‘I’m not saying that I literally struggle to make ends meet each month—I know I’m in an extraordinarily fortunate position and it’s a privilege to even have this particular concern’: Am I putting too much pressure on myself by trying to do it all at once?

Hi Money Minder,

So, I’m 26 and living in a city where everything costs an arm and a leg. I make $115k a year, which ends up being about $3k per paycheck after all the deductions. I put 6% into my 401k, my employer matches it, and then I’m left with $6000 per month to play around with.

At the end of the month, I stash away $1150 in my high-yield savings account, $300 in ETFs, and $700 towards my student loans (down to $5700 now from $23k, almost there!). But once all my bills are paid, I’m left feeling like I can’t really enjoy myself with my friends and just chill like a normal 20-something.

Don’t get me wrong, I know I’m lucky to be in this position, but sometimes it feels like I’m spreading myself too thin. Am I trying to do too much at once? Am I putting too much pressure on myself?

Thanks, A Young Professional Trying to Adult

Response from THE MONEY MINDER:

Hello There,

Congratulations on your commitment to financial responsibility and your progress in paying off your student loans. It’s clear that you are diligently setting aside funds for savings, investing, retirement, and debt repayment, which is impressive. However, it’s completely understandable that you feel stretched thin at times, especially when it comes to balancing your financial goals with enjoying your life and social activities.

It’s essential to strike a balance between focusing on your financial health and allowing yourself some breathing room to enjoy your youth and friendships. It may be beneficial to reassess your current budget and see if there are areas where you can adjust your allocations to give yourself a bit more wiggle room. Consider earmarking a specific amount each month for leisure activities or socializing to ensure that you have some funds set aside for enjoyment.

Additionally, it might be helpful to explore creative ways to cut costs without sacrificing your overall financial goals. Look for free or low-cost activities to do with friends, host potluck dinners instead of dining out, or take advantage of discounts and deals in your city. Remember, your financial journey is a marathon, not a sprint. Finding a sustainable balance that aligns with your values and priorities is crucial for long-term success.

Ultimately, it’s essential to give yourself permission to enjoy your life while still being financially responsible. Making small adjustments to your budget and mindset can help you strike a healthier balance and alleviate some of the pressure you feel. Stay focused on your long-term financial goals, but don’t forget to enjoy the present moment as well. All the best from THE MONEY MINDER.