I’ve been away from writing here for a little while due to major career and life changes, even before a little thing called the coronavirus COVID-19 pandemic hit. What I’ve been learning on my own journey is that the best ideas on managing lifestyle work in good times and prepare you for the storms. Here are some thoughts that I hope will be of use to everyone here- whether you’re on solid footing and looking to accelerate financial growth, just starting your career and learning, or had everything turned upside down recently.

1. Mind your money. Having mindfulness about spending allows us to track where we are at right now. Before even considering making cuts or re-prioritizing expenses, we need to know the current landscape. Think of this as the initial diagnosis before starting on a plan. I use an online platform to track spending (Mint, not an ad) and get both a snapshot and long view of how I’m doing. Turns out buying lunch here and there at local spots has been reasonable for me, but dinner- watch out!
2. Do the debt stomp. Growing toward financial independence means breaking ties with anything controlling our lifestyle other than ourselves. In times when you have income, getting any debts out of the way is a critical step, and the faster we stomp it out, the more money saved in the long run. On the numbers side, all that interest goes back in our pockets, and then compounds in future investments! On the mental side, we’re back in the driver’s seat, baby.
3. Go for the biggest bang. Careful spending on big ticket items like housing, cars, and travel will bring great savings. Everyday purchases are important too, since learning how to budget on these items helps sharpen the wealth growing skills, but the relative impact of saving thousands on single items is a great place to start. For me, focusing on keeping rent as low as possible in my high cost area and monitoring food expenses has kept so much extra in my pocket (and going toward financial goals). With COVID-19 restrictions, we’re all getting to see the impact of travel on our finances. What positive changes can you keep going?
4. Do it Yourself. As much as we can in-source daily tasks like cooking, cleaning, laundry, and so on, we can save money. Of course, there is a link between using support services and being able to work more hours/ have more energy, which can boost in income and allow for time in other important areas. However, while in the debt stomp and growing wealth phases, we can keep exercising the skill of keeping money in our own pockets. My decision point comes down to whether I can do the task without feeling like I’m burning out. A good run of the numbers might be helpful here too.
5. Share with important people in your life. Talking to a partner or with close friends and family can have many benefits. Sharing plans helps to clarify my understanding and intentions, creates accountability, and draws support along the way. Being on the same page with a partner can also really help accelerate work on goals, and foster a healthy relationship. Even more, when others are in on my plans, they seem more understanding of my lifestyle and choices (e.g. trying a new cookbook vs. all the Michelin star restaurants in town; finding the best local theater vs. the touring Broadway show). 

On my journey, I have put effort into increasing my skills in lifestyle management and financial health as I entered my professional career and navigated career changes. I’m thankful for these skills as the storms have rolled in, and continue to learn beneficial lessons.

Share your biggest pocket saving tips in the Clinician Lifestylist comments below!