A favorite book on our family’s bookshelf is The Very Busy Spider by Eric Carle. You probably know how it goes: The spider lands on a fence post and begins to spin her web. While working, she has many visitors, each trying to distract her from her purpose. A pig asks her if she wants to roll in the mud, a horse asks her if she wants to go for a ride, a sheep asks her if she wants to run in the meadow–but she ignores them all. She is busy making her web so that she can catch the pesty fly, have dinner, and get a good night of rest. Her hard work pays off in the end. We love this lesson for our children–delay gratification for later satisfaction.
» » » » » » RELATED READ: Steps We Took to Pay Off 95K in Debt in Three Years « « « « « «
How can we apply this principle to create financial wellness in our lives? If we can delay gratification in the short term, we can have greater satisfaction later–in the form of college savings for our kids, paid-for homes, and realistic retirements. The spider puts her blinders on to the things clamoring for her attention. If we can figure out how to do the same, we can ensure the same good fortune.
Applying the Spider’s Principle to Create Financial Wellness
Here are the actions we can take to follow in the spider’s eight footsteps:
1. Identify what your distractions are.
Review the past three months of expenditures. Look at everything you have purchased and identify whether each purchase was a want or a need. Wants are likely the distractions getting in the way of our bigger goals. Wants are the pig rolling in the mud, the horse playing around, and the sheep running through the meadow. While fun, they are not getting you to your beautiful web.
2. Create a budget based on realistic spending and needs.
If the past three months tells you that you spend $800 a month on groceries, don’t budget $500. Ensure that all of your needs fit within your budget before incorporating any wants. It is important to incorporate wants into the budget, but prioritize covering needs first. Just like that spider, ignore the wants for now.
3. Honor the budget you create.
Have accountability partners and allow for wants in a way that doesn’t conflict with your bigger goals. Before buying something, ask yourself, “Does this purchase align with my values? Does it align with my goals? Did I budget for it?” If you can’t answer ‘yes’ to all three questions, it might be a distraction and can wait until your web is spun.
4. Reduce other forms of distractions.
Debt detracts your present focus by forcing your attention to past decisions. Eliminating debt clears up more room in the budget for later satisfaction. Again, delaying gratification now for financial wellness later. Once your needs are met, use any money remaining to pay down debt.
5. Articulate what your goals are.
What do you want and how do you get there? What will your web look like? If it is retiring by 65, how will you do that? How much do you need to invest each year to reach that goal? Break it into small pieces that you can accomplish, step-by-step, one thread at a time.
6. Build spending towards your goals into your budget before any wants.
Minimizing the amount available for wants serves as a way to make the distractions easier to ignore when they inevitably arrive.
7. Maintain focus by tracking your income and expenses regularly.
It’s easier to see your web if you keep working on it every day.
8. Celebrate your successes along the way.
As you reach a goal or pay off a debt, celebrate! Take a moment to acknowledge what you’ve done and even play a little before getting back to building your web.
The spider is admired for what she has accomplished: a beautiful web that serves her future. These simple steps will help us follow in that little spider’s footsteps, secure our financial wellness, and rest easy.
The opinions expressed in this post are those of the author. They do not necessarily reflect the official policy or position of ABQ Mom, its executive team, other contributors to the site, its sponsors or partners, or any organizations the aforementioned might be affiliated with.
