Find Your Balance & Take Control of Your Finances
Jill Ciccarelli Rapps | éBella Magazine | November 2016
Finding balance in your life is a challenging yet rewarding undertaking. When you achieve true balance – meaning that all elements of your life are in a healthy equilibrium – you position yourself to live life to the fullest.
While certain skills will come naturally to you, other facets of your life will require more attention in order to find balance. For instance, multitasking, nurturing others, and staying organized are often innate skills for women. In contrast, many women struggle to take control of their finances.
The Financial Balancing Act
Gaining a fresh perspective on your finances – and feeling empowered by your financial plan – are the keys to finding balance in your life.
Connect your finances with the big picture. Establish a link between your finances and other important aspects of your life. Start with the big picture: What is most important to you? How should your money align with your priorities? For example, if community involvement is an essential part of your life, consider donating to charities and causes that inspire you. The amount of money you allocate to charity should reflect your current financial situation and life goals.
In order to achieve life balance, you need to properly oversee your finances on an ongoing basis. Control your financial life in the same way you would manage your family or operate a business.
Treat your finances like a travel itinerary. When you plan a trip, you usually have a written itinerary to guide you through your journey. Envision your personal finances in the same light: document your goals in a way that is easy for you to understand, and plan to revisit your itinerary often.
Creating a financial flow chart is a useful exercise for visualizing the big picture. With this foundation in place, you will likely find it easier to dive into more detail. By moving from general to specific, you simplify the decision-making process – enabling yourself to carefully plan a spending budget. Following this process also helps you to measure growth and success over time, and allows you to make adjustments along the way.
Prioritize your spending. Many women feel uneasy when they spend money because they don’t know if they are in a position to spend. Setting up a budget allows you to plan out exactly what you should spend and helps to alleviate any concerns about spending. Ideally, you should spend money on the most significant aspects of your life and limit spending on less important areas.
A well-thought-out budget will help you visualize your financial situation – enabling you to make quicker decisions, feel good about your spending, and move towards financial stability.
Take time to identify and review your most important values. On occasion, you may feel that you have lost your financial balance. Often times, this feeling indicates that your spending habits are not aligned with your values.
Your values should be an integral part of your financial plan. When you regularly reflect on your highest values – the areas of your life that are most important and vital to you – making financial decisions becomes less overwhelming. If you need some help identifying your top values, there are many quick, easy exercises available online.
Meet the Challenge
Your financial wellness has a tremendous impact on your life. For this reason, it’s important to meet the challenge of mastering your finances head-on. Many women enjoy the challenge and thrill of achieving this goal, as mastering your finances can be a major source of pride.
If you aren’t currently taking control of your finances, an advisor can help you document your finances and gain clarity – guiding you towards a healthier life balance.
