1. Cook at home often: If both you and your partner work, this is likely to be very difficult. Start out with the habit of preparing all your meals at home at least twice during the work week and slowly increase the frequency until you find a balance between saving money and getting stressed out.
2. Make your own coffee: Don’t underestimate how much it costs you to go to a café or buy a take away in the long run. You don’t have to ban drinking coffee (though if you drink less it may be good for your health), but skip it as often as possible unless you make it at home.
3. Take your lunch to work at least a few days a week: Lunch times are great opportunities to network and make connections that could improve your career growth. So unless there is a common eating area for BYO lunch, you may choose to limit the BYO lunch to three days each week. Find a balance between saving some money and making the connection.
4. Make a list before going shopping: They call it impulse buying for a reason. Humans simply have a very tough time resisting the temptation to purchase extras while shopping. Without a list you will buy items that you simply do not need. Even worse is when you forget to purchase the actual item you came to buy in the first place. For cooking at home, pre-plan a rough menu and make a list before you go grocery shopping. Getting all that you need in one trip can help avoid another unnecessary trip and save fuel as well.
5. Go grocery shopping while you are in a hurry: Maybe you need to go out in a couple of hours. Or your favorite show is going to be on TV after a couple of hours. Try to squeeze in the grocery trip in that intermediate time. Armed with your grocery list, you should be in-and-out very quickly with little time for meandering and getting tempted to buy things you don’t need.
6. Watch out for expiration dates on perishable goods: This one seems intuitive when you read it, but I am surprised at how many people do not pay attention to expiry dates. No point getting a two litres of milk if it is going to turn sour in a day. Same goes for meat, eggs, yogurt, spreads, frozen items, deli/bakery items etc. Some people say you can use a few items a few days after expiry – but think about your health and avoid buying such items in the first place.
7. Buy in bulk whenever possible: When it comes to non-perishable items, buy in bulk whenever you find one of your regular items on sale. You can save quite a bit of money, provided you stick strictly to your shopping list when you do this.
8. Buy generic products whenever possible: Does it really matter who makes your toilet paper, eggs or butter? For some items the brand name products are better and for others, buy the generic store brands if they can save you money. Find what works for you and switch to generic brands for at least a part of your grocery list.  However do a quality check on the generic brands by reading the fine print (ingredients, contents, size, etc) and make sure the generic brand is actually cheaper.
9. Use grocery store bags to line your small bins: This may not work if you use a massive bin but there are many small sized ones for which the grocery bags are a perfect fit. This not only helps save some money, but reduces your environmental foot print and avoids rubbish piling up from a huge overflowing bin.

The post Some simple ways to save money appeared first on Money For Life Coaching.

This is from the ABC website:

Corporate watchdog ASIC is investigating a payday lender accused of lending to drug addicts, gamblers and people who are illiterate as well as changing the terms of loan contracts after they have been signed.

The ABC’s Four Corners uncovered disturbing conduct by online lender Good2Go Loans, triggering an investigation by the Australian Securities and Investments Commission.

An insider has revealed numerous cases of irresponsible lending by the company, including lending to a person who was drug affected and another who could barely read or write.

“Someone would come in and you would know that they’re visibly affected by drugs,” the whistleblower said.

“I’d be told: ‘It doesn’t matter mate. That loan stacks up. Write the loan’.

“I’ve had someone with multiple payday loans from other lenders and it’s clear they’ve got a gambling problem — they’ve got all these online gambling payments on their bank statements. They got the loan.”

Four Corners has seen evidence that Good2Go Loans changes the terms of contracts which allow it to get around legislated caps on fees and charges.

After Good2Go Loans customers agree to a two-year repayment contract, the company sends out an SMS message with new terms including an increased repayment which shortens the duration of the loan.

The tactic allows Good2Go to avoid a 20 per cent cap on loan establishment fees set down in federal law.

One Good2Go loan, seen by Four Corners, included a $250 “establishment fee” on a $500 loan.

“The loan contract will say the loan’s for 104 weeks, but 99 per cent of the time that doesn’t happen,” a whistleblower said.

“So once they email back to say ‘I accept’, we change it on them. We send them an SMS saying their new loan repayment amount.

“They’re hoodwinked. They might’ve signed a contract saying they’ll repay, say, $7 or $10 a fortnight, but then it’s changed so they’re paying back, say, $72 a fortnight.

