That was the subject line of a marketing promo I just got from Go Daddy, and after reading the main point it reminded me how POWERFUL this can be for your *financial goals* too!
For many entrepreneurs, a great name sparks the transition between the dream and the reality. Naming a business makes it real.
Yup! Once you call it something it becomes “a thing”, and all of a sudden feels much more real than just hanging out there in your head… And even better if you sneak “sexy” into the name too, not unlike we did here with the blog ;) Everything is more fun with sexy in it!!
What do you like better – “My savings account” or “my SEXY savings account?”
Or “Vacation fund” vs “SEXY vacation fund”???
It even works for boring stuff! – “Money set aside for my DAMN SEXY taxes”, haha… (and they are indeed sexy because the more taxes you’re paying, the more income you’re usually bringing home!)
In all seriousness though, naming your goals really DOES help make things more tangible and gives you a slight little boost in pulling it off in the end… Which you’ll want as much as you can get!
Here are a few examples from around the community I’ve liked:
The #YearofNo — A mission of saying NO to anything “extra” in your life for an entire year to get your savings/sanity back. Devised by Jamie Jeffers and family who went on to pay off over $24,000 of debt, while completely changing their spending habits in the process! (Go Jamie!!)
The Depth Year — Similar to the above, only more focused on *using up/appreciating/deep diving* into the stuff you already have in your life vs going out and accumulating more. Whether we’re talking stuff-stuff or ideas, dreams, skills, books, etc.
“It’s wonderful to have the freedom to continually widen our interests. But like many luxuries, it has an insidious downside. Ever-branching possibilities make it harder for us to explore any given one deeply, because there’s always more “newness” to turn to when the old new thing has reached a difficult or boring part… We need to find a way to put up our own limits. When we give ourselves fewer places to dig, we go deeper, and what we uncover is more rare and valuable than the usual stuff near the surface.” – David Cain
The “Impulse Tax” Fund — An account set up by reader Rachael where anytime she’s tempted to spend money impulsively, she moves that exact amount right over to savings so it feels like she really did “spend” it, only without the buyer’s remorse! A type of fund we also tried here a couple years ago (“Spavings Fund“) where we ended up with $4,040.50 in the end ;) (It really does work!)
Challenge Everything! — A mentality/mission from yours truly where every month I would tackle a new bill or expense in order to get them as low as possible without sacrificing quality of life. Which later went on to save me over $200/mo and completely infiltrate my *daily habits* as well. (We do so much without even thinking about it because we’re so used to it!!)
The Lifetime Wealth Ratio — Another dubbed idea of mine, in order to tell how much you’ve saved over your lifetime vs how much you’ve *earned* ;) Divide your Net Worth by your Total Income Earned and see how close to 100% you can get (or more, if your investments have flourished over the years!)
This “naming of things” also works well in other departments too.
I remember once someone telling me they incorporate their goals into all their *passwords* to help motivate them even more. They’d come up with things like “BEdebtFREE2020” or “DEC15FinishB00k!” or “N3tW0rth$200k”, haha… Which is super genius if you ask me, and only somewhat depressing if you happen to miss your goal ;) (Though it would force you to actually update your passwords for once!)
All this to say, naming your goals with something much more meaningful to you could help you slog through the times where you need it most.
You’ll still have to put in the hard work regardless, but at least you can be a little more invigorated along the way! And better yet – the creativity is completely FREE!
Who else is doing this out there?? What are some of the fun names you’ve come up with? ;)
Fun fact – Budgets Are Sexy was almost called “Saving Is Sexy” but Sandals Resorts was sitting on the domain, haha… Plus everyone already knows saving is sexy ;)
Fun Fact II – the word “sexy” shows up 10 times in this post… You’re welcome.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!