Happy Friday y’all!
When setting money goals, it’s easy to feel overwhelmed.
Should you focus on saving? Investing? Paying off debt? Cutting expenses? The to-do list piles up fast, and suddenly, you’re stuck in analysis paralysis.
That’s why we swear by this one question when making financial decisions:
“What’s the ONE thing I can do now that will make other things easier or unnecessary in the future?”
This question forces you to focus on what will create the biggest impact—and save you the most money over time.
🎯 Prioritizing the Right Goal = Big Financial Wins
Let’s say you’re juggling multiple goals: paying off debt, saving for retirement, and covering day-to-day expenses. Instead of spreading your efforts thin, let’s apply the ONE question.
If paying off debt first means less interest paid, less new debt, and more freed-up cash, it’s the best first step.
📍 Here’s why:
-
Imagine you have a $5,000 balance on a credit card with a 20% interest rate.
-
If you only make the minimum $100 payments, you could end up paying over $6,000 in interest alone—more than the original balance.
-
But if you throw an extra $100/month toward the debt, you’d pay it off in less than three years and save over $4,000 in interest.
Once that debt is gone, you now have an extra $100/month freed up—money that can go toward long-term wealth-building.
💳 The Power of Freeing Up Just $100/Month
If you invest $100/month into a retirement account earning an average 7% annual return, here’s what happens:
-
After 10 years, you’ll have around $17,000.
-
After 20 years, it grows to over $50,000.
-
After 30 years, that $100/month turns into $117,000—from just $36,000 in contributions.
🪄 That’s the power of prioritizing.
⤵️ Apply This to Any Financial Goal
This question doesn’t just work for debt—it works for any money goal.
-
Trying to save more? Focus on the ONE expense to cut that makes saving easier.
-
Want to increase income? Find the ONE skill to develop that leads to better job offers.
-
Struggling with spending? Identify the ONE habit change that eliminates impulse purchases.
By focusing on the most impactful action first, you set off a chain reaction that makes everything else easier.
So next time you feel stuck, ask yourself: “What’s the ONE thing I can do now that will make other things easier or unnecessary?”
The answer could save you thousands.
🎦 Don’t forget to check out this week’s Sunday Reset, a fun little recap on the Youtube channel!
Anyone else feel a little lost when it comes to budgeting strategies? Jen and Jill have us covered in Tuesday’s Beginner’s Guide to Zero-Based Budgeting: Your Path to Smart Saving! (Ep 490)
If you were shocked to hear about deceptive product reviews in Wednesday’s Friendletter, just wait until you hear today’s deep dive into icky marketing strategies. You do not want to miss Ep 491: How Marketers Use the Same Tactics as Cults with Dr. Mara Einstein!
Tune in wherever you get podcasts and let us know what you thought of the episode over on our latest Instagram post!
✅ Listen: If you want to hear more tricks for making things easier, listen to the 4-Hour Workweek by Timothy Ferriss on Libby!
✅ Read: A brand new pub—Gentle. Rest More, Stress Less, and Live the Life You Actually Want by Courtney Carver. 📚
✅ Do: Play around with a compound interest calculator to see how your one change can pay off big.
✅ Meal Prep: Something simple. Let Cook Smarts take the guesswork out for you. Use our link for a free week of meal planning! 📝**
Spending is a skill and you can learn to master it. If you’ve ever struggled with being unable to stick to a budget or felt guilty about spending on something you enjoy, Jen and Jill’s debut book is going to be your next favorite read.
Onward, friends!
Misti
⭐️⭐️ P.S. Want to share all this goodness with your friends AND earn cool Frugal Friends merch?
**Means this is a sponsored or affiliate section. We may earn a small fee or commission when you choose to try one of our sponsor or affiliate partners. But opinions are still 1000% our own.
