{"id":59167,"date":"2024-12-14T09:22:36","date_gmt":"2024-12-14T13:22:36","guid":{"rendered":"https:\/\/www.iwillteachyoutoberich.com\/?p=59167"},"modified":"2025-04-23T08:11:16","modified_gmt":"2025-04-23T12:11:16","slug":"conscious-spending-basics","status":"publish","type":"post","link":"https:\/\/www.iwillteachyoutoberich.com\/conscious-spending-basics\/","title":{"rendered":"Conscious Spending Basics (a guide to achieving your Rich Life)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"59167\" class=\"elementor elementor-59167\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3e92b4e elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"3e92b4e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4cc0f7f\" data-id=\"4cc0f7f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3fb1acc elementor-widget elementor-widget-text-editor\" data-id=\"3fb1acc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">I want to introduce you to my <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/landing-conscious-spending\/\"><span style=\"font-weight: 400;\">Conscious Spending Plan<\/span><\/a><span style=\"font-weight: 400;\"> (CSP)\u2013a personal and flexible way to manage your money without the stress of budgeting or the guilt of spending on the things you love.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Conscious Spending Plan lets you focus on what matters most\u2014living your Rich Life\u2014without stressing over every dollar.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca9c9ea elementor-widget elementor-widget-heading\" data-id=\"ca9c9ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download My CSP<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58362a8 elementor-widget elementor-widget-text-editor\" data-id=\"58362a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Most budgeting plans tell you what you <\/span><i><span style=\"font-weight: 400;\">can\u2019t<\/span><\/i><span style=\"font-weight: 400;\"> do. Don\u2019t buy that coffee. Don\u2019t eat out. Don\u2019t enjoy the things you love. It\u2019s no wonder traditional budgeting feels restrictive and unsustainable. That\u2019s where the Conscious Spending Plan (CSP) comes in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CSP is about living your Rich Life, focusing on what matters most to you while ensuring your financial priorities are taken care of. It\u2019s not about micromanaging every dollar\u2014it\u2019s about having a clear, intentional plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Download your copy of the Conscious Spending Plan below and follow along with your own CPS spreadsheet as we guide you through the steps to make it work for your life.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0530547 elementor-widget elementor-widget-qi_addons_for_elementor_wp_forms\" data-id=\"0530547\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"qi_addons_for_elementor_wp_forms.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"qodef-shortcode qodef-m qodef-qi-wp-forms\">\n\t<div class=\"wpforms-container wpforms-container-full\" id=\"wpforms-53456\"><form id=\"wpforms-form-53456\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"53456\" method=\"post\" 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name=\"wpforms[fields][15]\" value=\" \/ Conscious Spending Plan\"><\/div><div id=\"wpforms-53456-field_14-container\" class=\"wpforms-field wpforms-field-hidden\" data-field-type=\"hidden\" data-field-id=\"14\"><input type=\"hidden\" id=\"wpforms-53456-field_14\" name=\"wpforms[fields][14]\" value=\"{entry_page}\"><\/div><div id=\"wpforms-53456-field_10-container\" class=\"wpforms-field wpforms-field-name\" data-field-type=\"name\" data-field-id=\"10\"><label class=\"wpforms-field-label wpforms-label-hide\" for=\"wpforms-53456-field_10\">First Name <span class=\"wpforms-required-label\">*<\/span><\/label><input type=\"text\" id=\"wpforms-53456-field_10\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][10]\" placeholder=\"First Name\" required><\/div><div id=\"wpforms-53456-field_11-container\" class=\"wpforms-field wpforms-field-email\" data-field-type=\"email\" data-field-id=\"11\"><label class=\"wpforms-field-label wpforms-label-hide\" 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value=\"http:\/\/www.iwillteachyoutoberich.com\/conscious-spending-basics\/\"><button type=\"submit\" name=\"wpforms[submit]\" id=\"wpforms-submit-53456\" class=\"wpforms-submit\" data-alt-text=\"Sending...\" data-submit-text=\"Send me the plan (free)\" aria-live=\"assertive\" value=\"wpforms-submit\">Send me the plan (free)<\/button><img decoding=\"async\" src=\"https:\/\/www.iwillteachyoutoberich.com\/wp-content\/plugins\/wpforms\/assets\/images\/submit-spin.svg\" class=\"wpforms-submit-spinner\" style=\"display: none;\" width=\"26\" height=\"26\" alt=\"Loading\"><\/div><\/form><\/div>  <!-- .wpforms-container --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d062baf elementor-widget elementor-widget-heading\" data-id=\"d062baf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Use the CSP<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8032daa elementor-widget elementor-widget-text-editor\" data-id=\"8032daa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The CSP simplifies money management by breaking your spending into four categories: fixed costs, investments, savings, and guilt-free spending. Unlike traditional budgets that rely on restrictions, the CSP focuses on prioritizing what truly matters and automating the rest for a <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/budget-help\/\"><span style=\"font-weight: 400;\">successful budget<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s walk through how to implement this system step by step.