I hope you had a wonderful Thanksgiving and that you’re off to a joyful, low-stress start to the holiday season.
Speaking of low stress, I recently had a refreshing conversation with Lynda McDonell from PiqueProsperity. A financial coach, Lynda has an unconventional approach to managing finances—specifically during a career transition.
Spoiler alert: You don’t have to give up everything in order to be fiscally responsible when the going is tough.
Some nuggets from our conversation:
Stay Focused on the Long Game
When we’re faced with uncertainty, especially during a career transition, the tendency is to only look one step ahead.
But with our chin up, it’s easier to envision the results of certain expenses down the road.
Consider your expenses as investments and make decisions based on how you want to see yourself 6 months or a year out.
If you don’t see that extra subscription as contributing positively to your 6-month outlook, it might be wise to hit pause.
On the other hand, if those visits to the salon keep you feeling fabulous and ready for a short-notice interview, now is probably not the time to give them up.
Reprioritize Rather Than Restrict
Making sound financial decisions doesn’t have to be all about restricting yourself. Instead, prioritize activities, subscriptions, and products that you can see serving your professional (and life!) goals.
Whether you’re canceling subscriptions, delaying the purchase of the next iPhone iteration, or downsizing your car, Lynda says it should be your decision, based on your unique needs.
What adds value to one person’s life won’t necessarily do so for another’s because there are layers of meaning in our investment choices.
Lynda shares an example of someone who’s deciding whether or not to continue eating out once a week:
Yes, for some that might mean reconsidering that weekly takeout. But you don’t necessarily have to forego your date night with your partner if it re-energizes your family life and helps you face the transition.
Consider a Side Hustle (and put the FUN in “funds”)
Don’t let your ego be a roadblock to getting your finances in order.
We can get tied up in our career identity and worry that if we take on a side gig to help pay the bills, others might look down on us as losing our edge.
But if you see an opening as an opportunity to earn extra funds to create a stress-free holiday season with your family, go for it. You’ll also be setting a great example for others.
Ideas for Managing Finances During a Job Transition
Following are 3 quick reads re: easy actions you can take NOW to manage your finances:
Bottom line: Creating a guilt- and stress-free budget isn’t just about dollars and cents. It’s about the meaning behind your investments, and whether you’ll look back on your investments as having a strong ROI.