Declutter and Simplify Your Financial Life
TAKE THIS SELF-QUARANTINE TIME TO DECLUTTER AND SIMPLIFY YOUR FINANCIAL LIFE
“The first step in crafting a life you want is to get rid of everything you don’t.” – Joshua Becker
Our lives are disrupted. Many of us are working from home, some of us have become (unprepared) teachers, and many of us are watching market volatility and its impact on our portfolios. During these times it is normal to feel overwhelmed or helpless, but there are things we can still control!
We have been advising our clients and community to take this time to declutter, simplify, and focus on what matters most!
Where should you start? Keep reading this article and hopefully it will offer you some guidance with these S-I-M-P-L-E steps:
S – start with something easy
I – imagine where you want to be
M – make steady progress
P – pare down and pare down again
L – look for ways to bless others
E – engage in the process
Start with something easy
Pick an area to start with that will be easy to declutter and organize. This could be as simple as sifting through random papers at your desk or downloading and organizing banking apps on your phone. Avoid starting in areas that may be a longer process until you have built up some momentum.
Imagine where you want to be
“Your most important work is always ahead of you, never behind you.” – Stephen R. Covey
First, make a list of the milestones you would like to reach. Examples might include a child or grandchild’s education, starting a business, retirement, or home downsizing. Please be sure to share these with us! We would love to help you achieve these goals in any way we can.
Second, make a list of your essential financial documents (i.e. wills, trusts, titles, statements, etc.) and come up with a way to store these documents. Consider both online and offline storage and which method is appropriate for each document. Some official or original documents (i.e. titles and estate documents) need an offline storage system. Whereas financial statements, bills, etc. may be better stored in cloud storage.
Finally, look at your spending. This might be completing a budget for the first time, dusting off an old version, or just reviewing your bank and credit card statements. We have several different budgeting strategies. Please reach out if you’d like to give them a try!
Need a budget template? Click Here
Make steady progress
Small efforts consistently usually prove to be more sustainable than large extravagant efforts. You can avoid burnout by doing a little each day. Do not rush the process to avoid making hasty decisions and allow yourself to examine motives or logic.
Pare down and pare down again
Do you need the HBO and cable subscription if you have both Hulu and Netflix already? Or vice versa? Is the Hello Fresh or Blue Apron subscription necessary? Think about what is necessary or what could be eliminate or combine to make your financial life simpler.
Look for ways to bless others
Think about supporting the local economy as it impacts all of us. Try ordering takeout once a week or purchasing a gift card from a local business for your friend’s birthday. Maybe take the time to declutter your home and donate items as they could bring joy to others. It is all about perspective, so just do what you can!
Engage in the process
It is not just about decluttering and simplifying your financial life. It is also the process of developing awareness of your financial health. This process is about you – taking back control and creating a financial life that you want to live in. Use this time to construct a healthy financial life and routine so that when it is time to emerge and enter back to your regular routine, you can do so with a new focus and “decluttered” life.
This blog is inspired by Mary Gallagher’s article, “Take This Self-Quarantine Time to Declutter and Simplify Your Life.” Click the link below for the original article:
https://medium.com/healthy-mind-healthy-life/take-this-self-quarantine-time-to-declutter-and-simplify-your-life-c63aba1d70b8