Chasing the Fionist Dream

We all make mistakes. It’s part of life. But sometimes we don’t consider the extent of their consequences or how big a deal they can become in the long term. If you realize that you’ve made a mistake, no need to feel bad about it. Recognizing your error or bad habit is the first – and often hardest – step. Before continuing this post, make sure to check out our first mistakes post, if you haven’t already.

Are you ready? Let’s dive in.

1. Underestimating your spending. When building a budget, it is imperative to track and account for every single expense. Prices go up and we all have unexpected one-offs that we need to pay for. And while they can catch you off-guard, summer and the holidays happen every year. For this reason it is important to take all of this into consideration when planning your budget. Always leave yourself a miscellaneous buffer since life if full of surprises.
   
   
2. Not paying yourself first. You (and your family) are your first priority. As soon as your pay comes in – invest a set amount that you have decided that you can manage on a monthly basis. Even 50 shekels makes a big difference over time. Instead of saving whatever you have left at the end of the month (if you have anything left at all), pay yourself first! And learn to live on the rest. Your future self will thank you.
   
   
3. Shopping as an activity. Malls and shopping streets may be fun, but they are dangerous for your financial health. While it might be fun to get those new boots and jeans you never knew you needed, you now have less money left for other things. Years ago, when our oldest was at daycare on Fridays, we used to go out and spend hundreds of shekels on impulse buys at least twice a month. We’d come home and struggle to remember where it all went. Now when we need to go out and buy a specific something, we set a challenge for ourselves. Buy that thing and only that thing. Or – only use gift cards – no real money. We pride ourselves in only buying the thing we set out to buy and nothing more.
   
   
4. Not allocating fun money. Your happiness is important and you deserve nice things. While needs are important, so are wants. Make sure that fun and self-care is part of your budget – and make sure to stick to said budget. This way you can enjoy yourself guilt-free, because you know that you can afford it.
   
   
5. YOLO (You only live once). Many people use this mindset to justify impulsive, large expenses or other dangerous activities. You never know what tomorrow will bring. The current war demonstrates that more than ever. However, God-willing we plan, hope, and expect to have many tomorrows in our future. Just because an opportunity sounds tempting today, it’s not worth it if it jeopardizes your future physical, emotional, or financial health.
   
   
6. “It’s not the right time.” Have you been meaning to start something that will improve your quality of life – investing, learning a new skill, getting in shape, or something else? There will never be a “right time”. Just do it.
   
   
7. Not seeking help. There is no shame in seeking help when you need it. Competent professional psychotherapists are worth their weight in gold and your mental health is priceless. A good one will be able to give you the tools and coping mechanisms to change your habits and responses going forward. If past trauma is keeping you back from fulfilling your true potential, an investment in yourself today can save you money and anguish in the future.
   
   
8. Being stuck in your ways. In a world that keeps on changing, it is important to keep learning new things in order to grow and improve ourselves. New investment opportunities pop up, new technology enables us to simplify or improve our lives, and new skills can open up all sorts of possibilities. Reading, watching informative content, or listening to educational podcasts can help us expand our knowledge and gain a broader understanding of the world around us. As we keep saying in our employee rights posts, “Knowledge is power”.

While at first it may seem that the eight items on this list don’t have much to do with each other, they all share one common denominator. This list will help you cultivate an intentional lifestyle and prioritize your own health, happiness and future, so that you can best support and provide for those who you love most. We challenge you (and ourselves) to select at least one mistake from this list and work to avoid it. You can do it!

What other financial mistakes should people avoid?

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