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Can budgeting possibly be joyful?
What if those fancy, foamy coffees you love aren’t just allowed in your budget, but encouraged? Or taking a salsa class, or buying gardening supplies?
Welcome to joy-based budgeting: Spending money on the things that feel meaningful while still meeting your savings goals.
For some people, this shift can make saving feel more sustainable.
Why joy-based budgeting works
I spoke to financial pros who said that when clients purposely make room in their budgets for things they value, it’s easier for them to stick to long-term financial plans.
“Budgeting that doesn’t include the fun parts of life — that fails almost every time,” says Kaylee McClellan, a certified financial planner in Minnetonka, Minnesota. “It restricts people way too much.”
In the same way that including some chocolate might help you stick to a diet, including some joyful spending can help you stick to your plan to (for instance) save 15% for retirement and pay off your student loans.
CFP Ashley Bleckner calls it “spending on purpose.” Once you’re mindfully using your money for things that light you up, it also makes it easier to skip the things that don’t.
Translation: Knowing that you’d rather spend money on concert tickets because you love live music can make late-night impulse shopping less tempting.
Putting joy into practice
Does spending money on happiness sound appealing in a world that’s a little stressful right now? Here are a few steps to get you started:
Identify what brings you joy. This may sound simple, but if you’re staring at the ceiling wondering where to begin, there are several online quizzes to help you narrow it down. (McClellan recommends this one from Think2perform, a performance development company.)
Track spending for 60 to 90 days. Choose a period that reflects your typical spending (read: not the holidays) and look closely at where your money went. Are you spending on things you truly enjoy or that enrich your life?
Adjust accordingly. If you find that your money is going to things that don’t bring you joy, think about how you can tweak your outflow so that it does.
Revisit regularly. “Life evolves,” Bleckner says. “Goals evolve. Values evolve. So it’s a healthy exercise to check back in on an annual basis.”
Read my full joy-based breakdown here.
Also in the April 17 edition of MoneyNerd:
- Ticketmaster/Live Nation is a monopoly, jury rules.
- Some taxpayers see a green light for cheating.
- Oil prices: Still not great.
- Yes, you read that right. Boy kibble.
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Your MoneyNerd team: Courtney Neidel, Anna Helhoski, Rick VanderKnyff.
