Let’s get honest for a second. There are times in life when it’s perfectly acceptable to live in the moment, in fact, it’s preferred. Times like traveling or vacationing, spending quality time with loved ones you don’t see often or being fully present while partaking in an activity you love to do. In those instances, focusing on that current moment is a must. It helps you make the most of your life. There are other times where you need to be forward-thinking and future-focused. Long-term success with your money requires you to have a future-focused mindset.
Money is the one area of our lives where we shouldn’t always be living in the moment, embracing the “YOLO” (you only live once) mantra. When it comes to our finances, we need to keep the future in mind. We need to make sure our present actions have positive, not negative, effects on our future finances.
If you struggle with thinking long-term with money. If you can’t seem to envision your future. If you need some encouragement to practice delayed gratification, I want to help! I’m sharing 6 tips to help you see long-term success with your money. Remember, the actions you make today can have tremendous impacts on your finances in the future…both positive and negative.
6 Tips for Long-Term Success with Your Money
#1 Create a budget that aligns with your lifestyle
If you want to see long-term success with your money, your budget needs to align with your lifestyle. Let’s get one thing clear: A budget isn’t about restricting yourself or cutting out everything you enjoy; it’s about aligning your spending with what truly matters to you.
To create a budget that works for your lifestyle, start by identifying your priorities. Do you value traveling, dining out, or saving for a dream home? Take a close look at your income and expenses to see where your money is going now and whether it reflects your values. When your spending aligns with your goals and lifestyle, you’ll find it easier to stick to your budget and feel less deprived along the way. This is a recipe for long-term success and sustainability.
In addition to your values, your budget should also reflect your reality. If you love weekend brunches or have a passion for yoga classes, build those into your plan. A realistic budget accounts for both your financial responsibilities and your personal joys, so you don’t feel the need to splurge out of frustration.
By striking a balance between planning for the future and enjoying the present, you’re setting yourself up for long-term success. Remember, your budget isn’t set in stone; it should evolve as your lifestyle, income, and priorities change.
#2 Automate your savings and investments
Saving and investing consistently can feel overwhelming, especially with all the other demands on your budget, time and energy. That’s where automation comes in. It’s one of the easiest ways to build long-term wealth without having to think about it constantly. By setting up automatic transfers to a savings account or investment account, you ensure that paying yourself first becomes a priority.
Whether it’s 10% of your paycheck or a set dollar amount, automating your savings helps you stay consistent and on track with your financial goals. Refer to your budget to determine how much you can afford to save/invest. The goal is to not need that money once the transfer takes place.
Another benefit of automation is that it takes the emotional decision-making out of the equation. You’re less likely to skip a contribution because of an unexpected expense or temptation to spend. Plus, when your savings and investments grow automatically, you’re taking advantage of the power of compounding gains over time.
Again, start with what you can afford, even if it’s a small amount, and increase it as your income grows. The key is to get started and let automation work its magic in the background while you focus on living your life.
#3 Monitor your spending regularly
It’s easy for spending to spiral out of control when you’re not paying attention. This delays long-term success with your money. Monitoring your spending regularly helps you stay aware of where your money is going and ensures it aligns with your goals.
Start by tracking your expenses weekly or bi-weekly. This practice not only keeps you accountable but also helps you identify patterns or problem areas, like overspending on takeout or subscriptions you no longer use. If you’ve tried tracking before and can’t stick to it, consider working with a coach or accountability partner. A key aspect of my financial coaching program is holding my clients accountable to tracking their spending, in preparation for our weekly calls.
Regularly reviewing your spending gives you the opportunity to make adjustments as needed. For example, if you notice you’re spending more in one category than planned, you can cut back in a different category to stay within budget overall. Monitoring your expenses isn’t about judging yourself, it’s about staying in control and making informed decisions to secure your financial future.
#4 Make sure your emergency fund is always funded
Life is unpredictable! The sooner we recognize that, the better…and having an emergency fund is your safety net when unexpected expenses arise. Whether it’s an urgent car repair, medical bill, or job loss, a well-funded emergency fund ensures you don’t have to rely on credit cards or loans. Not sure how much to save? Experts typically recommend saving three to six months’ worth of expenses, but the key is to build an amount that gives you peace of mind.
Don’t stop once you’ve reached your goal. Commit to replenishing your emergency fund if you ever need to dip into it. Automate monthly contributions to your fund, even if it’s just a small amount. By making this a priority, you protect yourself from financial stress and create a solid foundation for long-term success.
#5 Invest your time or money into financial education
Knowledge is one of the most valuable tools for achieving long-term financial success. By investing in your financial education, you empower yourself to make smarter money decisions. Start by reading books, taking online courses, or listening to podcasts (like The City Girl Savings Podcast) that focus on money management and investing.
If you’re short on time, consider hiring a financial coach or consultant who can help you create a personalized plan. Learning about topics like budgeting, investing, and debt repayment can have a massive impact on your financial trajectory. Remember, the more you know, the better equipped you’ll be to navigate challenges and build wealth confidently.
#6 Get clear on your dream life and how to get there (set clear goals)
I’ve mentioned “Dream Life” plenty of times, and that’s because it’s so important! What does your dream life look like? Is it a beachside retirement, traveling the world, or owning your dream home? Getting clear on your vision gives your financial decisions a purpose.
Take time to reflect on what truly matters to you and outline your short-term and long-term goals. Once you know what you’re working toward, you can break it down into actionable steps. Check out 7 Questions to Ask to Determine What You Want Out of Life for a starting point with your reflections.
Clear goals also keep you motivated. Whether it’s paying off debt, saving for a big purchase, or building wealth, having a roadmap makes it easier to stay focused and track your progress. Regularly review your goals and adjust them as your life evolves. With a clear vision and plan, you’ll find it much easier to stay disciplined and excited about your financial journey.
Related: 8 Ways to Set Yourself Up for Financial Success
Each of the tips I shared above will have a huge positive impact on the long-term success of your finances. As your life and situation changes, tweak accordingly…but, the overall sentiment will always be the same. No matter how much you make, you should be budgeting, saving and investing. You should be setting goals that matter and working towards them.
Have you already implemented some of these strategies for long-term success with your money? Which ones have had the biggest impact on your situation thus far? Share your thoughts and questions by dropping a comment below!
-Raya
The CGS Team
