How free do you feel?
Wow!
I don’t know about you, but I feel such a weight lifted today with my kids back in school. You may have noticed that I have been quiet the last two weeks, but I’m back, focused, and excited to share with you what’s been on my mind of late.
I’ve taken advantage of the recent spring sunshine to get outside for some walks (alone time -- hurrah!), and it has been super helpful for me to get my thoughts together both personally and professionally. So “what have you been thinking about?” you ask…
“The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.’"
Morgan Housel, The Psychology of Money
This book is worth a re-mention as it has really stuck with me for the past few weeks, particularly “Chapter 7: Freedom – Controlling your time is the highest dividend money pays.” We all know we should be saving, but sometimes the reasons often provided don’t seem tangible or plausible. We find ourselves thinking, “retirement seems ages away”, “6 mos expenses in my emergency fund, really?” or “I need/want this new phone more than something I can’t picture later”. You get it.
Without a specific, tangible goal in mind, it can be really hard to find the motivation to save; particularly at the expense of something else you’d rather do/have now. However tapping into the emotional feeling of freedom could provide HUGE motivation. Freedom to leave a toxic job without worrying about having the next one in place, freedom to take unpaid leave when you need to care for a loved one, freedom to leave an unhealthy relationship, freedom to cut back on hours in order to have more time for yourself or your family, or one close to my heart … the freedom to make a major career change when you feel so inspired. Housel goes on to say, “Control over doing what you want, when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy.”
How does that kind of freedom sound to you? Does it motivate you to save?
It’s okay to use that emergency fund when you need it
Having said all that, I’ve also been wrestling with the reality that sometimes you just need to dip into that emergency savings fund you have worked so hard to build. If you’re like me, you’ve had to make some professional sacrifices over this lockdown (hello homeschooling!), which may mean reduced income. But hey – give yourself a break. This is what that emergency fund is for!
So while I have been grateful for the freedom to dedicate my time to my kids over lockdown, I am also working on giving myself permission to dip into my own savings in order to do so.
Have I mentioned that there are so many emotions wrapped up in money?
If you have 10 mins, you may want to check these out:
The financial pain of Covid "not shared equally" -- BBC News
How Covid Set Women Back -- The Sunday Times
What Happens When Moms Break? -- Glamour
As always, if you like what you see, please share and encourage friends to sign up at www.tansercoaching.com. And if you have any questions or suggestions for future newsletters, please drop me a note at hello@tansercoaching.com.
Wishing you a similarly lighter week,
Anne