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67% of Gen Z adults say they struggle to afford their housing costs, the highest of any generation. 

Feels good to be a winner.

This isn't a discipline problem. Given boomers were seemingly able to work their way through college, drink more alcohol, and were hired if LSD was listed under the skills section of their resume, discipline truly isn't the issue. 

Costs have risen faster than entry-level wages for a decade, and big purchases like cars, rent, and travel hit harder when your cushion is thin.

The game is harder. Which means you have to be more intentional in order to succeed. 

Part of intentionality comes with thinking ahead. So let's figure out how to buy whatever you want through good old foresight. 

Big purchases feel overwhelming because you stare at the price tag and your bank account at the same time. Bad idea. We know the price tag is 3-4 digits and your checking account is 2-3. Here’s what you should do instead:

For some stuff this is simple. For instance, a laptop (if you are just getting the laptop) is $1,200. 

But other stuff might come with add-on expenses, like a laptop with AppleCare or a car with regular insurance and gas expenses. 

Separate the one-time cost from the monthly recurring cost.

Before a single dollar goes toward your goal, ask yourself two questions: 

If you're putting $200/month toward a vacation while $2,000 sits on a credit card at a high interest rate, your vacation is costing you a lot more than you think. 

Eliminate the debt first and build some sort of cushion. 

Then save for the fun stuff. It’s important to save responsibly, kids.

Here's the Purchase Equation:

(Purchase Price ÷ Monthly Savings) = Months Until You Buy

If a $900 phone is your target and you can save $150/month, you're six months away.

Now make it automatic. Open a separate savings account, name it after whatever you're saving for (calling it something like “New laptop” or “Lux booty lift” really adds to the motivation), and set up a recurring transfer on payday.

This is a simple way to save. Where things get complex is when the price of something is harder to calculate, such as a vacation. 

When it comes to vacation, you don't know exactly how much you're going to be spending, but you can approximate.

Think about what you're going to do and the three largest expenses you'll face, which are:

How often are you going to be eating out, and what is that going to cost? Are you going to be taking any tours? How much is airfare? While it's hard to get a perfect number, you can reasonably approximate.

Knowing the cost is the first step.

Remember the Purchase Equation from above? I turned it into a spreadsheet so you can't use "I don't know how to do the math" as an excuse anymore. 

You're welcome and I'm sorry.

Make a copy, drop in your target purchase, your take-home income, and your savings rate. 

It auto-calculates your monthly savings amount, how many months until you can actually buy the thing, and your real first-year cost once you factor in recurring expenses. 

There's also a readiness checklist. Answer honestly, it isn’t as judgmental as me.

Also, quick reminder that I am not sponsored by any of the tools I note here. I wish I was! These are just the tools I use.

Pick one thing you want to buy in the next year. Something you’ve been thinking about for a while.

Now plan how you can purchase it.

Feel free to use the Purchase Planner, plug in the numbers, and find out how far away you actually are.

Or use your own system. But you don’t need to let your dreams be dreams, kids.

No budgeting overhaul or drastic lifestyle change.

You can do anything you put your mind to. ;)

Thank you so much for being a part of this newsletter. I am grateful to write to you weekly and I hope this helps you feel more confident with your finances.

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