Using the new 'I'll Teach You How to Be Rich' journal helped me find an extra $100 in my budget to start saving for my 'rich life'

Using the new ‘I’ll Teach You How to Be Rich’ journal helped me find an extra $100 in my budget to start saving for my ‘rich life’

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  • “I’ll Teach You How to Be Rich” author Ramit Sethi has just released a new diary to use with his bestselling book.
  • I’ve never been a good saver, but writing in this journal motivates me to do better.
  • I combed through my budget and found an additional $100 in savings.

I failed to save money until I was 29, with a major gender affirmation operation on the horizon. While the surgery was covered by California state health insurance, I had to prepare two months of living expenses — about $7,000, which I saved in just eight months — in case something went wrong. wrong.

It took eight weeks for my state disability office to process my FMLA leave request, which means I used every penny of that emergency savings to make ends meet. Since then, I became less disciplined as a saver and looked for ways to get back on track.

When I heard that “I’ll Teach You How to Be Rich” author Ramit Sethi published a new journal to accompany his best-selling book, I thought it was the perfect opportunity to get back on track. on track with my savings goals.

The journal isn’t about technical personal finance skills, it’s about changing your mindset

I expected Sethi’s diary to include savings worksheets and to have more technical personal finance skills, but was pleasantly surprised to find that it wasn’t at all like that.

In an interview about the newspaper, Sethi told me, “I think there are a lot of money books that make you feel like you have to line up all your ducks, you have to extract all the information from your account and get all your passwords ready. The philosophy behind this diary is simple and fun.”

Instead of giving you an overview of technical personal finance terms, using the “I’ll Teach You How to Be Rich Journal” reminded me why I wanted to reach my savings goals in the first place.

Understanding what I want for my “rich life” has motivated me to save more

Because I spent my childhood moving between different cities and countries, I used to view buying a house as a major goal in life. When I started filling out Sethi’s journal, I realized that home ownership is actually less important to me than the ability to travel and live in two or three cities a year.

In the diary, Sethi writes, “One of my favorite unseen scripts is that you ‘must’ own a house. I rented an apartment in New York for over 10 years. Renting was a great financial decision for me because it gave me a lot more flexibility and freedom than owning. In fact, after crunching the numbers, I still rent at your choice.”

I realized that I had no motivation to save for a house because I didn’t really want to — I just felt like I should want it. But when I started writing in the journal about being bicoastal, taking more time out of the year to travel, and spending more time with my family, I felt like a new flame had ignited under me to start saving more aggressively.

I combed through my budget and found an additional $100 in savings

In the past, I’ve made the mistake of trying to make too big a change in my budget to start saving. I was like, “I’m going to save $500 a month!” I’m going to completely stop eating out and going to shows and events! This savings mindset quickly backfired and I spent my savings as quickly as I earned them.

Sethi’s journal helped me feel that I had more than enough time to reach my savings goals and that I could set myself smaller, more realistic savings goals each month to make things easier. With that, I’ve found four areas in my budget where I can spend $25 less: eating out, gas, clothing, and events.

By cutting $25 in each of these categories, it doesn’t look like total deprivation. instead of jumping everything dinners and lunches with my friends, a $25 discount means I only have to skip one a month. Instead of feeling left out because I can’t go to Each party or event, I only have to skip one or two a month to make a $25 budget cut – or just focus on finding free events to attend.

The journal has helped me realize that it’s definitely not too late to start saving for my “rich life” – and I don’t have to wait to start living my “rich life” either.

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