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf3d3f2 elementor-widget elementor-widget-heading\" data-id=\"cf3d3f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Step 1: Place Your Spending In Four Categories<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-890741d elementor-widget elementor-widget-text-editor\" data-id=\"890741d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The heart of the CSP is dividing your spending into four intentional buckets:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57d9761 elementor-widget elementor-widget-heading\" data-id=\"57d9761\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Fixed costs (your essential monthly expenses)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1d600b elementor-widget elementor-widget-text-editor\" data-id=\"a1d600b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">These are your essential, non-negotiable expenses like rent or mortgage payments, utilities, insurance, and even the less obvious subscriptions or memberships. Ideally, your fixed costs should make up <\/span><b>50\u201360%<\/b><span style=\"font-weight: 400;\"> of your monthly take-home pay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if your total fixed costs amount to $2,000, <\/span><b>consider adding a 15% buffer<\/b><span style=\"font-weight: 400;\"> ($300) to cover unexpected price increases or unplanned expenses. This ensures you\u2019re never caught off guard.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3ff629 elementor-widget elementor-widget-heading\" data-id=\"f3ff629\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Example of high fixed costs in a CSP.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f7afd8 elementor-widget elementor-widget-text-editor\" data-id=\"7f7afd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A real-life example of high fixed costs comes from <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/174-forest-kathleen\/\"><span style=\"font-weight: 400;\">Forest and Kathleen<\/span><\/a><span style=\"font-weight: 400;\">, a couple who discovered that 91% of their take-home pay went toward fixed expenses.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05249ce elementor-widget elementor-widget-text-editor\" data-id=\"05249ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">[00:18:30] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> Let\u2019s look at your fixed costs. Kathleen, what\u2019s this number here, fixed costs?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:35] <\/span><b>Kathleen:<\/b><span style=\"font-weight: 400;\"> 91%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:36] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> All right, what do you think of that number?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:39] <\/span><b>Kathleen:<\/b><span style=\"font-weight: 400;\"> Doesn\u2019t leave much room for much else.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:43] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> At 91%, what does it tell me?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:46] <\/span><b>Forest:<\/b><span style=\"font-weight: 400;\"> That we have no money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:18:47] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> Yeah, that\u2019s correct. You have no money left. You\u2019re effectively broke. If 91% is going towards fixed costs alone, I don\u2019t even have to look down the rest of the CSP to know that you\u2019re not saving. You\u2019re not investing. You\u2019re probably still overspending on guilt-free spending, but you don\u2019t really have that much.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:19:05] And this right here, that one number, is the source of enormous stress to American households. Right there. So you did something that I really love. You created a little category at the bottom, what we have been spending, and I appreciate this. You actually broke it out for me. This is really helpful. So dining out and drinks, $2,200 a month. Shopping at Amazon, etc., $1,859 a month. So those total costs are $4,000 a month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:19:40] What we actually have left is negative $5,200 a month or negative 62,000 over the course of a year. Guys, you\u2019re broke. So how do you reconcile seeing these numbers, Kathleen, with saying, we\u2019re doing okay?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0651ac1 elementor-widget elementor-widget-text-editor\" data-id=\"0651ac1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Thankfully, by addressing this imbalance throughout the conversation and allocating funds accurately into the four CSP buckets, they were able to create breathing room for other priorities.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-236c866 elementor-widget elementor-widget-heading\" data-id=\"236c866\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Investments (saving for \u201cfuture you\u201d)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8e92581 elementor-widget elementor-widget-text-editor\" data-id=\"8e92581\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.iwillteachyoutoberich.com\/investing-for-beginners\/\"><span style=\"font-weight: 400;\">Investing<\/span><\/a><span style=\"font-weight: 400;\"> for \u201cfuture you\u201d should make up about <\/span><b>10% of your take-home pay<\/b><span style=\"font-weight: 400;\"> into long-term retirement accounts like your <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/how-much-should-i-have-in-my-401k\/\"><span style=\"font-weight: 400;\">401(k)<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/best-ira\/\"><span style=\"font-weight: 400;\">Roth IRA<\/span><\/a><span style=\"font-weight: 400;\">. Start by maxing out any employer 401(k) match\u2014this is free money that can double your contributions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, if you earn $5,000 monthly and your employer matches 5%, contributing $250 to your 401(k) adds up to $500 with the match. Once you\u2019ve secured the match, explore other options like index funds, target-date funds, or individual stocks for long-term growth.