a River

Tracking my spending has allowed me to map out my financial landscape and understand where my money naturally wants to flow. By making intentional decisions about my spending, I’ve been able to engineer the flow of my money to better serve me. Ultimately, taking control of my finances has been a journey of self-discovery, and I’m proud of the progress I’ve made.