
When it comes to managing personal finances, we generally see two types of people: those who treat money like a sprint and those who treat it like a marathon.
The sprint mentality encourages you to focus on one financial goal at a time — it’s especially trendy now, as we see more articles like “How to Pay Off Your Loan in X Amount of Time” or “How to Save for Your Vacation in Two Months” popping up online.
But there’s also the mindset that slow and steady wins the race. Marathon mentality encourages you to save a little for different goals over time — instead of having small wins more often, you work steadily toward multiple goals over a longer period.
Which one works better for you — sprinting or marathon running? Let’s do a quick pros and cons check for both.
Sprints: The faster you save, the faster you get there
Paying off something 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.
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. If you’re the kind of person that likes to have multiple wins along your path, you might be a sprinter.
Cons: You may not see the entire picture because your focus is narrow. This can create reactive behavior when it comes to dealing with money — which can cause a lot of stress. Sprinters often forget to enjoy the journey between start and finish (you know, that thing we call life).
Marathons: Slow and steady wins the race
Marathon runners take a more balanced approach. They don’t 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.
Pros: Because your money is more diversified, you have room to be proactive 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.
Cons: Focusing on several goals all at once means that you’re going to be making slow progress. 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.
Why not balance them both?
Neither approach is perfect nor inherently wrong — and you may find that one works infinitely better for you than the other. But take a look at your financial goals and consider how a mix of both might help you win the race.
You can choose parts of each mindset that work for you. Maybe you focus on one goal but stay prepared to change course if something comes up. Keep an eye on the big picture by checking in with yourself to make sure you’re not at risk of burning out.
Find what works best for you, your goals, and your money. Are you a sprinter, a marathoner, or somewhere in between? Share it with us below.
Sprinter or marathoner, these savings tips are for everyone.
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!