Pop singer-songwriter and cultural phenomenon, Taylor Swift, is one of the most in-demand acts today, with the iconic Eras Tour the first to cross the $1 billion threshold.
There are so many impactful lessons that can be learned from the electrifying Swift; her anthology of songs includes lessons in love and loss, friendship, finding yourself, being true to yourself, how to shake off disappointments and live your best life, and so much more. Even if she’s not singing about money specifically, Swift’s lyrics also inspire financial lessons we can learn from.
Take budgeting: If looking at your bills and bank account has you feeling frustrated and financially drained, you may all too well relate to Swift’s lyric “and I sound like an infant, feeling like the very last drops of an ink pen.”
That’s not to say that things are hopeless. Thankfully, some strategies can be practiced to help alleviate the feeling of financial defeat. But you should dive in headfirst, fearless.
As Swift sings, “This is in your power, after all.”
Don’t wait to get started
Starting a new financial way of life can feel daunting. But take inspiration from Swift — “It only hurts this much right now … Breathe in, breathe through, breathe deep, breathe out.”
Set yourself up for success. Take this time to analyze your income and your spending. The sooner you gather this data, and the sooner you can begin, the better. I created a free budget worksheet that can be a helpful tool along the way.
‘Speak now’
As you set your budgeting goals, speak them out loud. Manifest them to yourself and the universe.
Write down your goals, as studies show writing goals raises the chances of achieving them. If you have a trusted support system, tell your friends and family so they are aware of the changes you’re making so that they can help support you on your new path and be there to hold you accountable.
Building this foundation is an important early step.
Pay off debts like ‘a mastermind’
Once you have assessed where you are now and have laid out where you’d like to be, you have to map the steps you’ll need to take to get there. Most often, tackling debt is one of those steps.
Focus on paying off debts as best you can and practice healthy financial habits; pick a payoff strategy you can stick with that lets you knock down balances while using other strategies to avoid racking up new debt.
Eventually, you’ll find yourself debt-free and singing, a la Swift: “I laid the groundwork and then, just like clockwork, the dominoes cascaded in a line … it was all by design, ’cause I’m a mastermind.”
‘Let old [spending] habits die screaming’
You don’t have to, as Swift puts it, “get older but just never wiser.” As you’re building your financial plan and reviewing your budget data, keep an eye out for common bad financial habits that you can correct or modify.
For example, do you have a habit of “feelin’ so Gatsby,” as Swift describes, and spending lavishly? Do you tend to impulse spend? Do you subscribe to retail therapy? Are you finding a pattern of trying to keep up with the Joneses?
Just remember — you don’t need to be literally bejeweled to “make the whole place shimmer” like Swift. There’s no need to buy things just to impress others. You should live the lifestyle that is best for you.
Review your subscriptions, memberships
Do you use all of your streaming services? Are you subscribed to something that doesn’t provide the value equivalent to what you’re paying for it? Cancel it.
If you’re “down bad crying at the gym,” as Swift puts it, maybe cancel your gym membership. (After all, at-home workouts are way less expensive, and walks outside are both free and good for your mental health. It could be a win-win.)
Lean into free ways to have fun
Having fun doesn’t always have to cost money.
Libraries are a great source of entertainment and your city likely provides free or low-cost classes and activities. Laughing with friends is free, love doesn’t cost a thing, and cherishing the people you love in your life is priceless. And if you’re looking for more to do, google “free fun things” in your area. Almost every area has a local blogger who would be happy to show you how to have a good time without spending good money.
Aim to be, as Swift puts it, “too busy dancing to get knocked off our feet. Baby, we’re the new romantics, the best people in life are free.”
Leverage technology
Take inspiration from Swift and use technology to your advantage to say “get it off my chest, get it off my desk” about your recurring bills and for building your savings. Automate funds to go directly into your savings account when you get paid, and set your regular bills to auto pay so your mindset can stay in a “Lavender Haze” instead of seeing “Red.”
— By Winnie Sun, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners. She is also a member of the CNBC Financial Advisor Council.