I know that everybody always says this, but wow things have felt busy as of late in the YMF household. I’m not sure about you but although COVID is still affecting people in my community; the world seems to have moved on without it. We’re pretty much doing all the things we did pre-COVID and are back in the full swing of things in terms of activities, hobbies, and errands. Outside of everything going on, it’s kind of a tough time in the stock market and so maybe it’s a good thing that I’m not overly checking on my finances.

Life does get like this from time to time I’ve noticed, and so when you have less time for your budget, your finances or your blog (ahem sorry YMF readers), here’s how I make sure I’m making good financial progress even when I’m not as focused on it:

Automate

Often one of the harder things getting in the way of your financial success is yourself; learning to say ‘no’ to things you shouldn’t buy, and learning to say ‘yes’ to wise financial decisions. If you wait until the end of the month’s budget to set money aside in a savings account, I’ve personally learned that I don’t have that kind of discipline for it. Expenses always have a way of creeping up and it’s proving harder and harder at least for me to keep up with my savings/investing goal each month.

One saving grace and/or tip that I’ve learned is to automate as much as you can. There are lots of ways that you can do this! Firstly, see what you can automate through work. Through my employer, I’m contributing 15% to retirement (401k) and 15% to my ESPP (employer stock purchase program). That’s 30% of my salary going to ‘smart’ investing – saving on taxes by investing in a 401(k) and getting stock at a 15% discount through my ESPP. Outside of that you can also very easily automate transfers into savings accounts and/or investment accounts. I personally just stick to the 30% through work, but honestly that’s quite a big chunk of my salary so I don’t feel too bad about not being able to do more (or I try not to).

The more you can automate the more progress you’ll be making without even thinking about it!

Probably good I’m not checking too often

When SegundoMoneyFinance was born, I actually stopped reading the news. Like many of us I was doom scrolling all throughout 2020 and early 2021 and I realized it just wasn’t healthy! Fast forward to today and I just read financial and crypto news, but as of late that’s been quite the bad news as well! “Stock market down 500, 1000 points”, “Fears of Recession”, “Bubble about to burst” are all too common headlines. It’s headlines like these that could make you second guess your investment strategy or figuratively head to the hills by selling all your investments and sitting on cash.

I’ve found in my own investing career that staying in the market is better than jumping in and out, no matter how scary things feel. Timing the market is a difficult game and outside of that, the market has a mind of it’s own! Think back to March 2020 when the sky was falling and then just a few short months later the stock market roared back!

Being busy might be a hidden blessing as during this frightening time of fears of recession, job loss and war I’ve really don’t have the time or energy to a) doom scroll or b) check the status of my investments (hint they’re down). By not paying attention I’m more likely to stick to my approach of slow and steady dollar cost averaging (i.e. continuing to buy whether high or low) and ignore the noise!

Hustle

Normally when things are busy it means you’re hustling. Hopefully you’re hustling in matters that are financially benefitting you, whether now or in the long run. Some readers of the blog are attending grad school; I’d argue a long-term investment in them. Other readers are working on side hustles, starting a business or trying to put in some overtime at work. When you’re hustling you’re likely planting seeds that’ll pay off now, and later!

For me personally, Mrs. Money (well more so Mrs. Money!) and I have been hustling to find a rental house. I mentioned in a previous post that we sold our initial primary residence turned rental and were in the hunt for a new one (or two). It was quite the epic search with lots of heartbreak but we finally found a good one! There was plenty to do whether on our own (painting cabinets) or project managing (new A/C unit). We’re excited to hopefully have it rented soon!

By hustling it’s nice knowing that the things that are keeping me busy will hopefully benefit us financially in the future!

Budget when you can

I always say that a budget is the most important piece of financial advice I can give. If you don’t have a budget you don’t really have a good grasp on your finances; how much you’re earning, spending and saving/investing. It’s hard to set financial goals for yourself and hard to achieve goals that you don’t set.

All that to say, I’ve actually found it difficult to budget as often as I would like during this busier season of life. However it’s a very important tool so I force myself to prioritize and keep it up to date. Instead of doing it daily (which ok that sounds a bit nerdy of me), I try to do it every few days or every week. No matter how often you can do it, it’s the act of doing it that is important! Staying on top of my budget means we (try) to not overspend and have some semblance of savings!

Summary

Being busy can be a part of life, but it doesn’t mean you have to sacrifice your financial wellbeing! Stay on top of your budget; keep hustling on endeavors that’ll benefit you, learn to tune out the noise and automate wherever possible!