This is the primary choice wrapped in a realization. You need a plan. The next choice concerns your willingness to reduce your expenses or sacrifice. I’m amenable to fundraising or asking people for money. But it is important to put yourself in line for a permanent fix rather than a temporary one.
Many people can’t reduce by sacrifice, and it makes the goal of making more money their only option. The whole proposition of making more money has detrimental effects on other areas in their life. Spending time with people that they care about, health and wellbeing, and quality of life suffer to allow for more money. They often end up making decisions that take them out of living the life they would wish to have.
The fault is due to your choice and inability to sacrifice. Understand that this is not a judgment of right or wrong. In the question for financial solvency, it is the elimination of one option. To resolve the problem, we must consider other options. The challenge is choosing other options for reduction. The first option is to
Necessities like mortgage or rent will remain. Your car gets you where you want to go. That will remain. For some, day care will remain. Groceries may be reduced, but they will remain. These are your basic needs: food, shelter, and safety.
Then, there all the purchases and subscriptions and memberships that you are hoping will make life more enjoyable and meaningful. These are the value-adds. Again, the most difficult to reason through are those that benefit your children. Your kids are enrolled in activities that are meaningful and developmental. From my perspective, these are on the table, but I am not the one making the decisions.
Then, there are luxuries. Of course, this is always an argument that I’m comfortable having with any financial coaching client. What is the difference between a luxury, a value-add, and a necessity? The difference to one person is foolishness to another. Cell phones, cable, spa passes, alarm systems, and more have been promoted to me as necessities. Yet, it is not my place to disagree. I am available for the reflection on the argument most clients are having with themselves.
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