Does cutting out your daily latte really lead to financial success? In this episode, we’re busting the myth that giving up everything you love is the key to a healthy budget. We’ll explore why small luxuries can coexist with big financial goals – and how finding balance might be the secret to long-term success. So, if your budget’s making you miserable, this one’s for you. Let’s get started.
Links for This Episode
- Check out these DIY Resources and Templates
- Download your FREE Family Budget Worksheet
- Join the Financial Fix Up Membership
Podcast Episode Recommendations
- #28: Why These 3 Popular Money Moves Don’t Work
- #16: 5 Reasons Your Budget as a Married Couple Will Fail (And How to Prevent It)
- #3: How to Create the Ideal Family Budget for Your Family
- #1: The Truth About What Financial Freedom Actually Means to Me
Join the Financial Fix Up Membership
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Ready to simplify your life and take control of your finances? Join the Financial Fix Up Membership today at lemonblessings.com/membership or by clicking the link in the show notes.
Let’s make your goals happen – together!
3 Reasons Not To Give Up Lattes for Financial Success
Welcome back to the Financial Fix Up Podcast! I’m your host, Sarah Brumley, and today we’re diving into a topic that might make you squirm a little. I’m guessing that if you’re the budgeter in your home—the one responsible for managing the money—you probably flinched when you saw the title of this episode.
But here’s the deal: giving up your lattes is not the magic solution to financial success. Spoiler alert: there’s a better way to manage your money without sacrificing everything you love.
Before we dive in, I want to clarify that today’s discussion is about budgeting and spending habits. If you’re dealing with an actual addiction, I encourage you to seek support from a professional or a group that can help you navigate that journey.
Let’s get into it.
Reason #1: All or Nothing Doesn’t Work
Reason number one: All or nothing doesn’t work long-term.
Let me share a quick story. Back in 2009, Justin and I went on an intensive diet. I portioned every meal and exercised consistently, and I lost 50 pounds. I kept the weight off for years, but when I started spending more time sitting at my desk, the pounds started creeping back.
Fast forward to a few months ago and I committed to working out again and focusing on portions. In three weeks, I lost seven pounds and fit back into my skinny jeans. Why did it work this time? Because I didn’t give up the things I love. I didn’t banish wine or carbs from my life. Instead, I worked them into my plan. I made choices and stuck to portions.
The same concept applies to your finances. If you love your daily latte, don’t feel like you have to give it up completely. Instead, consider cutting back. Maybe it’s a few times a week instead of every day. That small adjustment could still help you reach your financial goals while keeping your sanity intact.
And this is where tools like the Financial Fix Up Planner can make all the difference. It helps you track your spending and identify areas where small adjustments can go a long way.
Reason #2: “Cheater Days” are Dangerous
Reason number two: A cheater day often turns into a cheater month.
The problem with strict, restrictive plans is that they set us up to fail. Think back to the last time you told yourself you’d never do something again or you’d always stick to a particular plan. Did it work? Chances are, you slipped up. And when you did, it probably became harder to resist doing it again.
When it comes to finances, the same rule applies. If you ban lattes entirely, you’re likely to crave them even more. And eventually, when you break down and buy one, you might feel guilty or even give up on your budget altogether.
That’s why I recommend building small luxuries into your budget. Add a line item for the things you enjoy. You might spend less on it than you used to, but you’re still allowing yourself the freedom to enjoy it occasionally—and guilt-free.
For some of you, it might not be coffee—it could be dining out, streaming services, or hobbies. Whatever it is, find a way to include it in your plan so that you’re less likely to give up entirely.
Reason #3: Life Is Meant for Living Now, Not Later
Reason number three: Life is meant for living now, not later.
Your budget isn’t just a tool to help you save for the future; it’s also there to help you live a better life today. If giving up every small joy in the present makes you miserable, it’s time to rethink your approach.
In our household, we prioritize a small amount of spending money for every family member each month. It’s not a lot, but it gives us the freedom to indulge in something that brings us joy. Sometimes, I’ll save mine for a larger goal. Other times, I’ll use it for a latte or a treat. The key is that it’s my choice, and it’s already part of the budget.
Sometimes, those small indulgences can even help us stay motivated to stick to the bigger picture. Because let’s face it, financial goals are important, but the journey should be tolerable, too.
Will You Give Up Lattes?
At the end of the day, the decision is yours. Cutting back on small luxuries like lattes might help you save money, but it’s not the magic solution to financial success. Instead, focus on creating a budget that works for your life—one that balances your goals with your happiness.
If you’re struggling with the all-or-nothing mentality in your budget or any other area of life, I’d encourage you to sit down with your family and discuss your “why.” Why are you budgeting? Why are you saving? And is there a way to make room for small indulgences that make the process easier to stick with?
And if you don’t have a budget in place just yet OR yours needs some refining, make sure to grab your copy of the Financial Fix Up Planner. It’ll give you all of the tools you need to be successful this year and beyond. You can find it at lemonblessings.com/planner.
I’ve also heard from listeners who’ve shared how difficult it can be to enjoy small luxuries guilt-free. If that’s you, know you’re not alone—and I’d love to hear how you’re approaching it. Email me at sarah@lemonblessings.com and let’s chat!
Whatever you decide, know that I’m cheering you on! You’ve got this! Have an amazing day, and I’ll chat with you again next time.