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98ed211 elementor-widget elementor-widget-heading\" data-id=\"98ed211\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Example of a successful investment strategy<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e145fc elementor-widget elementor-widget-text-editor\" data-id=\"2e145fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.iwillteachyoutoberich.com\/158-adrienne-rob\/\"><span style=\"font-weight: 400;\">Rob and Adrienne<\/span><\/a><span style=\"font-weight: 400;\">, a couple who came on my podcast, showed the transformative power of investments in securing a fulfilling retirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Initially, they had built a solid portfolio but lacked a clear connection between their wealth and their vision for a Rich Life. After working together, we designed a strategy to help them align their money with their true aspirations\u2014travel, convenience, and generosity toward their nieces and nephews.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Together, we created a plan that allowed them to spend $30,000 annually on travel while covering their monthly expenses of $4,900 and adding a $600 buffer for flexibility\u2014totaling $5,500 a month, or an additional $7,200 per year. On top of that, they could contribute $30,000 annually into 529 plans, aiming to set aside $200,000 for their nieces\u2019 and nephews\u2019 education. This approach not only gave them clarity but also made their financial goals feel both achievable and meaningful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To support this vision, we discussed the trade-offs involved. Rob would need to increase his work hours to 20 per week for the next three years, generating an additional $5,000 monthly as a household. While this required short-term effort, the long-term benefits were significant. Their plan provided greater financial flexibility for living generously, traveling freely, and ultimately leaving a legacy of over a million dollars\u2014or more, depending on their choices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the end, their Rich Life plan balanced their values with practical steps, showing how a Conscious Spending Plan can integrate seamlessly with investments to ensure every dollar works toward both long-term goals and personal joy.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f6c9124 elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"f6c9124\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-be36fc0\" data-id=\"be36fc0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-281c38c elementor-widget elementor-widget-heading\" data-id=\"281c38c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Savings (saving for the future)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b72e924 elementor-widget elementor-widget-text-editor\" data-id=\"b72e924\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Allocate <\/span><b>5\u201310% of your income to savings<\/b><span style=\"font-weight: 400;\"> for both short-term goals and emergencies. Start with an emergency fund, aiming for 3\u20136 months of living expenses in a high-yield savings account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Create separate savings buckets for specific goals, such as a house down payment, dream vacation, or even a fun fund for spontaneous adventures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information about savings and the emergency fund, read my articles:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.iwillteachyoutoberich.com\/how-much-should-you-save-per-month\/\"><span style=\"font-weight: 400;\">How Much Should You Save Per Month?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.iwillteachyoutoberich.com\/emergency-fund\/\"><span style=\"font-weight: 400;\">Emergency Fund: how a few thousand dollars can save your life<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.iwillteachyoutoberich.com\/money-rules\/\"><span style=\"font-weight: 400;\">10 Easy Money Rules for 2024 (by Ramit Sethi)<\/span><\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a7e55e elementor-widget elementor-widget-heading\" data-id=\"6a7e55e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Revisiting Rob and Adrienne\u2019s savings<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e16c887 elementor-widget elementor-widget-text-editor\" data-id=\"e16c887\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Returning to <\/span><a href=\"https:\/\/www.iwillteachyoutoberich.com\/158-adrienne-rob\/\"><span style=\"font-weight: 400;\">Rob and Adrienne<\/span><\/a><span style=\"font-weight: 400;\">, their savings of $58,788, compared to their nearly $2 million in investments is a clear mismatch and doesn\u2019t seem to align with the general guidelines of 5-10% of take-home pay for savings. This highlights how balancing savings with investments ensures you\u2019re financially prepared for both the expected and unexpected.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc4ad06 elementor-widget elementor-widget-heading\" data-id=\"bc4ad06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4. Guilt-free spending (so you can live your life today)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c529ef3 elementor-widget elementor-widget-text-editor\" data-id=\"c529ef3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This category\u2014<\/span><b>20\u201335% of your take-home pay<\/b><span style=\"font-weight: 400;\">\u2014is what sets the CSP apart. It\u2019s designed for you to enjoy the things you love without guilt, whether that\u2019s dining out, shopping, hobbies, or entertainment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember that this money is meant to be spent\u2013there&#8217;s no guilt about buying that daily coffee, ordering takeout, or splurging on concert tickets as long as you&#8217;ve handled your other categories first.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-420a587 elementor-widget elementor-widget-heading\" data-id=\"420a587\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Be careful, because guilt-free spending can get out of hand<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c1e0c1 elementor-widget elementor-widget-text-editor\" data-id=\"8c1e0c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.iwillteachyoutoberich.com\/141-kevin-april\/\"><span style=\"font-weight: 400;\">April and Kevin<\/span><\/a><span style=\"font-weight: 400;\">\u2019s experience shows how unstructured guilt-free spending can spiral out of control. With a combined income of $139,000, their discretionary spending\u2013largely on clothing and dining out\u2013exceeded their planned budget by over $1,000 a month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We discuss their spending habits through the Conscious Spending Plan so they can begin to reevaluate their spending habits, aligning guilt-free spending with priorities like meaningful family vacations.