Smart Money Moves You Can Make in 10 Minutes or Less
Based on discussions with clients, the number one reason women put off financial decisions and tasks is because they feel "overwhelmed".
When we dig a little deeper, we see that one of the key issues at the root of that is lack of time; or rather, the perception that managing money takes too much time.
When you break down financial management into bite sized pieces, you can make things happen before you go to work, on your lunch break, or even between supper and soccer.
Yes, there are some money management tasks that take a while (like reviewing your investments and aligning them with your goals), but there are plenty of things you can do to improve your financial outlook in 10 minutes or less.
1) Review your goals and remind yourself what financial empowerment means to you
2) Read an article about personal finance (or an e-zine!)
3) Call your bank to set up an automatic savings account for one of your goals
4) File your paid bills (see the article on setting up a filing system below)
5) Set up equal billing for your utility bills (the more bills you can plan for the better)
6) Call a money buddy and set up a coffee date to encourage each other financially
7) Start a rainy day fund for emergencies and unexpected expenses
8) Sell something you don't need on E-bay or Craig's List
9) Write an entry in your financial journal
10) Check in with yourself, acknowledge your successes and remind yourself of the importance of your goals.
Women are always surprised by how relieved they feel when they get rolling on a few small tasks. As one Alumni so aptly put it, "Doing the work hasn't stressed me out at all. It was not doing the work that was really stressing me out!"
FYI: Feeling overwhelmed can also come from not having quite enough know-how to solve a problem, or follow through with a plan. In that case, push yourself to pick up a phone and reach out to someone who can advise you. Call a financial coach, a Certified Financial Planner, or take a course to build up your own knowledge base. |
Managing Your Financial Papers and Your Stress
Create systems you can stick to
Women who focus on their values and goals are better able to make financial decisions that suit their life. But it's hard to look at the big picture, when all you see is mounds of papers and bills cluttering up your space. And it's hard to find financial empowerment, when you can't even find your credit card statement.
Don't let a financial paper phobia be an obstacle. Set up simple systems that you can stick to.
The WFLC three basket approach
When statements and bills come in the mail, put them into one of three in-baskets:
1. Bills to be paid 1st - 15th
2. Bills to be paid 15th - 30th
3. To-be-filed: paid bills, statements, and other info
Store the baskets somewhere where you can actually sit down and work with the papers. Ideally keep them close to a box of envelopes, a supply of stamps, a pen, your computer and your purse.
Pay your bills on the 1st and the 15th
You don't have to pay bills every day. Twice a month, sit down and go through the bill baskets a couple of days before the 1st and the 15th. Write all the cheques, or schedule your payments online. Write the envelopes, stamp them, pop them in your purse and into the mail. And once a bill is paid, mark it paid and put it into the to-be-filed basket.
File papers once a month
Download the handy filing system that we developed for Women's Financial Learning Centre clients.
Until filing day, the papers you need to file will be neatly stacked in the third basket (so make it a big one). If they are all in one place, you'll save yourself time and stress because you won't misplace anything. And once you set up your files you only need a few minutes to empty the basket and move on with your life.
With the three basket approach, it takes seconds to figure out if you have paid a bill, or when it is due. You don't have to keep shuffling the papers from room to room wondering what to do with them. And you won't accidentally misplace important documents. Everything is either in a basket, or filed in your filing system.
Remember, being on top of your finances doesn't mean busying yourself with financial papers everyday. Streamline the operation so that you have more time for creating a great life.
|
The Women's Financial Learning Centre is National!
We did it! The first class we offered to women across Canada was our popular Build Your Own Financial Plan and we're happy to report it was a sell out!
Have a friend in Port Hope, or Saskatoon who could use some financial back up? Spread the word. Build Your Own Financial Plan is back as a guided self-study with teleclasses.
What does that mean? Women across Canada can learn to build their own financial plan from the comfort of their home. And we'll guide them along by phone!
Step 1: Register now - The next course starts July 9th.
Step 2: Check the mail. We'll send you a learning guide and a CD with all the tools you need to build your financial plan. You can work in the book or on your computer - whichever makes you more comfortable.