“They weren’t expecting that kind of repayment, so they might miss payments, payments might bounce, then come a whole range of dishonour fees.”

Applicants’ ‘numbers fudged, budgets adjusted’

The law prohibits payday lenders from giving credit to customers who cannot afford it or where the repayments would cause substantial hardship.

But the insider from Good2Go Loans told Four Corners: “Basically the numbers are fudged. The budgets are ‘adjusted’.”

“The customer might tell you they spend $40 a week on smokes; you put down $10. You put down $5 for clothes so they can buy a T-shirt [then] they won’t go clothes-less. We’ve been told that as long as there’s an allowance in there, it’s fine.

“The managers will try their darnedest to make the budget fit.

“There would be occasions where you just simply couldn’t, but nine times out of 10 they’d make it work.”

The insider said the attitude of the company’s management towards customers was “total disregard”.

“[Management thinks] ‘f**k them, bad luck, just do what you’ve got to do, they’re just f*****g Centrelink people, it doesn’t matter’, you know? ‘They’re bludgers’,” the insider said.

Good2Go Loans did not respond to questions from Four Corners.

The post Be careful with payday lenders appeared first on Money For Life Coaching.

People perceive, value and treat money differently.  But regardless of how you interact with it, money and your financial circumstances play a major role in your life.  Money can provide security, freedom and power and lack of it can leave you feeling inadequate and trapped in undesirable circumstances.

So why do some people seem to attract it, while others are unable to hold on to it?

Problematic patterns in how you think about and manage money are often related to painful emotions such as guilt, fear and anxiety.  Certain events related to managing your money—say opening your bank statement, paying bills or denying yourself small, but unnecessary luxuries– trigger an intense emotional reaction.

It is these overwhelming, painful emotions that lead to impulsive and destructive money behaviours.

How you do money is how you do everything.  For example, poor eating choices are typically a result of filling a hole or need with food.  People who overspend are often trying to fill that same hole with shoes or the latest video game.

Beliefs and Attitudes

Intense emotional reactions can be linked to your beliefs and attitudes about money. You may have learned from early experience the value of self-denial and self-deprivation in money matters.  Or maybe money was always taboo in your home.  Or you received messages that you should feel guilty about money (“only the poor go to heaven”) and that money was unstable and scary (“you could wake up poor in the morning”).

Escape

Attitudes that contribute to guilt, fear and anxiety about money can cause you to simply want to escape.

Money and denial typically go hand and hand.  Denial is simply refusing to recognize or acknowledge a situation.   This refusal to look at the situation has caused more people to create serious financial issues for themselves.  For example, when the bank statement comes in, instead of opening it you throw it in a pile where you will “look at it later”?   Do you often get into trouble because you don’t know how much money you have?  Or, the last time you deposited money into your savings account was when your grandma sent you money on your birthday (hint:  she’s been dead more than ten years).  These are all symptoms of money denial.”

Acceptance

Emotional intelligence– that is the adaptive regulation of emotions— is connected to a less pronounced orientation toward money and a greater sense of economic self-efficacy.

Acceptance, rather than avoidance, decrease the intensity of your emotional reaction to money, improving your emotional intelligence.  You can make a choice and turn towards, rather than away from your money problems.

Changing your financial situation requires you to be willing to look at all the ways in which you sabotage your financial stability. Being willing to look at these issues is liberating.  Because in that moment of saying, “yes, I am willing to look at this and figure it out” one becomes energized, motivated, and powerful.  You become a person standing in your power around money.  The more you are willing to go deeper and deeper, to peel back the layers of your Money BS, the greater the transformation.”

The post Are Your Finances a Mess? Money and Emotion appeared first on Money For Life Coaching.

Countless books try to help you achieve it

Research demonstrates that you are more productive with it.

And yet the truth is that so few people feel it at work.

Why?

Is it because leaders don’t create “happy” workplaces?

Is it because work is inherently miserable?

Or perhaps it’s because of our attitudes about work?

There’s really no definitive answer here.

A negative boss, bad working conditions or a toxic culture can certainly make people unhappy.

I’ve also seen how leaders can create happier and more productive employees by creating the right culture and work environment.

However, I believe the biggest determinant of our happiness at work is… us.

Our happiness has less to do with forces outside of us and more to do with what’s inside of us.

Happiness is an inside job.

