How you can never feel guilty about spending money again (The YOLO System)

“I don’t even want to check my bank account.”

I remember a friend told me this one weekend after we had a bit too much fun. I actually wasn’t too nervous on my end. It wasn’t that I didn’t value money. It was because I planned for it. I knew that it was going to be an expensive weekend. I put some cash aside in my checking account. I was ready for the gallivanting.

I’m going to show you how you can blow money without ever feeling guilty about it again. You’re also going to finally start saving money if you’ve been struggling lately.

When you first get into dieting you learn about cheat days and pigging out. Why’s this? We all want to let loose. Life isn’t always about extremes. I don’t want to live in a trailer to save money nor do I want to eat tuna 24/7 to feel healthy. I also don’t want to cut out carbs for the rest of my life.

How can you never feel guilty about spending money again?

By taking aside a set amount of cash every single week that you’re allowed to blow guilt-free.

Dieting often fails for the same reason as budgeting. None of us are perfect. None of us are able to stick to a strict plan. Do you know anyone that hasn’t cheated on a diet or their finances?

We don’t want to accept our flaws. We all pretend that things will magically get better tomorrow. We think that something will automatically change one day or that someone will save us. We for some reason feel that our self-control will suddenly improve one day.

The reality is that it’s okay to make mistakes. Instead of feeling guilty and totally falling off course, why not just plan to mess up?

How do you apply the YOLO System?

Whenever you get paid I want you to take out some physical cash for your “wasted money.” Keep this money on you and spend it. You’re allowed to blow this money any way that your heart desires. I promise that I won’t judge you.

What are some perfect ways to apply this?

• Use this money for a cheat day. Do you pig out once a week? Do you like to treat yourself to a pizza occasionally? Use this money for that.
• Take advantage of birthdays and events. I don’t want you to feel guilty about spending money on your brother’s birthday party. I recently spent a decent chunk of change to throw my mom a surprise party for her 50th birthday. I didn’t once regret it.
• Reward yourself when the time is right. We all should treat ourselves to an expensive dinner or better bottle of wine once in a while. What’s the point of saving money if you never indulge?

The YOLO System is designed for you to spend money without feeling guilty. We all mess up and it’s OKAY to plan for this.

Why’s it okay to waste money?

In theory, you should never “waste” money. You should also never eat “junk” food. Right? We should never make any mistakes. We should all be flawless.

Well, we’re all hypocrites when it comes to giving advice on money, dating, or fitness.

Every single person is especially a hypocrite when it comes to personal finance. I have friends who smoke a pack of cigarettes daily that tell me it’s stupid of me to eat out food. I on the other hand see no issue with ordering food because I take my meals seriously and want to eat well. I couldn’t imagine spending money on buying new clothes weekly while some of my friends look forward to staying on top of trends.

You’re never going to have the perfect budget. You’re never going to save every penny that you earn. It’s not the end of the world if you treat yourself without losing sleep over it.

How much money can you waste?

I would start off with a small and reasonable amount. Try not to make this half of your paycheck. Try not to make it your entire paycheck.

It all depends on how much money you have coming in. I’m personally often inspired to increase my income just so that I can have more money to spend on fun stuff.

You can start at $50 and move up to $100 or down to $25.

It’s up to you to see what you’re comfortable with. I just want to see you improve your relationship with money slowly over time.

How do you save money?

Now that we’ve accepted that it’s okay to spend money, it’s time to put some money away too. There’s a method to my madness here. I want you to feel comfortable with budgeting/personal finance. Money management isn’t always about restrictions and saying NO. I personally stopped reading many personal finance blogs/books because they were all about cutting things off from my life instead of adding.

How do you save money?

• You find a reason to actually start saving money.
• You pay yourself first off your paycheck.
• You make more money so that you increase how much you save.
• You work on slowly cutting on crap from your life.
• You track your spending for the next 30 days to find your two biggest problem areas. You then work on these problem areas.

There are thousands of articles out there on how you can save money. Most of them won’t relate to you in your 20s.  I have three exclusive theories that will help you with your finances:

1. The Cancun Technique For Saving Money. The tie in will open your eyes. You might finally find a reason to start saving money.
2. The Instant Makeout Technique for increasing your income. Wait until you read this.
3. The Houdini System for saving money in the long run. Are you looking to save money for the future? This will help you put that money away finally.

You’re not going to become perfect when it comes to money management. Perfection shouldn’t even be the goal.  I often find myself blowing way more than I care to admit on food. I spend money when I know that I shouldn’t. I don’t follow a budget strictly nor do I track my spending religiously. I save money by paying myself first, constantly increasing my income, and investing in myself/projects I believe in.

The latest episode of Studenomics TV shows you how you can fix a spending problem.

I want to see you build real wealth. The trick is always go after the big wins. I want to see you spend money on what you want while you still manage to save for the future. The trick to personal finance is finding that perfect balance between enjoying today while saving for tomorrow.

“It is not the man who has too little, but the man who craves more, that is poor.” — Seneca