Wouldn’t it be great if you didn’t need to do all the things to have a healthy financial life?
As in, you can stop running endlessly around the proverbial hamster wheel and finally get a handle on your finances?
I’m assuming you’d love to do that.
The good news is that managing your finances does NOT have to be stressful, or take too much time. Seriously.
In fact there are three things you don’t need to do anymore. Nada. Zilch. Begone!
Starting a Side Hustle
If someone paid me to compile the crappy posts about how starting a blog will change your life, I’d be a millionaire. I realize it’s a bit ironic that I’m writing this, since starting a blog literally changed my life. But that’s a story for another time.
Starting a side hustle is great if you find that you aren’t earning enough money to pay the bills or pay off debt. If you are, do you really need to stress out over hustling at all hours of the night? Or to put it in another way, why go crazy when your financial situation is already fine as is?
I realize earning more money is usually a great thing. Heck, I love earning more money too. But chasing money simply for the sake of the dollar bills isn’t healthy. Nor productive in the long term.
Before deciding that more money is the only answer to having a healthy financial life, look at your overall money picture. Are you leaking funds? As in, are there ways you can cut back because you’re just not watching what you’re spending? Are there ways you can divert funds into other savings goals? If you can’t answer any of the above questions, then get on those before deciding whether a side hustle is for you.
Now, a side hustle can make sense if you do find you’re really not making enough (as in, no matter what you do, more money is leaving your bank account that it is coming in) or for other reasons.
For example, Holly Johnson started a freelance writing side hustle because she wanted to pay down her debt faster, which led to her quitting her soul sucking job. Or my friend Kayla Sloan who started a virtual assistant business (also to pay off her debt) and transitioned into a full-time business that earns her six figures a year (you go girl!).
All this to say: you don’t need a side hustle.
Bargain Hunting Sprees
I’m just as guilty as you with looking at pretty pictures on Pinterest, then getting caught up on those posts like “These are the EXACT things you need to buy at the dollar store!” or “50+ Super Thrifty Bargains You Need to Save You Mad Cash!” (Ok, these are totally made up, but if these are actual posts, pretty please, leave the URL in the comments below!).
Here’s the rub: is bargain hunting really saving you money? No, really, are they?
If you buy crap that falls apart on you, you’ll need to spend money AGAIN to replace it. And purchasing bargains isn’t really saving you money, it’s encouraging you to spend more.
On top of that, when you’re a bargain hunting lunatic, all you think about is spending. Which in turns takes up brain space for other things that could be a better use of your time, like you know, retirement. Or if you’re only thinking about shopping, you’ll actually shop more.
Is that really going to help your bottom line?
Instead of clipping coupons and looking on frugal sites looking for the latest sale, see what it is that you actually need. Find those big upcoming purchases, then find the sales. Or heck, there are so many browser extensions that automatically clip coupons for you.
As in, tackle reducing your biggest expenses, and cut out the bargain hunting sprees.
As a fellow spreadsheet geek myself, I realize that not everyone out there shares the same enthusiasm I do. Well guess what? You don’t need them, or most budgeting software out there.
Ok, at least not a gazillion of them anyway.
Yes, you do need to keep track of what you’re spending, earning and even saving. But manually entering every damn transaction isn’t going to do you (or frankly, your money mindset) any good.
Instead, do yourself a favor and roll all that tracking into one program. Or find some way to automate the process (heck, even systematize it) so you’re not spending hours over something you can easily do in minutes.
Just think about what you can do with that free time. Hang out with friends. Even take a nap.
As for how go about finding tools to help you automate the process, I recommend checking out Personal Capital. They’re free and you can link all your bank and investment account so you can see your numbers in one place. It even tracks your income and spending to see if you’re on track. If you have investments, it’ll track those too and even show you how many fees you’re paying to keep them.
Get Rid of These Three Things to Have a Healthy Financial Life
If you want to free yourself of the shackles of money management, you need to learn to let go of what’s not working.
You must figure out your exact financial situation in order to move forward. Yes, it means looking at your numbers, no matter how difficult or uncomfortable it may seem.
Start with getting rid of these things. You won’t miss them that swear. Who, knows one day you’ll look back on what you used to stressed about and laugh when you’re a millionaire sitting on a private beach.
How cool would that be?