No Sacred Cows

Do you have sacred cows when it comes to spending? Things that you absolutely refuse to put on a budget?

There are no sacred cows when it comes to our budget. Instead, I must justify what I spend on everything, all the time.

We have lofty financial goals that include being completely debt-free with a certain amount in savings by the age of 37. At which point my husband will retire, and we’ll support our family on my income alone. What it takes to reach this goal is sacrificing those things we once held as sacred cows.

I must justify any purchase or expenditure of money against my stated financial goals. That means I have to justify spending $5 on a cantaloupe versus $2 on a bunch of bananas. I must justify why I’m spending $20 on a movie night out rather than staying in and watching something taped on the PVR or a DVD borrowed from a friend (and yes, I had to justify that PVR!). I might decline the $500 a year gym membership, but will justify spending $80 on buying a used elliptical because I value exercise and need to be able to do it at all hours of the day as naptime and work permit.

The thing is though, can’t we find justifications for everything? Sure we can! I work hard, and deserve to night out with my friends. An appreciation for arts and theatre is important, so I should buy theatre tickets for the kids. I mustn’t set a strict budget on sports activities for the kids, because exercise and camaraderie is critical to their well being. Can’t set a budget for groceries right? We need to eat high-end cuts of meat and organic fruits and veggies only, because that’s what’s best.

But where would that get me? At worst, into skyrocketing debt like many Canadians, at the very least, further and further from my financial plan for freedom.

I don’t have an income that allows me to buy the very best of everything for myself and my kids all the time. A hundred times a week I weigh a purchase for the immediate satisfaction it would bring my family against the future satisfaction of financial freedom. Sometimes, the immediate wins. But generally, I try to find creative ways to eat well, exercise, be involved in the community, promote a love of learning, and more – but without saying the sky’s the limit on the budget for accomplishing these things.

Because in my world, nothing is sacred when it comes to spending – not family vacations, groceries, getaways with my spouse, clothing, cosmetics, extracurricular activities for the kids. Nothing. Until I hit the LottoMax, everything is challenged and must be justified.

So when you’re reading my blog, I hope you remember that my decision not to justify spending money on something, and the discussion around that, is not a condemnation of your decision to spend money on the same thing. I am doing what’s right for me, which is not necessarily what’s right for you. But perhaps it is – let’s chat!