Create a Separate Lucky Budget to Motivate Your Financial Goals
In addition to your normal day-to-day budget, it is helpful to have an emergency budget on hand in case of job loss or other major financial hit. On the other hand, you can also keep a “happy budget” to motivate your financial goals.
Money cannot buy you happiness, but depending on how you use it, it can make your life quite comfortable. Research shows that we don’t need a million dollars to be comfortable. According to the study, we only need $ 75,000. But even this amount is subjective. The purpose of the “happy budget,” as Business Insider calls it, is to present your own numbers.
They described a family who came up with this idea to motivate their own earning goals. They took their regular budget and then compared it to what their own ideal, comfortable spending would look like.
Let’s say you’ve cut your restaurant spending to $ 100 a month for your current budget, but living comfortably, you’ll be dining out every weekend. Then your “ideal” budget might be $ 300. You can calculate this for each category and then see how much salary it will take to meet that budget. When you know this number, you have something to strive for, and it makes your financial goals more relevant. For more details please follow the link below.
How A Separate Lucky Budget Helps A $ 142,000 A Year Couple Achieve Their Goals | Business Insider