The past 18 months have been financial mayhem.
The rise of crypto. Surging real estate prices. An election hyper-focused on affordability. Government aid due to the pandemic. An investment market that soared amid economic uncertainty. And then there were your own personal financial distractions like balancing a budget with massive inflationary pressures at play, figuring out what to do with your pandemic savings, or even finding a new job.
The problem with so many financial distractions is they pull your focus away from being strategic with your money. Also, research shows that distracted people simply have less money in the long term and aren’t as happy.
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My advice to end this year strong is to remove unnecessary financial speed bumps to welcome more money and happiness into your life. Yes, that’s almost always the end result of fewer distractions when you’re allowed to focus. Here are a few tips to get started on this week:
Remove costs that cause distractions
Stop spending money on so many distracting things. For example, are you subscribed to too many streaming services or fitness apps that are preventing you from focusing on your family or your health? Is your list of Amazon orders so big you can hardly keep up? Focus your spending on fewer, better things.
Have fewer accounts
Do you have so many accounts that it’s hard to follow your finances on a weekly basis? Cut these down to just one daily banking and two savings accounts. You’ll face fewer fees and be able to track your finances more easily.
This is also where I recommend removing many financial apps from your phone and computer. Having multiple account alerts, stock trackers and budgeting apps won’t ensure you have more money. In fact, some of these slick resources are overcomplicating your finances. Pick just one or two tools that actually bring you benefits.
Narrow your investment advice circle
Are you taking investment advice from too many sources — human advisers, robo-advisors, blogs, vlogs, articles, your neighbour, your hairdresser. Narrow that list to the trusted professionals and resources in your life.
Declutter
Is your home or office cluttered to the point where you can’t find what you need at a moment’s notice? Declutter and purge. This can be a great way to raise a bit of money, too. And, apply this decluttering strategy to your paperwork. Trust me, you’ll be thankful you did when tax season rolls around.
Reduce the number of projects you’ve got ongoing
In my house we have a white board on the fridge and we write our family’s three top priorities for the year on there. That’s right. Three. Our new baby girl born in August was one of those three for 2021. The other two are completing our home renovation and growing our family’s income. Fewer projects will allow you to focus your resources and time.
Fire your toxic friends
Toxic people (including a bad relationship) are massive distractions. The best relationships will be shared with people who want to support you in becoming your best self financially, personally and professionally. If someone is dragging you down, say goodbye and focus your energy and money on healthy relationships.
If you’re looking for renewed energy for the later portion of the year, focus on what matters most by clearing distractions that are causing you to take your eye off your goals.
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