Our Bellies (and Minds) Deceive Us
In the middle of a client meeting, I brought up the couple's rampant overspending on dining out. To provide some context, for the past few months, this couple had overspent their monthly dining out budget by hundreds of dollars. In fact, just the prior month, the couple spent $1,000 on this category (vs. their $500 budget). Considering the couple was struggling to meet their financial goals, this category was clearly becoming an elephant in the room. When I mentioned the overspending, one spouse jumped in: "What do you mean we overspent on dining out?!?! We hardly ever go out to eat!"
The second spouse added, "Yeah, we maybe go out to eat once per week. And when we do, it's usually just fast food."
"If that's true, how do you explain the $1,000 you spent last week?" I asked.
"We didn't. No way. Zero chance."
That's when I pulled out the transaction log. 42 transactions were allocated to dining out. I don't know about you, but 42 card swipes at restaurants over a 30-day window doesn't feel like "hardly ever go out to eat."
They were stunned. 42 times!?!? We scanned the list. Yep, yep, yep, yep. All those happened......it just didn't feel like it in the moment. A quick meal here. A pit stop on the way home from practice there. It doesn't take much for a $500 dining out budget to accidentally balloon to $1,000, or $1,500, or even $2,000. The moment we lose intentionality and discipline, all bets are off.
I told this couple not to feel guilty; it happens to the best of us! I think we've all been there before. The important part isn't feeling bad about it, but rather developing an awareness of our gaps.
Want to know what happened next? The couple became quite aware of their dining out spending. Month after month, they locked in on the desired number. With fewer trips out to eat, they made sure to enjoy them more. They chose wisely, carefully. And they started meeting some of their other financial goals! Huge win!
Our bellies (and our minds) can deceive us. I'm the world's biggest fan of dining out, but we must be intentional and practice discipline. The same goes for all the areas in our monthly budget. It's never about spending less, but spending better. Find your better.
____
Did someone forward you this post? We're glad you're here! If you'd like to subscribe to The Daily Meaning to receive these posts directly in your inbox (for free!), just CLICK THIS LINK. It only takes 10 seconds.