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a020f17 elementor-widget elementor-widget-text-editor\" data-id=\"a020f17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">[00:59:06] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> Okay, so you\u2019re going to cut 600 a month off. Yeah. Okay. That sounds good to me. All right, I\u2019m going to do it. Let\u2019s just see what happens. Instead of 1,800, April, look up here at the fixed cost number. This is the number we\u2019re really caring about, but instead of 1,800, we\u2019re going to do 1,200. Oh my God. It goes down from 65% to 58% fixed costs. That\u2019s a big deal. All right, well done. I think you actually can do 1,200 a month. I think that\u2019s totally reasonable<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[00:59:35] Although you currently have only $2,000 of savings in your mid 30s with two kids and 50 pets, so that\u2019s a of risk. Again, if something goes wrong, it\u2019s basically like you\u2019re driving 95 miles an hour, and so far so good. But if you hit something, you\u2019re in big trouble. When I look at your current guilt-free spending, the conscious spending plan template shows that you can only spend $1,200 a month, but you are actually spending about $2,500 a month. Is that correct?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:14] <\/span><b>April:<\/b><span style=\"font-weight: 400;\"> Yes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:15] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> All right, so you\u2019re basically spending more than you make.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:20] <\/span><b>April:<\/b><span style=\"font-weight: 400;\"> Yes. And it should have stopped months ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:25] <\/span><b>Kevin:<\/b><span style=\"font-weight: 400;\"> The correlation you\u2019re making are mind blowing. I had never realized any of it or even came close to think about it that way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:38] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> Do you see why when you gave her the copy of the book, there was no chance she was ever going to read it?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:43] <\/span><b>Kevin:<\/b><span style=\"font-weight: 400;\"> Yeah.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:44] <\/span><b>Ramit:<\/b><span style=\"font-weight: 400;\"> Do you see why when you show her a spreadsheet, she does not want to look at it at all?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">[01:00:48] <\/span><b>Kevin:<\/b><span style=\"font-weight: 400;\"> Yeah.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36225f9 elementor-widget elementor-widget-text-editor\" data-id=\"36225f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">By the end of the conversation, April and Kevin are more aware of just how much guilt-free spending they\u2019d been allocating for themselves and wrangled it under the control of structure with the CSP.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21f803d elementor-widget elementor-widget-heading\" data-id=\"21f803d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Step 2: Set Up Your Automated System<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74929db elementor-widget elementor-widget-text-editor\" data-id=\"74929db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">To make conscious spending effortless, automating your finances is key. Start by creating separate accounts for each of your spending categories.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most people find success with a setup like this: one checking account for fixed costs and separate savings accounts for investments, savings goals, and guilt-free spending. By organizing your money into distinct &#8220;buckets,&#8221; you\u2019ll always know exactly where your dollars are going, reducing the risk of overspending in any one area.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once your accounts are set up, schedule automatic transfers to distribute your income as soon as your paycheck hits. If you get paid on the 1st of the month, for example, arrange for transfers on the 2nd to move money into each designated account. This way, you won\u2019t need to rely on willpower or memory to stay on track\u2014your system does the heavy lifting for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your employer allows it, take advantage of direct deposit splitting to streamline the process even further. With this approach, your paycheck is automatically divided between accounts\u201460% into your fixed costs account, 10% into investments, 10% into savings, and 20% into guilt-free spending.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, automate your regular monthly payments to simplify your financial routine even more. Schedule fixed expenses like rent, utilities, and your phone bill to be paid automatically from their dedicated account. When all your recurring costs are covered without your intervention, you\u2019re free to focus on fine-tuning your system.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re feeling overwhelmed when it comes to mastering your paycheck routine and automating your expenses, I walk you through a simple 3-step system on how to do just that in my video below.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d17997 elementor-widget elementor-widget-video\" data-id=\"1d17997\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=LhrGOKmqam8&amp;t=164s&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e3de23 elementor-widget elementor-widget-heading\" data-id=\"4e3de23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Step 3: Track Your Progress<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f223ce elementor-widget elementor-widget-text-editor\" data-id=\"4f223ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Tracking your progress is essential, especially during the first few months of using a CSP. This step helps you identify what\u2019s working and where adjustments are needed. Regular check-ins\u2014weekly or monthly\u2014allow you to troubleshoot issues before they spiral out of control.