How Do I Build Good Money Habits Without Missing Out on Life?

Speaker A00:00:37

Have you ever looked at your paycheck and felt both excited and unsure at the same time? Like you finally have your own money, but you've got no clear plan for what to do with it?Sure, you want to be responsible, but you also don't want to miss out on life. So if you've ever wondered how to balance both. Today we're going to talk about how to build wise habits without losing your joy of life.Going to be a great show today. Hello, friend. Ralph Estep Jr. Here.Welcome to Financially Confident Christian, where we're breaking the cycle of financial shame and living in confidence. And today we're going to talk about how to build good money habits without missing out on life.So many people have said, ralph, you know, you give me some great ideas, but, man, I feel like I'm missing out on life. Which leads to this question that we got. Listener writes this Ralph, I'm starting to experience financial independence for the first time.And honestly, I don't want to mess it up. I'm earning my own money now, but I'm not always sure how to manage it wisely. There are so many voices. Save, spend, invest, enjoy.And it gets overwhelming. I want to build good habits early, not learn everything the hard way later. At the same time, I still want to enjoy life.I don't want to feel restricted or anxious about every dollar. What financial advice would you give to someone like me who's just starting out and wants to be responsible without missing out?It's funny, I think about fomo. First time I saw that, what does FOMO mean? I had no idea. Fear of missing out. I get it. So, friend first, let's take a breath. Just pause for a second.Deep breath. And now we go. The fact that you're asking this question already puts you ahead of most people. Where most people start, it just does.And I'm going to tell you something secret right here. This isn't just about money. This is about stewardship. It's a big word. We use it on this show all the time.It's about stewardship, it's about identity, and it's about learning how to live with wisdom early. And that matters. So many people struggle with this. I talk about that. Living in financial shame.Well, you're trying to prevent the financial shame in the first place. So big thumbs up from Ralph. It's a great plan. But renew this. Financial freedom is built on small, consistent habits, not perfect decisions.So first thing I want to tell you right now, you are going to make mistakes. You are going to Stumble, you are going to stub your toe and it's going to hurt.But the fact that you know you're starting out, don't expect perfection, but just be consistent. So let's talk about how do you practically do that? Because I do have some practical tips.Number one thing, you asked me, what would I do for a new person to do this, just starting out. Number one thing, give every dollar a purpose. You're thinking, Ralph, Wait a minute. Every dollar is a purpose. What do you mean by that?If you don't tell your money where to go, it's going to disappear without you noticing it. Personal experience. When I first started earning serious my own income, I didn't tell my dollars where to go. Guess what they went.I couldn't tell you where they went. So start simple. It's a simple thing. Plan your spending before it happens. Including essentials and savings and giving and yes, fun.You can plan for fun. You work hard, have fun doing it. I spent two hours on my motorcycle this weekend. There's no business purpose for that. That was just pure fun.Got a little red in my face and didn't realize I got sunburned here. But this plan is not a restriction, it's just a direction. Got to build some fun into it. So start there. Give every dollar a job. Then.Second thing, pay your future self first before you spend anything else. This is a mistake that I made, so hear me loud and clear on this one.Before you spend anything, set aside a portion for savings, even if it feels small. Because that habit matters more than the amount.The habit of starting to save is going to be a habit that you are going to be thankful for the rest of your life. I've shared on the show that I started saving a little bit later in life because what I've realized now is you're not just saving money. That's great.It will build, it will compound. It's a great thing to do. But you're building trust with yourself.One of the things you talked about in your question is, I don't want to make mistakes. So you got to build that trust. But then enjoy your money on purpose. And this is that balance we talked about, friend.You're allowed to enjoy what God has given you. God didn't intend to just give it to you. Well, you better do this, you better do that. No, I don't believe that for one minute.You're allowed to enjoy what God has given you. So include joy in your plan. I don't know what joy looks like for you. For me, I like to eat out. I've talked about that before.My wife and I basically eat out Friday, Saturday and Sunday. Sometimes she says, ralph, all we do is eat out. Now we eat home the other nights. Because she's a good cook, she takes care of things.So for you, whether