Our happiness comes not from the work we do but from how we feel about the work we do.

I’ve met bus drivers, cleaners and fast-food employees who are more passionate about their jobs and happier than some professional people earning ten times what they do.

The way we think about work, feel about work and approach our work influences our happiness at work.

We can be happier by focusing on what we GET TO do instead of what we HAVE TO do. We can realize that the ability to work is a gift, not an obligation.

We can enjoy our jobs more by creating a new measuring stick. Instead of comparing ourselves to others we can measure ourselves against our own growth and potential. Each day we can come to work with the mindset that today we will be better than we were yesterday and tomorrow we will be better than we are today.

We can also enhance our happiness by tuning out negativity. Gandhi said, “I will not let anyone walk through my mind with their dirty feet,” and neither should we. Instead of listening to the negative voices let us focus on our positive choices. We can’t drive someone else’s bus. We can’t control someone else’s attitude but we can control our mindset. Our job is to drive our bus and make it great. If we focus on the positive and tune out the negative our happiness will soar.

Finally, we can energize our jobs by working for a bigger purpose. The research shows we are most energized when we are using our strengths and talents for a bigger purpose beyond ourselves. Every job will get old and mundane (if we let it). But purpose keeps it fresh. Purpose fuels us. When we work for a bigger purpose we find an endless supply of happiness at work.

It’s often allusive but very attainable. Best of all, we decide how happy we want to be. So whether we are delivering happiness, opening happiness, sharing happiness, or creating it, remember that happiness is an inside job that you can bring to work today!

The post Happiness at work appeared first on Money For Life Coaching.

A quick recap:

An out-of-control spender isn’t just someone who blows their earnings on shopping sprees every month and then wonders why on earth they have nothing left for essentials. Of course these extremes exist, but having an out-of-control spending habit simply means that you spend more than you earn.

Depending on how much you earn and how much you need to spend on essentials, a few luxuries can easily swing the balance so that your money seems to fritter away without you even realising it. Read on to find out the warning signs that your spending needs reining in.

1. Your ‘out’ is more than your ‘in’

Basically this comes down to the main principle of over-spending – you spend more than you earn, and so what comes into your account each month is less than what goes out of it.

What should I do?

The best way to tackle this problem is to realise, today, that you are over-spending and you need to address the issue. Start by keeping a spending diary so that you see clearly where your money is going each month.

Then, drawing up a budget is the next stage to financial peace-of-mind – figure out from your spending diary what you can drop from your regular spending (for example, a daily lunch out can become a more economical and often healthier home-made sandwich), and plot exactly what you have available to spend on what. Stick to your budget and within a few months you should see your ‘in’ begin to outweigh your ‘out’.

2. You’re much too friendly with your overdraft, line of credit or redraw facility

It’s all too easy to become over-familiar with our overdrafts. Once they’re in place, dipping into them to tide us over for the month can seem like a harmless thing to do, especially if you intend to pay that overdraft back as soon as you can.

What should I do?

Look at your latest bank statement and you should be able to see when you were in your overdraft and when you were in credit.

It may be a good idea to count the number of days you spent in credit before landing in your overdraft again as the month progressed. If the days you spent in your overdraft are more than the days you spent in credit, you need to address the problem.

Again, keeping a spending diary and then drawing up a budget is the best way to dig your way out of your overdraft as soon as possible. Once you know where your money is going you can rein in the non-essentials and concentrate all your efforts on climbing out of the red.

It’s easy to see your overdraft as just another nifty feature of your bank account, but remember that ultimately it is simply a debt that will need to be paid back – and will more than likely be accumulating interest and/or charges as long as it remains unpaid.

3. Your cash does a disappearing act

Have you ever withdrawn money at a cash-point, intending to use it for any various small expenses that might come up, then peer in your wallet a day or two later and find it has all but vanished? If this happens on a regular basis, and unless you are being beset by a persistent pickpocket, it’s likely you’ve lost a grip on your spending.

What should I do?

Start by keeping a spending diary and monitoring what you are spending money on for a week or a month. Write down every little thing you spend money on, whether that’s using cash or using a debit or credit card. You’ll start to see how a withdrawal at the ATM goes on a couple of coffees or a quick grocery shop.

Try to identify if there are any areas of your spending that stand out above the others in that they consume a significant amount of your funds in one go. See if there is any way you can reduce this outgoing or get rid of it altogether.

