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If you’re married, it is time for you to get on the same page! It is one thing to budget and agree upon what you are spending. You guys have probably already done that and though there may have been some disagreement, you figured out a way to craft a budget that you’re both comfortable with.
However, marital strife often begins to creep in once you begin building your savings.
When couples achieve their New Checking Zero at one month of their expenses, it’s not uncommon for one of them to begin to see an opportunity to spend. They may want to get a nice present for someone or want to go out on a nice anniversary dinner that isn’t in the budget. They’re well meaning. But the reality is, for most people, they have not been used to having margin. They haven’t been used to having a cushion in their checking account. Most people have been used to seeing real zeros in their checking, not this “New Zero.” The vast majority of people in America live paycheck to paycheck. If that is you, you’re not alone. I also have had the same feeling as I’ve started to build up my savings. I didn’t trust myself to not spend the money because for a while, I didn’t know what it was like to have a cushion.
But I want to let you know, that on the other side of being disciplined and saving, there is unbelievable freedom and peace. The short rush of spending your savings isn’t worth the elation of realizing you have margin in your life! That is why I call this first savings target your NEW Checking ZERO. You’ll need to trick yourself into believing that this number you agree to as your New Zero is actually ZERO in your mind’s eye.
You must agree with one another that when you see your New Zero in your checking account, that means you have ZERO dollars to your name. You are broke as a joke! The bank is closed. After you both agree to holding yourself to this standard, it becomes much easier because you’ll start repeating these lines in your head. “I’m broke as a joke. The bank is closed!” The beauty of that moment will be that your new standard for zero is a healthy cushion with adequate breathing room to operate.
As you’re saving money to fund your New Zero and once you have fully funded it, you must agree that under no circumstances will you spend that money for discretionary purchases.
If you want to have relational harmony when it comes to family finances, you must discuss your money, your goals and your standards. Having one driver who makes all the decisions is a recipe for disaster. They will be disciplined only to have their spouse blow through their methodical savings in one afternoon. Agree to this new savings standard with the purpose of making financial progress and getting off of the hamster wheel of living paycheck to paycheck.
Zach Santmier is the owner of Trumble Agency, Inc. and the author of the personal financial course, Increase. He focuses on helping families escape paycheck to paycheck living so they can freely pursue their ideal future.
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