I want 20/20 vision on my finances

The world of personal finance is vast.  All topics intersect our lives at one stage or another, so where do we focus?  I am reading The Alone Advantage by Terri Savelle Foy.  She discusses simple principles to prepare for promotion by changing your routine.  One chapter highlights how clutter can be a success stopper.  This section made me think of my readers.  Not because I think you are disorganized; quite the opposite.  I believe you are searching for strategies to put your financial life in order so it sounds more peaceful and empowered.  Me too!! 

Mrs. Savelle Foy notes 5 action items to help an individual declutter their personal space.  Let’s apply them to organizing our personal finances. 

A focused you today can result in a confident and peaceful you tomorrow. 

Action Item #1 – Write the Vision

Take a high-level view of each area of personal finance:  Spending plan/budget, credit and debt, savings and investing, retirement planning and protecting your assets.  What do you want each of those areas to look like?  State the amount of money in the savings account or note how much debt you want paid down.  Think about how you want your retirement plan to be developed.  Don’t put pen to paper and develop a plan yet.  I only want you to voice how you would like it to be organized after all the work is complete.  Next, write down required tasks to accomplish that vision.  Open a savings account, write correction letters to the credit reporting agency, or draft necessary estate planning documents, etc.   Still no plan to do it, just list the tasks.

Action Item #2 – Start with one room

Mrs. Savelle Foy notes that, “we should start with the room we spend the most time in.  We need a constant reminder of completion and accomplishment, so attack that room first.”  What does that mean for your personal finances?  What is the first financial pressure you think about in the mornings, and what is whirling through your mind as you go to sleep?  Are you thinking about being debt free?  Or do you think about protecting your family for the future with insurance coverage?  How about reviewing your homeowner’s insurance to ensure it is up to date?  If something is consistently top of mind, start there.  Get laser focused on organizing that area first.  Set aside your mad multitasking skills – they won’t help you.  One. Room. At. A. Time. 

Action Item #3 – Start with what’s visible

“…always tackle the clutter that can be seen.  You need to see your progress immediately to stay motivated to keep going.”  What can you do in the next 24 – 36 hours?  Research retirement plans offered by your company.  Transfer $25 into your savings account for a down payment on a car.  Give yourself an immediate “W” and move on to the next task for that specific area.

Action Item #4 – Push play

“You need to intentionally fill yourself up with positive input.”   This action is greatly underrated.  Our lives are altered by what inputs we allow in.  Not everyone will cosign and celebrate your decision to get your financial life in order.  Find someone who will!  Could be a friend, co-worker, or a financial coach (shameless plug).  Let them be your financial cheerleader.  Reading Mrs. Savelle Foy’s book and listening to her podcasts have been a form of cheerleading for me.  Locate that version for you.  Stay encouraged to remain focused on your goal. 

Action Item #5 – Set your timer for 20 minutes and go full speed ahead

I recently started practicing this in my morning routine.  I can accomplish a lot more than I anticipated.  Twenty minutes doesn’t seem that long, but a focused individual can complete a lot.  Read a chapter of a strategic book, make my daily to-do list, or plan for the week.  Set the timer and start knocking out tasks. 

Thank you, Mrs. Savelle Foy, for helping me to get focused on my dream of StudioM!  I want to honor that by helping others get and stay focused on their dreams. 

You are doing great!!  Remember 50% uncomfortable, 70% incremental, and 100% vital applies here.  Think about why and how you can make progress.  If you want to talk about it, letstalk@studiomfinancial.net is always available.  Until we meet…keep working on the change.

Note: The Alone Advantage, Terri Savelle Foy, 2024.  Chapter 6, pages 41-47, are where the quotes originate.