If you are going somewhere where you know you might over-spend (such as a night out or an afternoon of shopping) try withdrawing an amount of cash and leaving your card at home. That way there is a limit on what you spend and once those funds are depleted, you’ll know exactly where they’ve gone and won’t be tempted to go and withdraw more.

4. You buy things on impulse

Again, this is another matter of regaining control over your spending habits by monitoring where your money goes, identifying the times when you are likely to spend without thinking, then curbing that habit.

What should I do?

Look at your last few bank statements (or credit card statements), zero in on the ‘out’ column, and try to identify the times you spent money on something in the spur of the moment rather than making a purchase that was carefully thought through.

If this happens a lot it means your spending is out of control because you are letting the thrill of buying have control over your spending power rather than the other way around. Try to think carefully through a purchase before making it – leave the shop and ask yourself whether you really need it, and if so, whether it might be worth saving up for it or looking for a better price for it elsewhere.

Again, it might be worth leaving your debit or credit card at home if you are going somewhere that might tempt you to spend more than you can afford – and simply take out a limited amount of cash instead. As well as giving you a self-imposed cap on what you can spend, you’ll be more aware of what you are spending as handing over cash will feel infinitely more real than handing over a piece of plastic.

5. You spend money on things you don’t use

Naturally, why would anyone in their right mind spend money on something just for the sake of it? Spending money on something you don’t get any use out of is the same as throwing money in the bin, but in fact you might be doing this on a regular basis without even knowing it.

What should I do?

First, update yourself on what exactly you have going out of your account automatically by way of direct debit or standing order. You can often access this information online, or simply visit your local branch and ask a teller to bring up a list of them.

You may be surprised to find a payment you set up a while ago that you’ve completely forgotten about but is still diligently siphoning off an amount each month. Ask your bank to cancel it then and there.

Remember however that you should also inform the company in question that the payment has been cancelled, and of course if you are still within a minimum contract period (or any other contract where you are obliged to keep paying) you must see out the contract before cancelling the payment so that you don’t incur any penalty charges.

The post Antidotes to excess spending appeared first on Money For Life Coaching.

Find out how to identify when your spending is out of control.

An out-of-control spender isn’t just someone who blows their earnings on shopping sprees every month and then wonders why on earth they have nothing left for essentials. Of course these extremes exist, but having an out-of-control spending habit simply means that you spend more than you earn.

Depending on how much you earn and how much you need to spend on essentials, a few luxuries can easily swing the balance so that your money seems to fritter away without you even realising it.

Read on to find out the warning signs that your spending needs reining in.

1. Your ‘out’ is more than your ‘in’

Basically this comes down to the main principle of over-spending – you spend more than you earn, and so what comes into your account each month is less than what goes out of it.

Modern technology means there’s one easy way to check this and to see at a glance if your spending is outweighing your earnings. Look at your latest bank statement and you should find two figures at the top or bottom: one represents your total income for the month (everything that went into your account from wages to earned interest to a refund from the tax office) while the other represents your total outgoings for the month (everything that went out of your account from mortgage payments to a supermarket shop to a credit card repayment).

If the ‘out’ figure is more than the ‘in’ figure, even by a small amount, this means you are over-spending. This can only lead to one thing: your available funds are depleted until you are in a position where you need to borrow to stretch your finances through to your next payday.

2. You’re much too friendly with your overdraft, line of credit or redraw facility

It’s all too easy to become over-familiar with our overdrafts. Once they’re in place, dipping into them to tide us over for the month can seem like a harmless thing to do, especially if you intend to pay that overdraft back as soon as you can.

The problem is that when your spending outweighs your earning, residing in your overdraft throughout the month rather than in credit can easily become the norm; and the further you plunge into the recesses of your overdraft, the harder it is to climb back out again.

Again this comes down again to spending more than you earn and then gradually depleting your available funds – in credit and then in your overdraft – until you have nowhere left to turn but to borrow more money.

3. Your cash does a disappearing act

Have you ever withdrawn money at an ATM, intending to use it for any various small expenses that might come up, then peer in your wallet or purse a day or two later and find it has all but vanished? If this happens on a regular basis, and unless you are being beset by a persistent pickpocket, it’s likely you’ve lost a grip on your spending.

