Staying Motivated
Last summer, Mr. Sense and Kid went running on the local university’s track every weekday. My work schedule usually allowed me to join them a couple days a week. We would either take turns running one mile and cheering each other on, or do a thirty minute run and try to get as many laps in as possible. On my running mornings, I wore my favorite yoga pants (which I saved for these days, rather than wearing for my normal bike commuting) and planned out a music playlist to keep me pumped up. The first couple laps always flew by, but inevitably I’d get tired and be tempted to slow down. After all, I wasn’t doing this for anyone else (though my daughter and I can get pretty competitive). This temptation to take my foot off the gas comes up in my financial independence journey, too. I tell myself I’ve saved a lot, maybe more than most people– it won’t kill me to treat myself once and a while. But once I step off track, it’s harder to get back on. Here are a few strategies I use to motivate myself even on the days when financial independence seems very far off.
I track my savings rate, not the amount in my brokerage account. Right now, the market is all over the place. I’m not panicking because that’s healthy and expected, but it still doesn’t feel warm and fuzzy when I see my portfolio balance drop even as I’ve been shoveling more hard earned dollars in. I’m confident in my investing strategy and won’t be withdrawing funds anytime soon, so there’s no benefit to agonizing over the market’s twists and turns. Instead, I focus on the difference between my earnings and spending; how much have I managed to invest rather than spending? I look at our savings and giving as a percentage of net income and compare that percent with prior months. If we’re spending less, we’re not just building our nest egg, but also learning to be content while buying fewer things. This skill is valuable now, and will only become more important when we’re retired.
Getting my family involved and enthused helps keep me motivated. Marriage is a partnership, and I’m fortunate to have a partner who encourages me to remember my goals, financial or otherwise. Kid Sense isn’t quite to the point where she saves much of her personal money without cajoling, but she’s mindful of our goals. When we decided as a family to keep our heat off until at least November last year, she bundled up and was a good sport about it, keeping us laughing even as we shivered a bit. Family frugality is a team sport!
Obsessing over money can lead to dangerous territory like greed (which Paul reminds is a form of idolatry– Colossians 3:5). Establishing a habit of faithful giving keeps this in check so we can keep our eyes on the goal. We are choosing to live a frugal lifestyle because we want to live out our best lives on earth, serving God and neighbor.
I’m fortunate to have many low cost hobbies– biking, piano, and books are the major ones these days. Since I already have bikes, a piano, and access to a public library, I’m all set! These hobbies are healthy and aren’t likely to become boring anytime soon. Consistently challenging myself to become stronger, more skillful, and more knowledgeable keeps me out of a rut. This year I hope to finally bike out to my parents’ house in nearby Fort Defiance, get Franz Liszt’s Un Sospiro down pat, and read every C.S. Lewis book the library has. There’s no need to jump into a new expensive hobby requiring new gear when I already have so much to do.
Lasting financial independence doesn’t happen overnight. The tough part isn’t getting excited about having enough money to do whatever you want, it’s persevering through the moments when you just want Starbucks instead of homebrew. We try to stay mindful of the privilege we have to work towards a goal like financial independence, unimaginable to so many who struggle for basic survival. Rather than feeling deprived, I’m grateful to be in a position where I can choose to use financial resources to contribute to my community and, God willing, even buy time to enjoy the world around me.