that's eating out or hobbies, maybe you love to travel. Maybe it's those small rewards. Include those joyful things in your plan. But see, when you include them, it becomes guilt free.It's intentional at that point. It's not just some random spending. Here's another thing for new as you're starting out, avoid lifestyle inflation early. This bites a lot of people.As your income grows, you're going to feel a temptation to upgrade everything. Yeah, you're going to want the better phone, better clothes, better car, bigger house, more spending.And problem with that is your income increased, but your margin didn't. Now you just got bigger expenses. You got the income to do it. I get it. But you have what I call lifestyle creep.And lifestyle is a nasty creep because just because you can afford it doesn't mean you need it. I think there's this push sometimes, well, I can afford this.So I got to buy the nicest shirts, I got to buy the nicest clothes, I got to have the nicest handbags. That sounds good, but it's not always the best advice. So give your income room to grow without your expenses chasing it.One of the things I tell people to do all the time, first thing you do as your income grows, put more of it away for savings. If you've got a 401k or retirement plan, put more into that first. Yes, it's okay to let your lifestyle grow a little bit.But build those habits in first. And here's the big takeaway, here's the smash of today. If you listen to nothing else I say today, stay anchored in your values.Because that's what it really all comes down to. Your earnings, your job, what you're making could be gone in a split second. Gone.But what I have found is money decisions become easier when you know what matters most. You got to know what matters. Ask yourself, what kind of life am I trying to build? I'm not talking about today.I'm talking about five, ten, twenty years from now. Because when your values are clear, your decisions are going to follow. Because here's the thing, I'm going to be a big smile when I say this.You can enjoy today and still prepare for tomorrow. You can do this. So here's your win for today. I want you to create a simple plan for your next paycheck.We talked about giving your money intentionality. Now I'm not talking about something perfect, just intentional. Decide ahead of time where your money will go.You know what your normal pick home pay is, just draft it out. So much is going to go here, so much is going to go there.Then you've taken the leadership, you've taken the reins and you're controlling your money rather than your money controlling you. And friend, that one step can change everything. It really can. Well, let's get into the Bible verse today.It's one we've used on the show so many times. So Proverbs chapter 21, verse 5. And you probably say, oh, I know where he's going with this 1. Again, Proverbs 21:5.The plans of the diligent lead to profit as surely as haste leads to poverty.What was it telling us that consistent, thoughtful planning helps you build a life of stability and purpose instead of reacting to money in the moment. Plans of due diligence. Well, let's pray right now. Heavenly Father, I lift up my friend who is stepping into a new season of independence.Lord, I just thank you so much for that provision and giving them that ability. But Lord, they're fearful. They don't want to make mistakes.So give them wisdom right now to manage what you've entrusted to them, Lord, Help them to build those habits that will lead to peace and not constantly in pressure. Lord, one of the things we talked about today is to teach them to save with discipline.Help them to spend with intention and truly help them to enjoy life without guilt. Lord, guard them from comparison and those impulsive decisions that so many of us battle with.But in the end remind them of this, that true security comes from you, not money. And Lord, I just ask that you would help their financial journey reflect your wisdom and your grace in our lives, in all of our lives.And we ask this in Jesus name, Amen. Friend, I want to leave you with this. You don't need to get everything right. You just need to start.You're going to make mistakes, you're going to stumble, you're to going, you're going to go through storms of life. You don't have to get it all right, you just need to put one foot in front of the other.And right now maybe you're trying to build better money habits, but you want to do that without feeling restricted. Well, share with me what's going on in your life. You can leave me a voicemail message by going to financiallyconfidentchristian.com/voicemail.You can just talk to me like a friend. We'll put a link in the show notes. Just click it. Go record your voice. I would love to hear your voice again.That's financiallyconfidentchristian.com/voicemail because your question truly I believe this. Your question could guide someone else too. Who's feeling the same things you're feeling. They want to know.Well, I'm not the only one feeling this way. Well, thank you so much for joining me today as I always encourage you stay financially savvy. May God bless you and you have a truly great day today.