Whenever you’re in a position where you don’t know where your money is going, whether that’s a bank balance that seems to drastically drop over a matter of days, or cash you withdraw that seems to evaporate, you need to take a long, hard look at your spending.

4. You buy things on impulse

Again, this is another matter of regaining control over your spending habits by monitoring where your money goes, identifying the times when you are likely to spend without thinking, then curbing that habit.

You might already be well aware that you’re prone to buying things on the spur of the moment if you like the look of them in a shop window or you spot something online you just have to have. Whether this is a regular habit throughout the month or something you only do once in a while, it’s still worth addressing it so that you can bring your spending back under control rather than letting it control you.

5. You spend money on things you don’t use

Naturally, why would anyone in their right mind spend money on something just for the sake of it? Spending money on something you don’t get any use out of is the same as throwing money in the bin, but in fact you might be doing this on a regular basis without even knowing it.

Many of us have set up direct debits or standing orders long ago with good intentions, for example a gym membership, health plan, or cinema membership, but then have never got round to making use of it. You might have gone to the gym for the first few months but then let it go by the wayside – but there’s still a regular amount coming out of your account every month to pay for it.

If you have any regular payments being drawn from your account paying for things that you don’t make use of, it’s time to cancel them.

Next time we’ll look at ways of getting control over your spending. If you can’t wait until then, please drop me an email.

The post Is Your Spending Out of Control? appeared first on Money For Life Coaching.

Create a Budget (or Improve Your Existing Budget)

Taking a hard look at what you bring in versus what you spend is a crucial first step. Seeing how much you’re blowing on clothes, electronics, and other luxury items can be a major wake-up call.

Here’s a simple process to get you started:

1. Start a Spreadsheet. Whether you do it online, with Excel, or just on an old-fashioned piece of paper, create a spreadsheet to categorize different expenses and types of income.
2. Add Up Pay Stubs. Calculate how much you’re bringing in each month from salary, wages, tips, and any other sources of income.
3. Gather All Your Bills. Get your utility, credit card, mortgage bills, and whatever else you have to pay each month. Start by making a category for fixed expenses and tallying them up first.
4. List Your Variable Spending. From entertainment to clothing, and from groceries to fuel, start allocating funds to each variable spending category. Base your numbers on how much you’ve spent in the past, but also try to reign things in a bit. Don’t start out too strict though. I find that if my budget is too tight, I’m just setting myself up for later splurges and eventual failure.
5. Put Some Money in Savings. Don’t forget that a good budget also allocates money to savings. Try following the “50/30/20″ rule: 50% of your monthly income should go to fixed and necessary expenses, 30% to fun stuff and lifestyle choices, and 20% to savings and paying off debts. Talk to a financial planner about what type of savings vehicle is best for your financial goals – a regular savings account for emergency expenses and superannuation for your retirement  should help you get started.
6. Test Your Budget. Leave space beside each budget entry and enter the actual amounts you spend going forward. Compare them to what you’d planned and adjust your numbers for the next month accordingly.

Suppose you go on too strict a diet – you’re going to be very tempted to splurge when the right temptation catches your eye. The same holds true for spending. Yes, suddenly putting yourself on a strict budget can help you save money – until you go nuts and end up on a shopping binge.

It’s okay to give yourself little rewards now and again to stay on track. If you love clothes, put a little cash aside or load up a prepaid debit card for a reasonable shopping trip. If you tend to splurge on fine dining, plan one night each month to nosh at your favourite restaurant. Love to travel? Reward your good behaviour by surfing around for last-minute deals or taking a day to explore what your city has to offer. This is your financial version of a cheat meal, so take advantage of it.

If you feel that you need help with your budget, please email or phone 0422 237 588

The post How to Stop Overspending appeared first on Money For Life Coaching.

If you start each month with great intentions and spend according to a set plan, but eventually find yourself making mindless purchases justified by that ever dangerous “a little won’t hurt” attitude, you’re likely facing an empty bank account and severe buyer’s remorse by the end of the month.

Once you realize you’ve chipped away at whatever cushion you had in place, you’re left scrambling for money – or worse, using credit cards to cover your bad moves. Overspending is often a learned behaviour that can result from emotional issues (“I’m in a bad mood, so I’m going shopping”), family upbringing (“I couldn’t afford much as a kid, but now I can”), or even lifestyle inflation (“I got a raise, so I deserve a new car”). It’s not always easy to recognize your own negative patterns, so take some time to check your behaviour and determine whether you’re overspending each month.

