What’s It All For, Don Draper?

This post is an adaptation of YNAB's fan-favorite newsletter, Loose Change. Sign up for more where this came from.

In the opening credits of Mad Men, the handsome and successful advertising executive, Don Draper, is in a free fall. His silhouette tumbles past skyscrapers and billboards adorned with beautiful women, cocktails and grinning families. Over seven seasons, even as Don rises from a no-name fur coat salesman to founding partner at a Madison Avenue firm, he also sinks to new depths of depravity and unhappiness.

The great irony of the show is that while Don seems to know what other people want (he can sell them mink coats, cigarettes, and cars), he doesn’t know what he wants. So you see him, armed with charisma and a nearly unlimited wallet, cycle through ever-larger homes, cars, and so many Canadian Club whiskeys.

Don’s aimlessness is extreme (making for great TV), yet we can all recognize the question he’s fixated on: “How do I get more?”

Never does he ask, “What’s it all for?” This is a question we at YNAB have been helping people answer for decades: “What is my money for?”

You can go all Eat, Pray, Love on this question and use your money to fulfill the dream you've had in your back pocket all these years. But you can also go brass tacks—the life-changing magic of Eat, Pay Loans—and focus on paying off your debt.

If Don Draper had known what his money was for, that might’ve helped him know what it all was for. (Just think of the future therapy bills it would’ve saved his children.) 

You can’t live an examined life nowadays and not include your spending. In almost every arena, from home to health to hobbies, you’ll be faced with spending decisions that have the possibility of moving you closer to or further from the life you want to live.

There’s something kind of scary and overwhelming about that when written so plainly, but I think that’s because we’re conditioned to think there’s a Right or Wrong answer to every spending decision. 

And when we don’t know what’s the best use of our finite money, sometimes we choose to spend money in ways that we think will help us avoid the criticism or skeptical eyebrow raises of others. Maybe Don Draper would’ve been secretly happy fostering 19 cats and playing harmonica in a garage dad band instead of buying expensive jewelry for women he would soon tire of. We’ll never know because he didn’t try to find out. For all the freedom that his money could’ve supplied him, he floated along in a kind of lazy river of consumer spending.

Yes, Mad Men would have sucked if we had to watch Don diligently put aside money for replacement tires on his Cadillac Coupe de Ville. It makes for great TV when characters are on the edge, skirting disaster, but it’s no way to live. At YNAB, we want you to never worry about money again. We teach one method to everyone, whether they’re a junior fur coat salesman or a boardroom boss: give every dollar a job.

We’re used to asking ourselves, “How badly do I want this?” But real confidence and contentment come from understanding the other ways your money could be used. You look at your immediate needs, future goals, and the “unexpected” expenses that will inevitably come up. This gives you a broader picture of what you actually want your money to do for you,  not just a passing flare of boredom or fascination.

Sure, you could just wing it and hope a huge salary gets what you want. Take the edge off with a few dozen Pall Malls and mid-afternoon whiskey. But life is so much simpler when you know what it’s all for.

Tired of worrying about money? You're not alone. Get YNAB, get good with money, and never worry about money again.

‍

Good With Money: A Look at Real YNABers

Barbara sent us this note from Florida about how she got in over her head with bills and credit cards and hadn’t told her husband. Here’s how they turned it around and have a stronger relationship around money than ever.

“Due to financial mistakes (mostly on my part), I was signing up for credit cards that were 0% interest for 12 months to two years. I would then pay the minimum plus some on all of them. It came to the point where I realized I could no longer do that. My husband had relegated all bill paying to me years ago, so he was unaware of the situation I had gotten us into. 

When I told him what was going on, he was totally shocked. He then admitted that we should have been working together on our finances for the whole time of our marriage (now 46 years) instead of placing that burden totally on my shoulders.

Our therapist recommended a money coach. Not too long after the coach started working with us, she gave us the assignment of finding a budgeting software. She recommended YNAB along with a couple of others… that was the beginning of our YNAB journey.”

Barbara's husband withdrew money from his retirement account, enough to pay off all the credit card debt with still some left over for emergency situations (smart!). They then canceled all the credit cards except one, and started channeling the credit card rewards into their new van fund. They had planned on waiting another year to replace their 17-year-old van, but during a 45-minute trip home—on a 93° afternoon—the air conditioning quit. They tried opening the windows, but only the driver's window would open…

Looking at the cost to repair their well-traveled van (245K miles), they decided to pivot and look for a new van now. They found one that could fit the eight passengers that they needed. It even fulfilled Barbara's dream of leather seats, her “most wanted desire."

“The best deal of all was that we were able to pay for it with cash! Now we're starting to replenish our new vehicle fund so that when that time comes, we will be able to again pay cash.”

‍What trade-offs do you make to prioritize the important stuff?
‍“We budget each month a certain guilt-free amount of money for each of us that the other spouse has a no comment policy over purchases.”

‍What category most represents your values?
‍“Our contributions category is the most meaningful because it sends money to our church and to missionaries with whom we have close friendships. All of these groups could not minister to others without monetary assistance.”

‍#1 thing you’re saving for?
‍“Replacement of our home air conditioning system.”