Money Musings 💭 It’s time for a life review…
I can’t believe it but we're almost halfway through 2022. 🤯
It’s also officially summer ☀️ (as of last week). A season where I like to work a little less and soak up the sun a little more. Anyone else?
During this slow down, there's more space for reflection. I do an annual check-in or audit on my life and my goals.
Here’s how I do it:
#1. I do a mini audit on my life. What's working great and making me happy? What’s not working and making me upset or stressed?
I look at specific areas of my life including my physical and mental health, partnership with J, family, business, finances and lifestyle.
#2. Then, I brainstorm. I brainstorm ways to continue the good and to improve on the less good (at least the parts that are in my control ).
This is a list of potential ideas but some will become goals or habits that I want to start or continue in #4.
#3. I look at my current goals. Do they still resonate? Do I want to keep working towards them?
Sometimes, it’s a no. And it’s better to reevaluate now vs. work towards things that aren’t important for another six months!
#4. What do I want to commit to add or revamp? Based on my brainstorm from #2, are there goals or things I want to add?
Last year when I did this, I decided to hire a virtual assistant for my business and get a weekly babysitter so J and I could go out and have more QT together.
#5. I break it down into smaller actions. What actions will I take over the next three months to achieve these goals?
It could be anything from investing more, going to bed early, putting aside money for a vacation or reconfiguring the budget for a conscious lifestyle upgrade.
If there are multiple (or many) steps that need to happen to reach this goal, I break them out in a list. Small manageable steps always work best for me!
Ok, there you have it. That’s how I do my life review.
Is there a time of year you are more reflective? How do you assess and reassess your goals? I’d love to hear!
MONEY MOVE OF THE WEEK
GET RECESSION READY STEP #2 - TAKE A LOOK AT YOUR EXPENSES.
One way I prepare for a recession is to have a very clear idea of my expenses (business and personal) so that I can decide proactively which expenses I would let go of if I had a substantial loss of income.
This gives me peace of mind and I prefer doing this type of planning before something happens. You can always change your mind in the moment, but it’s a great place to start.
If you already have a budget, you can skip steps 1 and 2. If not, I’ve listed them all here.
List out each and every one of your expenses. Not the amount, just each of the categories (the item). For example: groceries 🥦, rent 🏠, dining out 🌯, etc. I recommend scanning through bank and credit card statements to jog your memory. To make it easier, I made this tool for you!
Add numbers to your expense list. Think about the next 12 months and determine how much you plan to spend in each of these categories. I like to put an amount per month (again, the tool lays it all out).
Decide what you’d change or let go of (if possible). In the case of an emergency, what expenses aren’t necessary or are just "nice to have"? What expenses could you let go of to make your life less financially stressful? Or what expenses could you try to negotiate to decrease the cost? You can even rank which expenses will be the first to go and which you’ll hold on to as long as possible.
Total it up. How much would letting go of those expenses save you each week and each month? How about for the year? This is a great number to understand because you can flex that plan if and when you need.
YOU GOTTA SEE THIS
WATCH "THE JANES."
There are no words that can describe how horrific, dangerous, and devastating last week’s decision to overturn Roe v. Wade is.
The day before the decision was official, I found myself watching The Janes - a documentary about a group of women who started an underground organization to provide illegal, low-cost and safe abortions to 11,000 women in Chicago.
They called themselves "Jane" and used code names, fronts and safe houses to protect themselves and their work in a pre-Roe v. Wade era.
As of Friday, we devastatingly find ourselves back in a pre-Roe v. Wade era. Again, there are no words.
I found inspiration in the courage, leadership and fortitude of The Janes.
It’s time to organize.
Here are some organizations making a difference:
I know there are many more I'm missing. Hit reply and share other organizations I should add to the list.