A Time Managed Financial Mindset

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I am not a financial planner, I don’t claim to be one, and I will refer you to a professional should you ask for detailed advice.

What can I offer? How about, it is important to begin a program of cash reserves for the future as early as possible. Like…right…now.

Saving can take many forms:

• Setting aside a predetermined amount for a major purchase
• Ensuring you have funds available in case something unexpected happens
• Being committed to a long-term retirement strategy
• All the above

Once you begin to accumulate, then you’ll need to understand where to invest. Again, not being a wealth advisor, I can suggest you to some professionals to help.

The purpose of this article is to highlight the impact that a financial mindset has on time management. Money has an influence on our attitude. Our actions can be driven by how many resources we have available. Income determines the things we buy, the places we visit, and the activities we do.

Having the wrong financial attitude (overly negative or overly positive) inhibits us to live a fully productive and time managed life.

Before you choose to spend a significant amount of the resources you have, think you have, or don’t have; consider the following questions.

Do I have a solid budget?

Even before you spend money, you should have an established budget. This plan should include your estimated expenditures for major spending categories in your life. I personally use Mint (before it went away), it was free and provided a lot of functionality. Once you understand your limits, the more you understand how to take the right spending steps, leads to the second question.

Am I financially ready to make this purchase?

Once you have established a budget, answering this question becomes much easier. I prefer the save then spend method, versus using credit cards or borrowing money. Exceptions can be made for a car loan or mortgage for a house. Coming out of this tangible self-evaluation, your mindset should be confident of the action you will take.

What bearing will spending this money have on my daily life?

You have decided in your confidence to make the purchase, and your budget backs up your decision. A major acquisition can have other effects on life. For example, buying a house usually means more expense because you “own” all the maintenance. Will that take away flexibility that you or currently enjoy? Know and review the secondary impacts, this will sway your financial mindset.

Does spending this money have a meaningful purpose?

I have never been a big gambler. However, I know people who love to go to places like Las Vegas and Atlantic City. They go for the entertainment and for the fun of gambling. Usually, their “wallets come back much lighter than when they left.” In context, if you have the currency to lose, then there is no challenge. However, if you are going to be allocating a large sum on money, understand the meaning and rationale to that distribution. Purpose enhances a positive financial mindset.

In all the questions and scenarios described here, every single one requires time, starting with the simple act of saving. It is necessary to allocate time for creating and maintaining a budget. It requires constant time to know the affordability of making a large purchase. Knowing the impact before, during and after a purchase necessitates using your time. Deciding on the purpose of using money compels people to apply their time.

As you seek to be more productive and manage your time well, gaining a solid and realistic financial mindset will make your journey much easier.

Dave Buck is the Chief Time Keeper of Kairos Management Solutions.

Learn about your time management opportunities by taking and getting a free Time Management Analysis (TMA) summary report. Schedule an appointment with Dave Buck to discuss a full-time management improvement program for individuals, teams, and companies.?