3 Ways to Control Spending and Still Enjoy Life

Millennial Money Mindset
4 min readJan 11, 2021

Life is for Living!

Budgeting, saving and investing often seems like it makes life less fun.

Saving can be difficult. Keeping a grip on our finances can be hard at the best of times.

Millennial Money Mindset

Saving sucks!

The temptation to overspend our money on going out or buying presents for friends and family.

The first step in any investment plan is to look at the money coming in and the money going out and to understand what your money is being spent on.

Knowing yourself better can help you get a handle on your money, getting your closer to the elusive goal of becoming Financially Independent. Being Financially Independent means having enough assets (shares, property or bonds) that will pay you an income so you can choose to work for joy (or choosing to retire early) rather than working for necessity.

One great guide for you to control the urge to overspend is the 50–30–20 model. This budgeting guide is a tried and tested model used by many financial planners today and was popularised by USA Senator Elizabeth Warren.

This is intended to help you manage your money better and make it easier to save and invest

Budgeting to control spending and still enjoy life

The idea is to split your income you receive into 3 sections where you spend 50% on your ‘Needs’, 30% on your ‘Wants’ and leaving 20% of your income to save and invest for your future (or for debt repayment).

Divide up your income (after Tax) and focus 50% of your money to spend on your essential needs. Your needs include housing costs (like your mortgage or rent), transport costs, essential clothing, food costs and bills like heating, water and electricity. Half of your income is allocated for what you must pay for survival.

Millennial Money Mindset

It is basically any boring things that need to be paid.

Millennial Money Mindset

Educating and Inspiring Better Investing | Author of Millennial Money Mindset: If you want the Fruits you need the Roots and Football Formation Asset Allocation