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On the third day of my daughter's move to Philadelphia in September 2024, I've been reflecting on how my spending aligns with my values and goals. My older child is now working full-time, and I've been encouraging her to become financially independent. Although we still share certain expenses like Amazon Prime and Rideshare accounts, she's mostly covering her own costs for food, shelter, and clothing. This change should leave us with some additional funds each month, although it varies due to our younger child being in college.
I've made promises to support my daughter, such as paying for her travel when she visits, and helping her with her recent apartment move. While I initially planned to give her an espresso machine as a housewarming gift, I ended up covering more of her moving expenses without asking for reimbursement. For me, supporting my kids is a priority, and I'm willing to invest my time and money in their well-being.
I don't use the My Money life spending tab to track our monthly expenses against a strict budget, especially now that Mint is gone. Instead, I've grown to appreciate Pocket Guard and make a point to review and categorize my expenses daily. Over the course of six months or a year, I assess our spending categories to ensure they reflect my priorities, such as family, charity, and travel (while prioritizing essentials like food, shelter, and clothing).
By closely monitoring our expenses, I aim to gain a clear understanding of our financial needs in retirement and avoid any unpleasant surprises. This long-term financial planning allows me to maintain my lifestyle without compromising on my values and goals.
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