Money. money, money
Must be funny, in a rich man’s world
- Abba
This lovely and very revealing month’s study began when I got a book out of the library called Worry-Free Money by Shannon Lee Simmons. It was a delightfully easy read and gave me (and my husband,) plenty of things to think about and a couple fresh new spreadsheets.
Money is one of those things that I really never like to think a whole lot about. I have enough for my needs, not enough for my wants and the whole financial system is fraught with complexity and confusion and sometimes, high emotions. And so, much like my approach to politics in my 20’s, I just kind of ignored it. My husband, on the other hand, feeling the intense pressure of being the only one with a steady pay cheque and with an eye on retiring (or at least downsizing his job to something less stressful,) really was taking this money thing seriously and I figured, it’d be good for my #becomingaresponsibleadult mission to see what I could learn.
Worry-Free Money was a great little foray into the common sense rules of managing one’s finances and really worked to help me reclaim my money mojo. Simply the act of investing (get it?) some time looking at my spending created a different mindset for me. Simmons is very gentle and practical in her approach and makes understanding what the actual fuck is going on in the world of money pretty straightforward. Turns out the old adage “a penny saved is a penny earned,” still rings true. (Except for the penny part, because we don’t mess with those anymore.) Here’s my big takeaways:
Figure out what you actually spend over an average 3 month period - I was surprised by how much those trips to the cafe with the kids actually cost in the long run!
Actually save throughout the year for expenses like Birthday and Christmas gifts, car and house repairs, summer holidays, etc.
Actually save. (But also have a payment plan in place for debt.)
Accruing wealth really does just come down to (a) spending less and/or (b) earning more.
Spending on items provides you with an “emotional return on investment.” If that isn’t high, reconsider buying it. (Don’t let your FOMO and YOLO make you BROKE-O.)
STOP COMPARING YOURSELF TO OTHERS. This goes in all things, but especially when it comes to money. You are not others and quite frankly, most of the time, you have no idea what their story is. They may be swimming in debt, they may have a crazy inheritance from their grandmother. You don’t know and it’s none of your business so just stick to your business, which ought to be rollin’ in that chedda, yo.
Money talks don’t have to be personal. It doesn’t need to always end with (me in) tears.
Also relax. Have you been taken care of financially thus far in life? If so, chances are that will continue. If not, take a breath and educate yourself. Knowing what is possible will move you in a positive direction and allow you the space to grab your money by the billfold (or whatever that saying is,) and move towards financial freedom. Believe it is possible.