I could be saving more money. I know that. But something happens in my mind when I get my paycheck…You know that feeling you get when you have money after a long time? That sense of relief and freedom. For me, I think I should buy something I need. I realised recently I only had work pants, so I went out and bought jeans. Something always pops up. And, if I hadn't bought all those things, then I’d have money.
If I had set aside $5 every month for the last couple of years, then at least I’d have something now to fall back. I think about it all the time...really, really intently.
But it’s always the same cycle — I get my paycheck and the relief is too much. It means I can pay bills and go live my life.
Is the License to Spend Killing Your Savings? You’re Not Alone. Did you know that the average consumer spends $1,320 (of the total paycheck for a household that earns roughly $63,000 a year) on Amazon? Did you know that the average American family spent over $2,900 in 2016 on entertainment, including going to the movies, seeing sporting events, and buying lottery tickets? Researchers found that more than half of the population increases their spending on paydays by over 25 percent. They also found that 11 percent more prone to go on any shopping trip on paydays, spending more than they would on a shopping day when they don’t get paid. Tips Split your paycheck across multiple accounts to avoid feeling rich with money. Leave your credit card at home. Use debit cards for recurring expenses. Separate Wants From Needs. Make a list of what you really need and stick to that. Treat yourself but only in moderation.
Saving the Music
People who hear my music typically have a great response to it. I’ve been playing the guitar for 12 years. Guitar used to be my passion but now it’s all about vocals and lyrics.
My plan is to make more music, better music. I can see myself at local performances, maybe even open mic nights. But it’s hard to meet people in the industry and get them to hear new music. Truth is, I’m really good at sales, but marketing myself musically is hard to do.
I have a new job now that pays well. It’s going to be great for my work-life balance. With the free time I’ll have now, I’ll be able to focus more on my music and I can finally start saving. I’ve tried to do music full-time with no other job and that just doesn’t work. Cause you have no money, no gas and in the end, no car which means you definitely can’t do performances.
I’m only 25 and I’m still shaping my life. It’s just been a bad cycle, to pay my bills and go to sleep but I’ll be able to do bigger things now. I even have enough to get a starting-level music video. I want to start doing bigger shows now, meet people who own the venues and get invited. Who knows I might even go back to California one day to perform live.
— Patrick Ryan, Michigan, Ann Harbour
The Psychology of Saving
I could be saving more money. I know that. But something happens in my mind when I get my paycheck…You know that feeling you get when you have money after a long time? That sense of relief and freedom. For me, I think I should buy something I need. I realised recently I only had work pants, so I went out and bought jeans. Something always pops up. And, if I hadn't bought all those things, then I’d have money.
If I had set aside $5 every month for the last couple of years, then at least I’d have something now to fall back. I think about it all the time...really, really intently.
But it’s always the same cycle — I get my paycheck and the relief is too much. It means I can pay bills and go live my life.
Is the License to Spend Killing Your Savings? You’re Not Alone. Did you know that the average consumer spends $1,320 (of the total paycheck for a household that earns roughly $63,000 a year) on Amazon? Did you know that the average American family spent over $2,900 in 2016 on entertainment, including going to the movies, seeing sporting events, and buying lottery tickets? Researchers found that more than half of the population increases their spending on paydays by over 25 percent. They also found that 11 percent more prone to go on any shopping trip on paydays, spending more than they would on a shopping day when they don’t get paid. Tips Split your paycheck across multiple accounts to avoid feeling rich with money. Leave your credit card at home. Use debit cards for recurring expenses. Separate Wants From Needs. Make a list of what you really need and stick to that. Treat yourself but only in moderation.
Saving the Music
People who hear my music typically have a great response to it. I’ve been playing the guitar for 12 years. Guitar used to be my passion but now it’s all about vocals and lyrics.
My plan is to make more music, better music. I can see myself at local performances, maybe even open mic nights. But it’s hard to meet people in the industry and get them to hear new music. Truth is, I’m really good at sales, but marketing myself musically is hard to do.
I have a new job now that pays well. It’s going to be great for my work-life balance. With the free time I’ll have now, I’ll be able to focus more on my music and I can finally start saving. I’ve tried to do music full-time with no other job and that just doesn’t work. Cause you have no money, no gas and in the end, no car which means you definitely can’t do performances.
I’m only 25 and I’m still shaping my life. It’s just been a bad cycle, to pay my bills and go to sleep but I’ll be able to do bigger things now. I even have enough to get a starting-level music video. I want to start doing bigger shows now, meet people who own the venues and get invited. Who knows I might even go back to California one day to perform live.
— Patrick Ryan, Michigan, Ann Harbour
Through stories of our shared struggles and triumphs, we see that we’re all connected. Want to share your story? Email us at stories@earnin.com.