Signs of Overspending

1. Your Budget Doesn’t Add Up

You’re responsible enough to have a personal budget in place, but are you responsible enough to follow it? If you budgeted $100 for clothes but spent $300, that extra $200 is coming from somewhere, meaning your splurge could be affecting crucial expenses such as utilities, groceries, or your retirement savings contributions.

2. Your Credit Cards Are Maxed

Maxing out your credit card means not only are you living an unsustainable lifestyle, but you’re using additional resources to fuel your overspending. It also means you’re accruing interest and possibly incurring expensive fees for hitting your max. When your spending is no longer about what you have in your wallet, but how much you can get your hands on to continue buying, it’s time to make a change.

3. You Only Pay Your Credit Card Minimum

When your credit card balance is so high or your budget is so tight that you can only make your minimum payment every month, you’re overspending. If you put a $1,500 flat-screen TV on a credit card with a 12% interest rate and you pay it off at $50 per month, it’s going to take three years and just under $1,800 before your balance is eliminated. A willingness to assume long-term debt just because you want something you can’t really afford is a tell-tale sign of overspending.

4. Your Credit Card Debt Exceeds Your Monthly Income

If you’re earning $5,000 per month but have $12,000 in credit card debt, you’ve been spending too much. Your monthly income should always be higher so you can make those credit card payments in full along with all of your other debts and financial responsibilities.

5. You Splurge on Fun Stuff, But Neglect Bills and Fixed Expenses

Pay before play. Financially savvy people understand the importance of paying fixed expenses before purchasing fun items such as clothing, electronics, and holidays. If you find yourself heading to the shops and treating fixed expenses as an afterthought, you’re probably a habitual overspender.

6. Your Expenses Rise With Your Income

Throughout the course of your life, you’re sure to enjoy new jobs, raises, children leaving home, and maybe even a windfall or two. If each increase in income also comes with an increase in your lifestyle-based expenses, you’re eating into whatever extra you’re getting.

7. There’s More in Your Wardrobe Than in Your Bank Account

Do you have 14 pairs of designer shoes and a rack of clothes that still all have the tags on – and also an empty bank account? Investing more in your closet than your retirement savings or emergency fund represents damaging financial behaviour.

8. You’re Resistant to Change

If you’re reading this list and recognising some of your behaviours, but are feeling defensive or dismissive, you could be an overspender. To some people, spending money makes them feel important, happy, and fulfilled – and who wouldn’t want to continue the behaviour that sparks those emotions? What overspenders don’t realise, however, is that they’re heading down a dangerous path. Change can be scary, especially if you’ve overspent for a long time, but it’s essential if you want to live a financially healthy life.

The post How to Stop Overspending and Get Your Budget Under Control appeared first on Money For Life Coaching.

1. Do a time log.

Interviewing so many successful people, what did she hear some version of over and over? They all seem obsessed with one question: What else could I do with that hour?

They plan their time, track their time and are always thinking about the opportunity cost of their time.

The first question you need to ask is “Where is my time actually going?” Not where you think it’s going, where is it actually going.

This does not involve leaning back in your chair and guessing about what you vaguely remember doing.

Write down what you do for every hour of the day.

Let’s just say seeing clearly in black and white how you spend your time can be sobering. Or, in some cases, downright depressing. But it works.

You can’t trust your head when it comes to time. You need to be accountable for the hours that pass, whether or not you’re conscious of them.”

There are other benefits to doing a time log. It helps you figure out how long things really take versus your optimistic underestimates.

“It’s just a matter of observation and saying “What is it that I repeatedly do in my life, and how long did it really take each of those times?” If that regular Monday 10 a.m. meeting is scheduled for an hour but it has never taken less than 90 minutes, then you need to be realistic and stop scheduling stuff for 11:00.”

The other benefit that comes from doing a time log is you can see the optimal windows for you to accomplish certain tasks.

Are you sharper in the morning? (Most people are.) Then you can schedule “deep work” for that time.

So you’ve started a time log (and you’ve probably spent some time crying after reading it) and now you’re ready to spend your hours better.

What’s the next step? You need a plan. And not some little one either.

2. Plan the whole week.

In a study of CEO’s what correlated with an increase in sales? Not how much time they had, but how much time had been planned out.

