Wednesday, Gretchen Rubin posed a list of tough questions we face when trying to create a happy life on her blog The Happiness Project. The first question, "How do I balance what makes me happy now with what makes me happy in the long term?" is very appropriate for me right now.
I recently made my own tough decision about whether or not to spend money for something that would make me happy. But, of course, spending the money puts me that farther away from my year's goal of doubling my savings.
The dilemma forced me to think about whether I'm being frugal or miserly. And whether or not I'm being frugal or miserly in the correct situations. A list of my own tough questions floated through my mind:
When do my financial goals become an inappropriate damper to living life? (Am I just being miserly?)
When is unplanned spending appropriate?
Would I rather have money or x? (In this case, a great weekend with great friends.)
A few years ago, this wouldn't have been an issue. Savings were an afterthought. While some people took "you can retake a class but you can't retake a party" as their personal mantra, mine was more like "you can pay off your credit cards when you're old and no fun." (If you're a 22-year-old who happens to be reading this blog, just know that you will never live long enough to be no fun and if you do, you'll be too old and sick to earn money to pay off your fun years. Strike a balance now.)
Of all my resolutions, I really didn't think the one I'd be worried about so quickly was "double my savings." I was so proud of my progress so far. But it was hard to figure out where to strike my own balance. I couldn't answer my big questions without figuring out how I felt about some smaller ones. These are the questions I came up with (in no particular order):
1. Do I have enough cash for this?
2. Can I pay back my cash stash for this expenditure within the year?
3. Where can I tighten my belt to make up for this expenditure?
4. Is this something I would encourage Husband to do if he were in my shoes?
5. Is this or a similar opportunity likely to present itself anytime soon?
6. Does this expenditure fit with my values?
7. What are the drawbacks (short-term and long-term)?
8. Do I feel pressure or guilt compelling my decision?
9. What factors would make this decision easier for me?
10. What are the benefits (short-term and long-term)?
In the end, (after dodging that potential car repair bullet) I decided to go have a great time with my friends and I couldn't be happier about the decision. Just the anticipation of getting together with friends (some of whom I haven't seen for a long time) is boosting my mood. I know I will treasure the memories made for a lifetime. And the cost? It's not really that much, but I will have to work harder to meet my end-of-the year goal. I'll just keep plugging along, doing what I'm doing, saving money day by day and watching it grow. And that, too, is something that makes me happy.
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Breakfast: Oatmeal, peanut butter, 1/2 banana 21 cents
Lunch: Hamburger Helper 42 cents
Snack:Orange and Christmas Chocolate 17 cents
Dinner: Thai Restaurant $14.00
Total: $14.80
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