We all get hit with unexpected expenses now and then. Sometimes for aggravating things like car repairs, and other times for celebrations – like bridal or baby showers. Recently, when a friend of mine was getting married I found myself wandering through the Love Pantry, looking for something a bit…well, you know…for her shower. Let’s say I found something that crosses the Kama Sutra with a deck of cards…oh, and edible body frosting…yum.
Yes, I’m sure some of you are thinking “TMI” here, but I promise there is a lesson to be learned. I was sitting down the day after the shower working on my money. It was only two weeks into the month, but goodness, the expenses were adding up quickly. At first I was frustrated. In addition to spending more than I originally planned on the bridal shower gifts (which I wouldn’t have changed – they were a big hit!) I realized I had to pay for alterations on my bridesmaid dress. (Yeah, yeah, I’m sure I’ll wear it again one of these days…) Oh—and my car’s rear window defrost stopped working. Lovely.
So what did I do? I looked for other places to cut from my planned expenditures that month. I decided to wait on ordering new blinds for my kitchen and offered to cook dinner for a friend instead of going out. I immediately felt relieved and went on about my day. Here’s the key—because I was only half way through the month, there were plenty of shifts I could make if I wanted to.
In my practice, I call this “being in real time with your money”. Many people look at their money after it’s all spent using credit card statements or online banking. Sometimes they’ll look at spending reports in their financial software. While this can be helpful, sometimes it’s depressing. (“Oh, look how much I spent…wow.”) And after all, the month is over and the money is, well, gone.
Being in real time means knowing where your money is going and having a flexible plan to address changing needs. If you get frustrated with money, it may be hard for you to believe this, but I always know how much I’m going to have at the end of the month (and teach my clients to do the same). How? My spending plan is a living document. I simply update it and adjust it as I need to. (By the way, I hate static budgets. In real life, you have to roll with the punches and be able to shift things around as YOU want to.)
Take the Time
Practicing being in real time with your money does take time. I spend about five minutes a day simply tracking what is happening with a deeper look once a week.
I often hear that it is hard to find the time for this task. Personally, I find it strange that some people work 40 to 60 hours a week for money and then say they don’t have time to manage it. Are you guilty of this?
Trust me, I’m busy too. Yet I can find five minutes a day to pay attention to my money. After all, what’s five minutes compared to my eight-hour work day? And this practice saves me tons of time in many other ways- I’m never running around juggling my finances or spending time being stressed out, for one.
Managing money does not mean you will be perfect with all your money choices. We’re all doing the best we can, we are emotional beings and we simply can’t predict everything. But knowing you have a way of finding balance and knowing you have enough, is a beautiful thing indeed. That way, when you find the perfect Kama Sutra bridal shower gift, you can buy it with confidence (financially at least).
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