Ask Kim: Work/Life Balance – Budgeting Edition

Dear Kim,

I’m getting older and want to do more things with my money. I don’t want to wait until retirement because by then I might be too old to really enjoy the things I want to do now. Is there a way I can enjoy my financial success in a smart way that won’t also break the bank? Maybe create a budget or not-quite-so-long-term goals?




There are definitely ways to accomplish your short-term goals without sacrificing your long-term ones.

While keeping up your regular contributions to your retirement accounts, you can look at your disposable income and divert some of it to your shorter-term goals, like traveling. The first step is to look honestly at where your dollars go each month. Imagine taking every dollar you earn each month, looking at it, and then deciding where you’re going to spend it. Most of us have money that leaks out of our bank account, and we aren’t really sure where it goes. Taking steps to stop leakage from your monthly budget will free up more money than you might think. Once you’ve looked at things you’re willing to forgo in order to reach your dream of travel, you will be able to place those found dollars into your travel account. From there, you can save each month for whatever trip is on your mind.

I recommend to my clients that they enjoy life while working toward retirement. I’ve known people that scrimp, save, and put off enjoying life until the day they can walk away. They have a vision of spending those post-retirement years traveling and doing whatever they want to. What can happen, though, is a medical crisis, aging parents, or unexpectedly having children or grandchildren move back into their home. They sometimes must postpone retirement or aren’t physically able to enjoy the time when it comes. So, within reason, enjoy your life now.



If you need help navigating your finances, talk to Kim Spencer by clicking the link below!

Ask Kim

Investment advisory services offered through Equita Financial Network, Inc. (“Equita”). Equita also markets investment advisory services under the name Next Step Financial. The foregoing content reflects the opinions of the author(s) and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct.  

All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.