Step 3: Pick up the phone (it really is that simple). Karin and Sheila will guide you through the course via 6 teleclasses. All you have to do is dial in. They will lead the discussions, review the assignments and give you an opportunity to ask questions and get the support you need to reach your financial goals.
Class sizes are small to make sure everyone has an opportunity to participate and of course the real plus of a teleclass is that you can all come to class in your PJs!
Don't delay, July 9th may seem a long way a way but the last class sold out fast.
|
| See the course details Sign up Now |
How to Talk Yourself Through Financial Obstacles
Women's Financial Learning Centre Alumni tell all
"Obstacles are those frightful things you see when you take your eyes off your goal." That quote is often attributed to Henry Ford, the founder of Ford, but it was first written by Hannah Moore an English writer and philanthropist from the late 18th century.
Women have been talking about obstacles for centuries. So it's high time we break the silence surrounding financial obstacles. Our Alumni are here to tell you how. (Last month we asked them to tell us how they handle obstacles and we've included a few of their stories and strategies here.)
 Start talking about money
Too many women bottle up their concerns because they are too embarrassed or ashamed to talk about their financial situations. Those feelings become massive barriers, because they stop us from learning, growing and reaching out to get the support we need.
Alumni tell us that one of the biggest financial breakthroughs they experience is learning that it's OK to talk about money. When they are able, and encouraged, to talk about their financial situations, the situations instantly become less overwhelming. They also tell us that as they get more comfortable and confident sharing in class, and at home, new opportunities and solutions become crystal clear.
Jess: Well, I'm focused on having enough money to retire, and I want to get my affairs in order so that I won't be a burden to my kids. I know from experience that there's nothing worse than being totally dependent on someone for income.
But before I took the Build Your Own Financial Plan program I couldn't do a bunch of the things I knew I should do (like updating my will and my insurance) because those things were all tied up with emotions I wanted to avoid.
In class, we talked about where our feelings about money come from - it was stuff I hadn't talked to anyone about in my whole life and it opened things up for me. I'm getting together with some of the women I took the course with next week so that we can check in - you know just getting used to talking to other women helps to drop the shame and helps us focus on what we have to do.
Convert big goals into manageable tasks
Instead of focusing on an obstacle in your path, focus on the goal ahead. Once you have a plan to achieve the goal, you can use the action steps in the plan to help you put one foot in front of another to get anywhere you want to go.
Sarah: I used to feel completely overwhelmed by financial decisions. It seemed like everyone was an expert but me. I had a really hard time making decisions, so I just put them off.
Since taking Build Your Own Financial Plan, I have a solid base of knowledge, but honestly I can still get overwhelmed from time to time. Everyone can. When I do, I go back and look at my spending and savings plan, or I review my goals to sort of give myself a kick-start. Then I try to break things down into small steps like: 1 hour to organize my papers, 1 phone call to set up an appointment with my adviser. When I keep things small enough I don't get overwhelmed and I can stay on track.
 Keep your eyes on the prize
For those of us who can occasionally leave the negative self-talk on repeat, nothing shuts it up faster than a healthy dose of positive possibility. By talking to people about your goals, you can actually hear yourself and others talk about what you can do. And that creates space and energy for you to achieve.
Asha: At this stage in my life, my health and my retirement are my priorities. I can really torture myself making decisions, but knowing those are my priorities makes some decisions much easier.
For example, I've decided to build an addition onto my Gulf Island cottage. The renovation will add to the value of the property if I sell it in a few years, and make the house more livable if I decide to retire on the island. I may not be ready to decide where I'm going to live when I retire, but talking this all through in the class helped me decide that improving the property was money well spent because it is in line with my priorities, and it gives me options.
There's great freedom in knowing that if I stick to my plan I can retire well. When I need to work around my obstacles I take a moment to look back on my accomplishments and think forward to a healthy retirement. And when I talk to people about my goals, and what I've learned, it is a great touchstone to go back to the plan and see what's next on the list.
Thanks to Sarah, Asha, and Jess for sharing their strategies for overcoming obstacles. We always encourage Alumni to share their financial know-how and to have honest, empowering dialogues about how they are doing financially. Alumni, if you missed the last Alumni Check In you can do it now.
| |
