It’s officially football season again. Well, sort of. Training camps all over the NFL start up this week. And, it’s one player that’s going to camp a little lighter on the scales and much heavier in the wallet. That player would be running back Eddie Lacey newly of the Seattle Seahawks. That’s because he signed a contract this offseason that would guarantee him an extra $385,000 should he reach the team’s weight goals for him. So why was Lacy unable to cut weight during his three-year stint with the Packers, but has dropped a reported twenty-five pounds in the just over three months since he’s been with the Seahawks? Mostly because of what we preach here at Wela: Incentives, tracking, and celebrating the small wins. The same way Eddie Lacy was able to look at his weight goals differently is the same way Wela is changing the conversation around saving, budgeting, and investing.
So here’s how it ties into your budget and overall the whole way we have to look at finances differently going forward. You've read plenty of financial blogs that offer the same tropes daily, “Stop going to Starbucks and save or invest that money.” That’s sound advice just like the Packer’s advice to Lacy was when they said to stop eating fast food. But, it's unrealistic. At Wela, we’re telling you to keep going to Starbucks. Because if Starbucks was part of your morning routine yesterday, it'll probably be part of your morning routine tomorrow. Instead, what we’re doing is, providing you with our unique Daily Spend Limit system and tracking and adjusting your progress daily. This is how it works: You link your accounts to your financial institutions(checkings, savings, credit card, investment, etc.) and tell us your goals like taking a trip to Europe or saving up for a downpayment on a first home. After this, you’ll get a number that allows you to do the things you love like getting that Venti iced coffee each morning while also saving toward your goals.
The second part of the Seahawks plan for Eddie Lacy and your plan going forward to achieve your financial goals is to track the progress. For Eddie Lacy, this meant seven weigh-ins throughout the summer that each netted him $85,000 should he reach the required weight. With all of your finances in one place, communicating with each other, you’ll be able to see real time information on just how you’re doing on your goals. This will allow you to stay motivated while celebrating the small wins when you stay within your daily spend.
Lastly, the reason why Eddie Lacy was finally able to accomplish his weight loss goal is the most obvious one: incentive. It’s one that people continuously forget to do. No matter how many times your financial advisor or the internet tells you to save, it doesn’t make it any easier. Saving isn’t easy, and you should be rewarded when you show the discipline to put away money consistently. So, set your goals and when you hit those goals, do something special for yourself, you’ve earned it. Although you may not get a bonus of $85,000 every time you hit a checkpoint, you might just feel like it when you’re on the beach in Fiji.
Download the Wela app today to get your customized Daily Spend Limit and start living your best life.