When it comes to managing personal finances, we’ve all met those who treat money like a sprint, and those who treat it like a marathon. The sprint mentality is especially trending in the blogosphere with articles like “How to Pay Off Your Loan in X Amount of Time” or “How to Save for Your Vacation in Two Months”. But there’s also the mindset that slow and steady wins the race, encouraging you to save a little for different things over time. So, what do you think, is one approach better than the other?
The Pros and Cons of Being a Financial Sprinter
Paying something off quickly or saving a ton of money over a short amount of time sometimes just feels good—and some of us really enjoy the challenge.
The Pros
Gaining momentum is great for the quick wins—it puts you ahead at the beginning of the race. And focusing on checking one goal off your list at a time can make other goals feel less daunting.
The Cons
You’re not seeing the entire picture because your focus is so narrow. This creates a very reactive behavior when it comes to dealing with money—and that can cause a lot of stress. Sprinters often forget to enjoy the journey between start and finish (you know, that thing we call life).
The Pros and Cons of Being a Marathon Runner
Marathon runners take a more balanced approach. They don’t try and set the bar too high—they set it high enough so they can achieve their goals while also taking a moment to smell the roses. It’s all about pacing yourself.
The Pros
Because your money is more diversified, you have room to react to things happening in your life and shift your focus when something unexpected comes up. And you’re always working on more than one goal at a time—making progress on many goals instead of just one.
The Cons
Focusing on several goals all at once means that you’re going to be making slow progress. So it’s easy to get bored or discouraged with a goal because it takes so long to accomplish and it may seem like others are passing you in the race.
Balance it Out—Be Both a Sprinter and a Marathon Runner
Neither approach is perfect nor inherently wrong. But a mix of both might be what you need to win the race depending on your financial goals. So why not take a hybrid approach? You can choose which parts of each mindset work for you. Focus on one goal, but don’t be afraid to change course if something comes up. Keep perspective and check in with yourself to make sure you’re not at risk of burning out.
So, do you think you’re a sprinter, a marathoner, or something in between? Share and tell us.
Comment on this article
Comments
Reginald B. on April 19, 2017 at 2:46pm
I like how to article gave the pros and cons of both mindsets. I like even better how if suggested that one incorporate both mind sets.
Ally on April 20, 2017 at 1:48pm
Hi Reginald, glad to hear you enjoyed the article. We appreciate the feedback!
Patricia on April 21, 2017 at 8:20am
I like this article. After reading this article I see myself as a Marathon runner.
Connie C. on April 21, 2017 at 10:58pm
I'm a sprinter however I am able to readjust should a need arise and then return to my goal. Off course I make sure to live a little along the way -taking mini vacations which I consider a necessity and also my way to continue living my childhood dream (as well as living in the moment) of traveling the world!! I do want to thank you for making me aware of the reactivity brought about by the narrowness of sprint goals. At the same time I like that my approach helps me appreciate my accomplishments - I graduated in 2011 w/$60K+ school debt and I've already paid half of it making the sprinter in me giddy!
Ally on April 24, 2017 at 10:49am
Hi Connie, it's all about what works best for you. Thanks for reading and sharing your opinion!
Ally on April 24, 2017 at 11:14am
That's great, Patricia! Thanks for sharing!
A s. on April 24, 2017 at 8:54pm
I'm looking to adapt some more marathon values. Sprinters get burned out quickly. I would like start creating some long term goals.
Henry on January 8, 2018 at 10:38am
This is a great article. I feel that I am a little of sprinter, yet mostly a marathon runner. My savings at Ally is a big help, yet my 401(k) and IRAs are very important too.
Ally on January 12, 2018 at 10:48am
Hi Henry, glad to hear we're able to help. We're thrilled to be your financial ally!