I have a dream of going into the weekend with a clear mind. To look back on the week and see what I have accomplished, to identify the major items that need focus the following week, and to make room to enjoy the weekend with family and friends and myself, giving me some much needed breathing time to restore my energy levels and to refuel my creative juices.
I've never been able to achieve that.
The reality is that I usually start the Friday off with good intentions, waking up early, not with anticipation, but with anxiety, knowing that there is so much to do and so little time. And my money is a big part of it.
Our time =money
Think about it, most of us organise our time around how we make money. If you are in full time employment, you sell your time to make money to spend it on the necessities of food, clothing and shelter, and to purchase the extras that make life easier and more enjoyable. You contract with an organisation to receive payment for working a given amount of hours in a day/month/year.
Since leaving full time employment and jumping into entrepreneurship, it has become even more apparent to me that my time is my money, and that our sense of identity is tightly linked to our concept of money and the value we place on our time and ourselves.
If I spend so much time and energy making money, surely I should spend a significant amount of time managing my money?
Wealthy people spend, on average, 8.4 hours a month managing and planning out their finances, according to research by Thomas J. Stanley, author of the book, the Millionaire next Door.So we aren't talking about simply paying your bills. We're talking about:
- looking through your account incomings and outgoings and seeing if they are on track or if there are areas for improvement and acting on them.
- the alignment of your daily behaviours with your money and seeing if they add up to your annual goals,
- looking ahead and anticipating expenditures, so that you are prepared for them,
- tracking the performance of your investments
- and reading books to educate yourself about financial and wealth principles.
This is a longterm if not lifelong effort that involves the creation of the right mindsets and habits, rather than a short term burst for activity.
Hence my Finance Focus Friday. Every week I promise myself to work on my finances, so that give or take, I should be spending 8 hours a month on making them better.
Why Friday? It's not only because it begins with 'F' as I was toying with 'Money Management Monday' ☺, but focusing on my finances on Friday lets me clean the slate at the end of the week, helps me set my goals and focus for the following week, and prepares me for the much needed rest on the weekend.
I am not an expert, so I will also use the time to read and re-read some of the great resources that are recommended in the pursuit of financial freedom and share any tips and resources that I learn along the way.
So given that your time is your money, how are you managing it?
Drop me a line, and let me know what you do to manage your money, and the support systems that you have in place. I would love to share the journey with you.