Do you have your green ready to wear this Thursday? St. Patrick’s Day is one of those strange holidays here in the US. We don’t really celebrate it too much, but we will pinch you if you’re not showing your Irish spirit with green clothing. At my house, St. Patrick’s Day is associated with green food, green clothes, and leprechauns.
I’m not 100% certain how leprechauns become the mascot for March 17th, but I love any reason to celebrate, even if it’s little men in green costumes guarding their pots of gold. The gold puts a financial spin on the holiday for me, so in honor of St. Patrick’s Day, here’s my take on how you can budget like a leprechaun.
First, take a tip from the little green man and hide your pot of gold - from temptation. Keep your savings hidden away in a special account that you don’t touch. If you don’t need that money to be liquid (so not an emergency fund), consider investing in a share certificate to receive a better interest rate with a guaranteed return. This also ties up that money, so you’ll be even less likely to spend it unless you want to pay early withdrawal fees.
Second, leprechauns are always working away at something. In myth, they are shoemakers and are often found by the sound of tapping the soles onto shoes. Remember that your budget and your savings goals are an ongoing, and constant, priority. That doesn’t mean you have to think about numbers all the time, but it does mean you need to keep a balanced checkbook and check your budget and spending at least once a month if not weekly.
Third, if somebody catches a leprechaun, legend has it that the leprechaun will grant that person three wishes. Play off this idea and focus your financial goals in three ways: paying down debt, retirement, and a personal savings goal. By keeping your list of goals narrowed to three, you’ll be able to focus better and achieve them faster. For instance, maybe you want to save up for a vacation but you also want to purchase a new grill for your backyard barbecues. When you have to focus on just one of those, you prioritize, you’re able to contribute more quickly to that goal, and reach it faster. Then you can more on to the next goal. And once you’re debt free, you have a bonus goal to focus on. My plan is to always have travel as a goal once we’re debt free, and that helps motivate me when I’m paying down debt instead of getting more stuff or experiences right at the moment.
Finally, a leprechaun is clever. He’ll use every trick he has to protect his pot of gold and avoid being caught. You need to do the same when it comes to your budget. There are plenty of tools, tips, and tricks out there to help you make the most of your income, save money where you can, and put money back for your goals. This St. Patrick’s Day, think green - not just for your clothes, but for your budget as well. I’m Claire, the Afena blog mom. Thanks for reading.