Frugality Magazine - Frugal Living Tips for Financial Freedom

How to Finally Find the Time to Fix Your Finances Once & For All

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If you’re reading this article then you already know how important it is to dedicate time and energy to managing your money.

That’s not up for debate.

The real question is how to actually find the time to do this in our ever more hectic lives.

Trying to balance family, friends and a career can leave little time for making strong financial plans.

So what are you to do?

Personally I spent years in a similar boat.

I wanted to get my finances in order, but there always seemed to be something else more pressing.

Before I knew it another year had passed and there I was making the exact same New Year’s resolutions.

In this article we’ll discuss the steps I took to “create” the time required to manage my money…

Understand the Importance

The first step for finding more time is simply committing to the importance of this process. We all have only so many hours each week, and we decide how to prioritize the tasks we fit into them.

Those tasks that we find boring, painful or intimidating tend to subconsciously receive a lower priority than the more enjoyable ones.

Who would choose balancing their checkbook over dinner out with friends?

Little wonder that so many of us burn through hour after hour of TV each week while allegedly not having the time to manage our money.

The first step therefore is to accept this reality.

Managing your money is important – some might argue crucial.

So make it a priority, and be prepared to put it ahead of other more appealing alternatives.

The funny thing, of course, is that as you start to get your money under control it actually becomes ever more enjoyable – you just need to take the first step.

Ruthlessly Unsubscribe

Over the years I’ve slowly subscribed to all manner of communication. At one point I was on hundreds of different email lists, subscribed to dozens of different blogs, received magazines in the post and more.

It was taking me so long to sort through all this that I actually wasn’t enjoying it any more.

I never quite got around to really reading that blog post or email that I’d saved. Or by the time I did get around to it, it was no longer relevant.

That’s when I started a process of ruthlessly unsubscribing from anything that wasn’t bringing me value.

As it turned out, by removing my details from 99% of these sources, I not only wrestled back a huge amount of my personal time, but I was also able to really enjoy those few sources I kept.

In doing so, I created a load of time each week.

I was able to manage my money instead of combing through all those junk emails just to keep my inbox empty.

So ruthless unsubscribe from anything that doesn’t add value to your life on a consistent basis. And keep on doing it. 

Start Saying “No”

We all want to be liked by our families and our peers. It’s just so tempting to say “yes” to anything.

Will I look after your dog next week? Yep.

Will I work an extra shift on Friday? OK.

Can you start work early tomorrow? M’kay.

Before you know it, there are no hours left in the week.

So start saying no.

Do it politely if you need (have an excuse or two up your sleeve) but start taking back control of your time.

Stop donating your time to others, at the expense of your own financial situation.

You’ll be surprised just how freeing this process can really be!

Take a Vacation

This might seem like an extreme solution, but taking a vacation helps to eliminate many of the normal everyday stuff that fills our days.

No more laundry. No ironing. No cleaning or gardening.

Stay in the right hotel and you won’t even need to worry about cooking or washing up.

My four months in France was the perfect opportunity to do some serious talking, thinking, reading and planning. Indeed, my girlfriend and I came back with a very clear plan as to what we wanted to achieve over the next few years – and how we were going to achieve it.

Thanks to that time away we’re already part way to achieving the very clear goals we set.

Of course, you don’t necessarily need to take 4 months in a foreign country (though I’d highly recommend it if you can!). Even a long weekend away can be enough of a change of scenery to make some lasting plans.

And yes, frugal readers may gasp in horror at the thought of unnecessarily spending money on a hotel or AirBnB, but think of it as an investment. If it frees you to sort out your money and start planning for the future then it may be one of the best possible ways to spend your money to secure a stronger financial future.

Plan in “Me Time”

Making financial plans requires uninterrupted time and focus. If you’re constantly having your attention pulled in other directions then you’ll never get yourself into a position to get your finances sorted once and for all.

It’s crucial therefore that you remove these distractions – and that entails some serious “me time”.

Consider how you might achieve this.

  • Could you pack your kids off to their grandparents for the evening?
  • Could you take a day of vacation to just sit at home surrounded by notebooks, bank statements and calculators?
  • Could you book yourself and your partner into a nice hotel for the weekend with the primary focus on financial planning?

However you do it, consciously plan some “me time” where you don’t need to feel guilty about focusing on just your money for a few hours.

Try a Digital Detox

Facebook. Twitter. Emails. Text messages. Phone calls. App notifications. We’re all jumpier than we’ve ever been before, constantly fiddling with our phones and tablets.

Many social gatherings I go to now involve a group of people sat in silence playing on their phones rather than communicating with each other directly.

Could a digital detox help you to find the time to sort out your finances?

  • Consider turning off your phone (or at least putting it on silent in another room).
  • Stop checking social media.
  • Ignore those emails for a weekend.

It might feel odd – uncomfortable even – but it might be just what you need to free up time for the more important things in life.

Reduce Your Household Chores

A few years ago I used to spend every Saturday doing chores. Cleaning. Tidying. Washing the windows. Cleaning my car. Laundry and ironing.

I started first thing in the morning and finally got done late afternoon, at which point I collapsed onto the sofa for a nap.

Eventually I realized that I didn’t want to work all week long, just to waste one of my precious days off on household chores.

So I made changes to reduce this.

  • We moved to a different property which required less maintenance.
  • I started doing some chores in the evening, which meant much less to do each weekend.
  • I arranged to have our groceries delivered which saves several hours each week (factoring in the drive to/from the store).

I’ve now got my weekend chores narrowed down to just a couple of hours – after which point I’m free.

This means more time available for the things that really matter; whether that’s spending quality time with friends and family or – in this case – making financial plans for the future.

So consider your weekly chores, and what you can do to reduce these.

Heck, why not just ignore the cleaning for a single weekend, so you can get your money in order?

There’ll always be next weekend for the laundry, after all.

Conclusion: The Importance of Subtraction

If you want (or need) to find time to manage your money then the most important concept is “subtraction”.

Life is already packed for most of us; what can you stop doing, and how can you stop doing it?

Only by figuring out this conundrum will you succeed in finding the time for your money.

So why not turn the computer off right now and get planning?

Break down the hours you’re not either at work or asleep and consider what you can eliminate or minimize – even temporarily – to wrestle back time.

Then take action – and prepare for the most empowering weekend you’ve had in years!  

We're busier than ever before and many of us don't have time to make proper financial plans for the future. This article looks at proven tips and advice on how to finally *make* that time so you can get your money under control once and for all.

Richard

Sun-worshipper and obsessive frugality blogger. For loads more money-saving advice come and join us on Facebook.

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