Should I be spending less or earning more?

Sometimes it feels like everything is happening on a shoestring.  You work hard, you juggle kids, parents, dogs, husband, and work.  Its overwhelming, its hard, its out of control! What do you really need to solve this problem?

A new job?

A life audit?

A cleaner / nanny / dog walker?

Or to be able to twinkle your nose like in Bewitched and it all just falls into place.  If only it was that easy.

You can earn more, you can get a better job or start a side hustle, but is that going to make the feeling of being overwhelmed go away?  Perhaps start with the most immediate need.

The way you spend your money reflects what you value in life, of what is important to you. At the same time, it’s a reflection of your attitude toward money.

Look at what you are spending on. Is it going out spending time with friends and family? ride shares? I would guess that deep down you value friends and family and adventure more than objects.

Where are you right now with money?

Start with a thorough analysis of your current spending for the last six months. The way you spend your money reflects what you value in life, of what is important to you. At the same time, it’s a reflection of your attitude toward money.

Start with a thorough analysis of your current spending for the last six months. Take an hour just for you. Go through your bank statements and reflect on your expenses. The easiest way to do this is to look at each of your bank accounts and see if they have a spending tracker attached — some banks offer this as a free service online, categorising payments for you. This makes it easy to see what you are really spending money on.

Ideally, you will do this in a detailed way — drill right down to the $3 on parking and $4.50 on coffee and add it all up to get an average in each category. If you want to just use the tools available through your bank that is great. But be precise with your spending analysis — don’t just guess.

Analysing your spending this way forces you to see the truth, and the truth will set you free!  So please take this time for you to go through your accounts and know for sure where the money you earn from the work you do is going.

Once you have spent the time to do this, it should become clear where and how you are spending your money.

Its also clear what you value.  I know when I am in a shame spiral or an overwhelm cycle, I get take away, buy coffee, forget to grocery shop properly and eat junk.  This doesn’t nurture or nourish, in fact it’s the opposite. 

The way you spend your money reflects what is important to you. It’s your life and these are your moves.  When you track your spending you will find the answer.  Do you need to spend less or earn more?

Phoebe x