“Preliminary analysis from CEOs in India found that a firm’s sales increased as the CEO worked more hours. But more intriguingly, the correlation between CEO time use and output was driven entirely by hours spent in planned activities.”

Georgetown professor and super-organizer Cal Newport agrees: To-do lists aren’t enough. Things need to be assigned hours to really get done.

How do you create your plan? Think about two things: what are you good at and what makes you happy?

Successful people spend as much time as possible on their “core competency” and ignore, minimize or outsource everything else.1

They spend time on that thing they’re best at which produces meaningful results.

Writers need to be writing. Accountants need to be working with numbers. And everything else (like email and meetings) just gets in the way.

Laura also suggests creating a long list of things that bring you joy. Yes, you need to write them down.

Might sound silly but by having an actual list it’s easier to remember them and slot them into your schedule vs. waiting for serendipity.

So you’re putting your plan together. What’s another secret of successful people that delivers results over the long haul?

Spend your mornings doing things you put off the rest of the week.

3. Morning rituals are for things that don’t have to happen.

Morning rituals are for those things that are important but not urgent.

The stuff we know we should do… but perpetually put off. These things don’t have a hard deadline and nobody will shout at us if they don’t happen.

“The best morning rituals are activities that don’t have to happen and certainly don’t have to happen at a specific hour. These are activities that require internal motivation… The best morning rituals are activities that, when practiced regularly, result in long-term benefits.”

Research shows we have more willpower in the morning.

One of the successful people Laura spoke to said: “Every day I have a job but in the morning, I think I have a career.”

Mornings are the time to make progress on those vital long term goals.

4. Yes, you even need to plan the weekend.

Here’s where people freak out. They don’t want to plan their free time. But if you’re serious about your leisure time, then take it seriously.

I’m not talking about planning work or chores. I’m talking about planning fun — as in making sure you have some.

How many weekends have blown by where you didn’t get off the couch and, frankly, it wasn’t all that memorable? Exactly.

Research shows we’re happier when we plan our free time and that “doing nothing” doesn’t make us happy.

More importantly, studies have shown that you often don’t do what makes you happiest — you do what is easy. So you need to plan if you want to have fun.

What’s a weekend plan look like? Nothing draconian. Laura says you just want 3-5 “anchor events” to make sure you’re having a good time.

“Just three to five anchor events can really make the difference between feeling that a weekend was spent well, and that a weekend merely happened. And these don’t have to be huge things. It could just be, “I’m going to go for a run on Saturday morning. I’m going to try get together with this friend on Saturday evening. I’m going to go to church on Sunday morning.”

Looking to be happier? By planning fun stuff ahead of time you get to anticipate it. And research shows anticipation makes us very happy.

Best part is even if you don’t follow through and do the anchor event, you already got the anticipatory happiness. Happiness and laziness!

“One study by several Dutch researchers, published in the journal Applied Research in Quality of Life in 2010, found that vacationers were happier than people who didn’t take holiday trips. That finding is hardly surprising. What is surprising is the timing of the happiness boost… The happiness boost came before the trips, stretching out for as much as two months beforehand as the holiday goers imagined their excursions.”

Weekend fun is locked in. What’s the most vital part of insuring you’re ready for the workweek to start again?

5. How to conquer the Sunday night blues.

You know the weekend is over and tomorrow it’s back to work. Instead of being filled with dread, plan something awesome for Sunday night.

“Even people who like their jobs can succumb to this: “Oh god the weekend’s over!” One way around that is planning something low-key but enjoyable for Sunday night — anything you can look forward to Sunday afternoon instead of thinking about Monday morning.”

Research shows Sunday is the saddest day of the week. Plan something fun ahead of time and that doesn’t have to be the case.

Okay, we’ve got some great tips. Let’s pull this together.

Sum up

Here’s what you can learn about time management from very successful people:

1. Do a time log. See how long things take and when your best windows are.
2. Plan the whole week. Focus on your core competency and what makes you happy.
3. Have a morning ritual that gets you closer to your long term goals.
4. Set 3-5 anchor events for the weekend.
5. Plan something fun for Sunday night.

168 — that’s how many hours we all have every week. We need to get out of the mindset of “I don’t have time.”

We all have the same number of hours. It’s what you choose to do with those hours that will shape your entire life.

The post How do the most successful people manage their time? appeared first on Money For Life Coaching.