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Common challenges to regular progress tracking include:<\/span><\/p>\n<ul>\n<li><b>Fixed costs are too high. <\/b><span style=\"font-weight: 400;\">\u00a0If your fixed costs exceed 50\u201360% of your take-home pay, you likely need to cut back. For example, if your housing costs are eating up a large portion of your budget, consider downsizing, refinancing, or even exploring shared living arrangements to free up more income. While these changes may feel difficult, they create breathing room in your budget for your long-term goals and guilt-free spending.<\/span><\/li>\n<li aria-level=\"1\"><b>Too much income is going to investments and savings. <\/b><span style=\"font-weight: 400;\">While building your future is important, allocating more than 20% of your income to these categories can leave you feeling deprived in the present. It\u2019s okay to scale back slightly to ensure you\u2019re striking a balance. A financial plan that leaves no room for joy today is unsustainable in the long run.<\/span><\/li>\n<li aria-level=\"1\"><b>Discretionary spending doesn\u2019t reflect your Rich Life. <\/b><span style=\"font-weight: 400;\">If your guilt-free spending feels underwhelming or misaligned with your priorities, ask yourself whether you\u2019re spending on things that genuinely bring joy or simply out of habit. Could you redirect money from less fulfilling areas\u2014like cutting unused subscriptions or scaling back minor luxuries\u2014to fund something more meaningful?\u00a0<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b151416 elementor-widget elementor-widget-heading\" data-id=\"b151416\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Step 4: Fine-Tune Your Percentages<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8368c2 elementor-widget elementor-widget-text-editor\" data-id=\"e8368c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Your CSP percentages don\u2019t have to be rigid. While the standard recommendation is 50\u201360% for fixed costs, 10% for investments, 5\u201310% for savings, and 20\u201335% for guilt-free spending, your ideal breakdown may vary based on your unique circumstances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you live in a high-cost area like New York or San Francisco, your fixed costs might naturally climb to 65\u201370% of your take-home pay. That\u2019s okay\u2014as long as you adjust the other categories to maintain balance. You might, for example, reduce guilt-free spending or savings temporarily to accommodate higher living expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your life stage also plays a significant role in setting your percentages. Early in your career, you might prioritize investing heavily in retirement accounts to maximize compound growth. Later, as your financial situation stabilizes, you may shift focus to short-term savings goals like buying a home or taking extended vacations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be prepared to revisit and adjust your percentages whenever a major life change occurs. A raise, move, marriage, or new family member can all shift your financial priorities. The beauty of a CSP is its flexibility\u2014it evolves with your life to ensure your money always works in service of your goals and values.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d6f022 elementor-widget elementor-widget-heading\" data-id=\"3d6f022\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why Conscious Spending Beats Traditional Budgeting<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb8b1ca elementor-widget elementor-widget-text-editor\" data-id=\"fb8b1ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Traditional budgeting feels like a punishment. It focuses on what you <\/span><i><span style=\"font-weight: 400;\">can\u2019t<\/span><\/i><span style=\"font-weight: 400;\"> do, creating guilt over every purchase and making it nearly impossible to sustain. The CSP flips this script by emphasizing intentionality. It\u2019s not about depriving yourself\u2014it\u2019s about spending on what truly matters while cutting back on what doesn\u2019t.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The real problem isn\u2019t buying coffee or dining out\u2014it\u2019s mindlessly spending on things you don\u2019t care about while neglecting your core financial priorities. With the CSP, you eliminate this waste and take control of your money in a way that feels empowering, not restrictive.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>I want to introduce you to my Conscious Spending Plan (CSP)\u2013a personal and flexible way to manage your money without the stress of budgeting or the guilt of spending on the things you love. The Conscious Spending Plan lets you focus on what matters most\u2014living your Rich Life\u2014without stressing over every dollar. Download My CSP [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":88308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"_lmt_disableupdate":"no","_lmt_disable":"","_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[160],"class_list":["post-59167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"acf":[],"aioseo_notices":[],"modified_by":"ljknoll95@gmail.com","_links":{"self":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts\/59167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/comments?post=59167"}],"version-history":[{"count":0,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/posts\/59167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/media\/88308"}],"wp:attachment":[{"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/media?parent=59167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iwillteachyoutoberich.com\/wp-json\/wp\/v2\/categories?post=59167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}