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I just got off the phone with a coaching client. She had dutifully completed the homework I had assigned her, and one of her action steps stood out: "To no longer live beyond my means." I got really excited to hear this, as it's something that I too have finally decided to do.
I mean really do it. And it is hard.
I realize in addressing this subject that I am a very fortunate person, I have a business I have built around coaching, speaking, and writing, and as a licensed physician I can turn to medical work as a source of additional income. I know that there are people reading this who have a much tougher time financially, in ways that I have never experienced. By writing about my comparatively minor financial challenges I don't mean in any way to minimize how hard your circumstances may be, but I'm hoping that what I've discovered might help you, too.
I suspect that we may have something in common: no matter what we earn, we always seem to spend more.
I envy those who were raised to be frugal, who were taught from a young age the value of a dollar and the importance of saving. I consistently won large scholarships from high school all the way through my extensive university training, and this really skewed my concept of money. I got used to it showing up in large amounts and no one showed me how to manage it, so I just spent it.
In contrast, one of my med school buddies lived much more simply than I did, and took part of the allowance his father sent him every month and invested it in stocks. He bought his first condo right out of school.
I initially paid for my education through scholarships, bursaries and summer jobs, but the trouble really started in my second year of medical school.
There wasn't going to be time for part-time work anymore, and my scholarships weren't enough to cover the cost of living (living the way I liked to, that is, ugh) in one of the world's most expensive cities. I took out a government student loan, and then a classmate introduced me to a phenomenon that ultimately stole my financial future: A local bank gave me an $80,000 line of credit geared toward "future doctors". I was 22. A very young 22.
Because of this seemingly limitless loan (which my physician professors told me I'd pay back effortlessly - they actually told me to "enjoy" the money), I never learned how to make ends meet. I never hit a wall where the money ran out, ever. I never had to ration out the money available to spend on groceries, gas, restaurants etc. because there was always more if I overspent a little, or a lot.
Luckily I'm a reasonably responsible person, so I didn't go completely crazy with the cash. To this day I'm don't buy big ticket items or lots of stuff. But I've earned a very good income in the 17 years since medical school, and most of it has just passed through my hands like water, because I've never learned to be disciplined. I still have and use a line of credit.
It seems to me that God has decided that it's time for me to finally clean up my act. In the last few months I have had one large business expense after another, compounded by some other unexpected large bills.
It's like something woke up in me finally, as a result of this unusual financial squeeze.
I knew I had a choice to make.
I could just chill about it, and let my line of credit absorb it. I could continue to live in a kind of blissful denial of my financial habits, and trust that somehow things would all work out (as I get older and closer to retirement with each passing day).
Or, I could finally start living within my means. Period. Right now, while facing some of the most challenging financial circumstances I have encountered in recent years. Why not go big?
What I discovered amazed me. As I aggressively scoured over my numbers, truly motivated for change for the first time in my life, I was stunned by the evidence of my terrible, lazy attitude toward spending. Both in my business and personal finances, there were many things I was habitually spending money on that I really didn't need to. I just always had, because the money was there, that eternal cushion of credit.
And small changes add up fast: $15/month in unnecessary bank fees, $40/month in bridge tolls when I could easily just take another route, $60/month in pet health insurance that I don't really ever use... I caught one thing after the other until the savings added up to hundreds of dollars.
What's particularly painful is that I was spending hours of my life working hard, and those earnings were paying for a long list of expenses that were unnecessary. Ouch.
Suddenly, this "hardship" of being forced to examine my finances started to feel a lot more like liberation. I felt lighter. I started to feel excited and purposeful.
I read a wonderful book about simple living, You Can Buy Happiness (and it's Cheap!) by Tammy Strobel, which added more wind to my ever-more-trim sails.
I seized upon a simple tip from Strobel: shopping for groceries guided by sales in flyers. This obviously makes financial sense, but I serendipitously discovered that this makes shopping and cooking (and kicking my restaurant habit) a lot more fun.
I used to be so bored by grocery shopping, picking up the same old same old, it's no wonder I ate out so much. Now, I have a different route through the store every time, following an ever-changing list that I create using the sales flyer. .
The crowning moment came when I bought a huge bag of pre-washed coleslaw mix for a dollar. A dollar. I found a recipe for a relatively healthy dressing on epicurious, using ingredients I already had in my cupboards: honey, apple cider vinegar and mayo (I used a low fat, olive oil-based type).
It took under five minutes to throw together, and the coleslaw was SO good. I couldn't quite believe it when I tasted it. I cheered with glee, did a little dance in my kitchen, and proudly posted a pic to my Instagram account.
It cost me a dollar. Less actually, since I'd only used a quarter of the giant bag. So it cost me a quarter, plus however few cents went into the cost of the dressing. I used to spend $5 for a small container of deli counter coleslaw, and it wasn't nearly as tasty or healthy as my version.
No one likes to feel financially squeezed, it is incredibly stressful. No one likes to have to look at their budget and slash items that they have gotten used having and enjoying. It's work, and it isn't fun to have to say no to yourself. Our society in general really struggles with the latter, as evidenced by our astronomical credit card debt.
But I have discovered that there is freedom and even fun in the discipline. There is great satisfaction.
I imagine that this season of squeezing is temporary, and that one day hopefully soon I will be back to more familiar, flusher territory.
But I've learned a significant lesson in the process. And, when I have more cashflow again, I've decided something. Most of the things I have trimmed don't need to be put back in my life, ever.
So, my new dream is to be able to give more and more money away, to people who really need it. My new, slashed budget will make that much more easy to do.
And that is way more exciting than the world's best coleslaw.
Dr. Susan Biali, M.D. is a medical doctor, health and wellness expert, life and health coach, professional speaker, flamenco dancer and author. She is dedicated to helping people get healthy, reduce stress and enjoy more meaningful lives. Dr. Biali has been featured as an expert on the Today Show as well as other media outlets, and is available for keynote presentations, workshops/retreats, media commentary, and private life and health coaching.
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Copyright Dr. Susan Biali 2015
