Make Time for Your Money
Have you ever had to schedule lunch with a friend 3 months in advance because you both have such busy schedules? I have. Most of us spend our lives occupied with very hectic, highly scheduled days.
Workout in the morning, 9-5 job, make dinner, prep things for the next day, bed (and this doesn’t include the menagerie of evening activities, if you have kids). Add in doctor’s appointments, trips to the grocery store, laundry, and visits to your parents and it’s no wonder we feel like time is slipping away from us.
However, too often, I hear people say “I don’t have time”, as an excuse as to why they haven’t completed some important task. What they really mean is “I’m very busy”.
My problem with “I don’t have time” is that it’s an excuse to not do the things we know we must do, and we’re lying to ourselves by pretending we’re too busy to take care of it. I know this, because I use this excuse myself all the time. I don’t have time to contact my insurance company about lowering my premium. I don’t have time to look for a higher paying job. I don’t have time to look at the asset allocation of my 401k. I’m just SO busy.
But here’s the thing, if you fall and break your arm, do you “not have time” to go to the hospital? If a pipe bursts in your house, do you “not have time” to call the plumber? If your cell phone breaks, do you “not have time” to get a new one? Unlikely. You make the time.
We make time for the things that are important in life.
Like it or not, money is one of the most important things in your life. How are you going to fix your broken arm? Repair a broken pipe? Buy a new cell phone? That’s right, money.
So why do we spend so much time avoiding money?
In short, fear. We procrastinate using phrases like “I don’t have time” because we’re scared of our money or stressed about what we will find if we look closer at the problem. What if I don’t have enough money to pay my rent? What if my partner finds out I have $10,000 of credit card debt? What if my car breaks down and I can’t afford to repair it? In my article, Death by Indecision, I talk about the “fight, flight, freeze” response to money and the dangers of allowing your fear to run your money.
My challenge to you is to create time in your schedule to look at your money. Whether you want to look at the asset allocation of your 401k, decide whether to open a Traditional IRA or a Roth IRA, figure out exactly how much debt you have, or decide if you have enough money to buy a house, you will NEVER know the answer unless you make time to figure it out.
Life is never going to slow down enough to where suddenly you have a magical free afternoon and think “Wow! Today seems like a great day to open up my bank statements and figure out how much credit card debt I have!” It’s never going to happen. You’re going to have to find the time yourself, and it’s better that you figure out the answer today than in 5 years when you have even more debt.
Here are my recommendations for creating time:
Find a time that you’re naturally energized. I’m a morning person, so evenings are not a good time for me to look at my money. I usually choose Sunday mornings, when I don’t have to get ready for work and can spend a few hours digging into any problems that come up.
Block it off in your schedule. Literally write it down: Monday, 6-7pm Money Date. You write down your kids’ soccer schedules, so why wouldn’t you write down a Money Date?
Reward yourself. There’s a reason you’ve been avoiding this. You’re probably scared of what you might find. Maybe you’re worried it will be complicated and it will make you feel stupid that you don’t understand it. Whatever the reason, you’re going to have to face it. So give yourself some incentive to do so. Figure out my credit card interest rates? Get an ice cream cone. Increase my 401k contributions? Buy some new makeup. I love giving myself rewards for completing tasks because it keeps me motivated and helps me feel good when I’ve completed an uncomfortable task.
We all have plenty of time in our lives. We just prioritize the things that are most important to us. If you want to be in control of your money, you need to prioritize making time for money. Whether it’s a personal Money Date, or one with a partner, write it on your calendar. Remember, how you spend your time is your choice. And don’t ever use the excuse “I don’t have time” again.
Action Items:
Be honest. Have you ever used the phrase “I don’t have time” when you were avoiding something? I’m not asking to shame you, but you should be honest with yourself. Have you been avoiding your money because you’re scared or embarrassed about what you might find?
Set a date. Make a monthly or weekly Money Date and put it on your calendar. That time is non-negotiable. You’re going to sit down and figure out your money problems. You probably won’t (almost definitely won’t) figure out all your problems in 1 date. That’s fine! Just keep sitting down regularly and working on it, and eventually you will figure it out. You got this.
Your life may not be perfect, but it is imperfectly yours. The only way to live it is your way.
