Money and Life is a documentary that talks about where money comes from (thin air) and how it’s been turned into the way we live our lives and what we can do about it.
Money & Life Extended Trailer from Katie Teague on Vimeo.
It got me thinking about my recent change in my relationship with money. In the past two years I’ve let go of a lot of things that most think are big measures of success- my luxury condo, my car and lots of stuff that wasn’t serving me.
This isn’t to say that I don’t think that I should move on a commune away from society. But I have shifted my paradigm of thinking when it comes to how I measure my success and what I want to offer to the world. I’m more interested in the inter connectedness of the world rather that trying to squelch someone’s chances of success for my own gain. That kind of thinking works off a thought process that there isn’t enough. When in fact, there is enough. There is enough food, money, success, happiness for everyone.
I’m not talking about Law of Attraction woo woo stuff here. But one thing I have realized is that I used to put a lot of focus on accumulating stuff and not living life. And though my lifestyle has changed drastically from the one that I was living a few years ago- I’m more centered and more content than I have ever been.
I don’t think I’m fooling myself either, because the more I connected with the work I want to do, I created opportunities for myself.
In the beginning of the new year most of us look to cleanse our bodies. But what about cleansing for we spend and live? Life gets busy and our routines could use a shake up. When was the last time you checked in with your kids about how they understand money? Have you taken a look at how you are saving for retirement? Are you spending excess money each week without knowing it? Regardless of how tight you may think you manage, it’s a good idea to check-in.
Beth Kobliner, probably best known for her book Get a Financial Life encourages people to do a ‘money fast’ at the beginning of each year. After paying necessary expenses, can you spend the month with spending any money? It’s a great way to see what’s important and what’s not. It may also challenge your idea of what is important.
If you are serious about jump starting your financial health. Levo League has five great tips to get you started on a 30-day financial cleanse.
1. Introduce yourself to the bare necessities.
Cut out all frivolous spending, so you can get to the bottom of your relationship with money. You can spend on groceries, bills, transportation, and health expenses—nothing more.
2. Convert to cash
When we use cash, we become more aware of our spending. It might sound counterintuitive, but managing your spending habits becomes simpler without a credit or debit card. Either your wallet is full, or your wallet is empty. You see the flow of your money in real time.
3. Monitor your spending
Over the course of a week, you can begin to monitor what you really miss and what you are surprised you can easily live without. You’ll be motivated by the amount of money you’re saving in the meantime, and you’ll likely think to yourself, “This is a lot easier than I thought!”
4. Learn to forgive, in order to learn
Even with all the progress you’ve made so far, you’ll most likely slip up and purchase something you didn’t mean to. It’s very important to forgive yourself.
Like I said, our habits become very automatic and as soon as we let our guards down, we may catch ourselves swiping a credit card on something we are in the habit of buying. Take this moment to truly consider your motivations behind your spending.
5. Reassess your values
Understanding your values and what’s really important to you is the key to financial wellness. Your spending and use of your time should point to your values—meaning, you should be spending the majority of your time and money on things of utmost importance.
If you’re not, you’re unaligned with your spending and have the opportunity to use your money in much more meaningful ways. For example, if family is really important to you, but you spend no time with them and no money on spending time with them, you’re missing out on very fulfilling spending.
You may want to plan more trips with them, or even plan to visit them if they aren’t nearby. I call this putting your money where your heart is.
Check out the entire documentary Money & Life below. It’s great to watch with the family.