Let’s Talk Money For A Second.
We keep repeating that time is like money, and somehow this realization is supposed to help us manage our time better. But what if we’re a bit lost when it comes to money, too?
The simple truth is, there is no formal way of learning about how to handle money; It’s not a part of any class in school, and we’re expected to pick it up from our family and friends. The result is debt, threat of foreclosure and despair.
So How Do You Start Being Smart About Your Money?
You start implementing simple hacks to your routine that allow you to keep a similar lifestyle while getting out of debt and even save some cash. In this manner, money is exactly like time, and in today’s episode I bring you the absolute GURU of getting out of debt using boot-strapping hacks – Amy Robles, of WomanEnriched.com and The Family Knot Podcast.
What Will You Learn In This Episode (What’s In It For YOU)
In the spirit of the Time Hackers podcast, Amy is here to share her top 3 tips on how to be smart about your money, and I will show you how every tip she gives about money you can turn around and use for time.
Ready? Let’s do it!
Tip #1: Accountability.
Money: Determine Needs vs. Wants. Once you did that, stay away from your temptations – do not go into stores you know you can’t leave without less cash in your pocket than what you had when you entered.
Be REAL. Give yourself, your friend, your spouse 3 specific reasons WHY you NEED this purchase, weather it’s shoes, purse or iPhone 6+. To make sure you don’t loose your way, write down your reasons and text them to your accountabilabuddy! This way, you always know someone has your back, even if you’re about to slip.
Time: Accountability with your time is what allows you a way out of your own fears and self-doubt. Announcing out loud, to someone you trust, WHAT you will be achieving and WHEN you will be achieving it gives you a real deadline to live up to, and helps avoiding the fear of “Still Not Good Enough”. For a free, step-by-step guide to make you the BOSS of accountability click here, and for my episode on 3 ways to keep yourself accountable when in need (… and there is no accountabuddy to be seen) click here.
Tip #2: Minimize Choices
Money: Set a budget. Now decide that what is in the budget will be either A or B. Not A, B, C, D, E or F…too many decisions lead to foolish decisions and more importantly, waste your brain power. You have a lot of other choices to make. If you want an example of how too many decisions lead to time and money waste just think of the toothpaste isle in your local supermarket.
Time: Always have 1 top priority. Focus is everything, because when you decide in advance that you are investing your time and efforts in X you know that even if Y,Z,P,T or G come along – you will not put thought into the possibility of indulging int hem – you KNOW that today you are invested in X. Period.
Tip #3: Keep life simple.
Money: Your budget becomes your own personal Bible. Now that you’ve worked so hard to build it – there is absolutely no sense in throwing it away when you are so close!
Want to go out on Friday and Saturday? Sorry, not in the budget. Pick one night and enjoy it! Know to enjoy what you can, but don’t overindulge. Keep it simple.
Another example is shopping: One pair of shoes in, one pair of shoes out. Your closet can’t give up the prime real estate.
Spending too much on grocery shopping? (I know I do!) Rotate meals. 15-20 meals your family LOVES to eat. Then rotate. Less $ spent on groceries, easier to meal plan. Big time money saving all around.
Time: When it comes to time, the hardest part is not staying within your time budget, but to realize you HAVE a budget for your time. Creating a to-do list is great, but let’s take it one step ahead: put your to-do list on the calendar; Alongside your meetings, commute, calls, meals etc. Are you within your budget? Do you know how much every task costs in time? Can your daily time budget afford this expense?
If you want to start keeping up with your time budget, you can learn how to estimate your tasks by clicking here and if you want to start using that calendar the RIGHT way simply click here.
I hope this episode and post were useful, and that you will now have both more TIME & MONEY!