For those of us who are intense about paying off our debt and becoming wealthy, it can become a daunting task to find time for family. After all, we're overworked and stretched to the max.
How do we balance our financial goals with actually having a life? Let's explore some ways to make sure we're on the right financial track while maintaining a sense of living.
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The Plunge Into Finance And Productivity
I remember when I first started becoming interested in finance I engrossed myself in it heavily. I read books, talked with people, watched television shows. Everything related to finance, I would consume. It was a new world to me – an exciting world where I knew I would thrive.
My financial goals took center stage. I was ready to get out of debt and into sound investments.
At the same time, I was getting married and learning how to work together with my wife to achieve these goals. Fairly quickly, I learned that my financial and online pursuits had the potential to conflict with my home life. I'd stay up late writing another article about finance and crunching numbers to figure out how to cut our expenses even more.
While my wife and I have a fantastic relationship, I found that we were spending less time together because of these pursuits. This can't happen! Lately I've been thinking about the need for “balance,” as they call it.
Balance: Can It Occur?
So how does one balance all the elements of their life? Health, finance, relationships, etc.? There is a great video of Dave Ramsey interviewing Todd Duncan on the topic. One of the points they bring up is that it is impossible to always maintain a sense of balance. Instead, we should make small corrections to our work routine and home habits as we move through life which will result in more balance than we currently experience.
One such correction that can be made is the recognition of Parkinson's Law. Parkinson's Law states that “work expands to fill the time allotted for its completion.” So true. Think about this in your own life. How many times have you waited until the last minute to mail off a payment or get a project done for work?
Instead of waiting for the last minute, why not get things done now? Perhaps you've been meaning to get life insurance but put it off. Research life insurance and start today! Or maybe you've been putting off starting your own budget. Learn how to create a zero-based budget now!
To get things done faster, set deadlines for yourself. This will keep you on track and ensure that work time doesn't eat into home time. Recognizing that Parkinson's law is real will help you see the need for structure in your schedule.
Everything Can Change!
If you're starting to feel like you're missing out on life because of your goals, maybe it is time to focus on the things that work and eliminate those things that don't work. For example, maybe you run a business with 100 clients. 10 of these clients are your highest paying, while 90 contribute minimally to the business. Fire 90 of your clients and embrace the 10! While your income might go down slightly, your stress will plummet! You'll have more of a home life and be a happier person overall.
Change can happen. By remembering that less is sometimes more, creating deadlines for yourself, recognizing that home life is vital to your success, and making little changes here and there, you'll be a healthier you. Amen?
What are some ways you balance your work with home life? How do your financial goals work or conflict with your home life?