Weekly tips and stories to help you manage your money so you can do more of what matters.
How to make large purchases (3 options)
We're optimizers. One of our hobbies is brainstorming ways to be efficient and squeeze all the enjoyment out of our space at home, our time working vs playing, and of course, our budget. (🤓 You didn't know how cool we are, did you?)
But sometimes it's a little tricky to figure out how to optimize our spending, especially when we have seemingly competing priorities.
So Nick came up with a framework to help us decide what to buy and when to buy it! I think it's especially helpful when we're in the middle of bigger "projects," like furnishing a house or planning a major vacation.
Here's how we use the framework:
When something we want doesn't fit into our current monthly budget, we step back and analyze three key variables. Then decide which variable(s) we're willing to dial up or down in order to get what we want.
Bottom line - if we want to buy something we can't currently afford, we've got to adjust at least one of these variables. Otherwise, we'll find ourselves swimming in debt.
If you'd like to hear more about how we're using this framework to make purchasing decisions, check out our latest podcast episode (Deciding What to Buy and When to Buy It) - links below:
YouTube
Apple
Spotify
As always, thanks for reading and listening! We hope y'all are having a wonderful week,
Nick & Hanna
Mapped Out Money Newsletter
Weekly tips and stories to help you manage your money so you can do more of what matters.
Hey Reader, We hope you're having a great weekend! It's a bit of a dreary, overcast one for us. If you're in the same boat, here are some money thoughts to keep you entertained while you enjoy the rain. ☔️ 💲 Money Minute 👋 Nick here. The hallmark phrase I hear clients use before shooting themselves in the foot is, "It's a once-in-a-lifetime opportunity." These words make my ears perk up. And I settle in to listen to my client try to justify spending that they know (deep down) isn't aligned...
Hey Reader,Roses are red,Violets are blue.We never know what to say in these intros,But we wrote this newsletter for you. 😜 💲 Money Minute Most of you probably know we're in the middle of moving. We're currently living in our camper while waiting for our place in Knoxville to sell. We're also driving two very old vehicles - a 2001 Ford truck and a 2006 Saturn Vue. And it feels like we're navigating a car issue at least once a week.It's tempting to get rid of these inconveniences by stretching...
Hey Reader, Happy Friday! We hope this email gives you some fun things to think about as you enjoy the weekend. 📝 What's New Credit cards in YNAB are TOUGH! So we just published an updated guide to clear up any confusion you may have had on the topic. You can check it out here: 💲 Money Minute Nick here - I want to share with you one of my favorite tips for cutting back on subscriptions: Cancel every single subscription you have... Seriously. Cancel every one of them - whether monthly or...