What most people don’t know, however, is that Newton’s three laws of motion can be used as an interesting analogy for increasing your productivity, simplifying your work, and improving your life.

Allow me to present this analogy as Newton’s Laws of Productivity.

Newton’s First Law of Productivity

First Law of Motion: An object either remains at rest or continues to move at a constant velocity, unless acted upon by an external force. (i.e. Objects in motion tend to stay in motion. Objects at rest tend to stay at rest.)

In many ways procrastination is a fundamental law of the universe. It’s Newton’s first law applied to productivity. Objects at rest tend to stay at rest.

The good news? It works the other way too. Objects in motion tend to stay in motion. When it comes to being productive, this means one thing: the most important thing is to find a way to get started. Once you get started, it is much easier to stay in motion. [1]

So, what’s the best way to get started when you are stuck procrastinating?

In my experience, the best rule of thumb for getting started is the 2-Minute Rule. [2]

Here’s the 2-Minute Rule adjusted for productivity: To overcome procrastination, find a way to start your task in less than two minutes.

Notice that you don’t have to finish your task. In fact, you don’t even have to work on the primary task. However, thanks to Newton’s first law, you’ll often find that once you start this little 2-minute task, it is much easier to keep moving.

Here are some examples…

• Right now, you may not feel like going for a run. But if you put your running shoes on and fill up your water bottle that small start might be enough to get you out the door.
• Right now, you might be staring at a blank screen and struggling to write your report. But if you write random sentences for just two minutes, then you may find that useful sentences start to roll off your fingers.
• Right now, you might have a creative block and be struggling to draw something. But if you draw a random line on a sheet of paper and turn it into a dog, then you might get your creative juices flowing.

Motivation often comes after starting. Find a way to start small. Objects in motion tend to stay in motion.

Newton’s Second Law of Productivity

Second Law of Motion: F=ma. The vector sum of the forces on an object is equal to the mass of that object multiplied by the acceleration vector of the object. (i.e. Force equals mass times acceleration.)

Let’s break down this equation, F=ma, and how it can apply to productivity.

There is one important thing to note in this equation. The force, F, is a vector. Vectors involve both magnitude (how much work you are putting in) and direction (where that work is focused). In other words, if you want to get an object accelerating in a particular direction, then the size of the force you apply and the direction of that force will both make a difference.

Guess what? It’s the same story for getting things done in your life.

If you want to be productive, it’s not merely about how hard you work (magnitude), it’s also about where that work is applied (direction). This is true of big life decisions and small daily decisions.

For example, you could apply the same skill set in different directions and get very different results.

To put it simply, you only have a certain amount of force to provide to your work and where you place that force is just as important as how hard you work.

Newton’s Third Law of Productivity

Third Law of Motion: When one body exerts a force on a second body, the second body simultaneously exerts a force equal in magnitude and opposite in direction on the first body. (i.e. Equal and opposite forces.)

We all have an average speed that we tend to perform at in life. Your typical levels of productivity and efficiency are often a balance of the productive and unproductive forces in your life — a lot like Newton’s equal and opposite forces.

There are productive forces in our lives like focus, positivity, and motivation. There are also unproductive forces like stress, lack of sleep, and trying to juggle too many tasks at once.

If we want to become more effective and more productive, then we have two choices.

The first option is to add more productive force. This is the “power through it” option. We gut it out, drink another cup of coffee, and work harder. This is why people take drugs that help them focus or watch a motivational video to pump themselves up. It’s all an effort to increase your productive force and overpower the unproductive forces we face.

Obviously, you can only do this for so long before you burn out, but for a brief moment the “power through it” strategy can work well.

The second option is to eliminate the opposing forces. Simplify your life, learn how to say no, change your environment, reduce the number of responsibilities that you take on, and otherwise eliminate the forces that are holding you back.

If you reduce the unproductive forces in your life, your productivity will glide forward naturally. It’s like you magically remove the hand that has been holding you back. (As I like to say, if you eliminated all of the things distracting you from being productive, you wouldn’t need tips on how to become more productive.)

Most people try to power through and hammer their way past the barriers. The problem with this strategy is that you’re still dealing with the other force. I find it to be much less stressful to cut out the opposing forces and let your productivity naturally flow forward.

Newton’s Laws of Productivity

Newton’s laws of motion reveal insights that tell you pretty much everything you need to know about how to be productive.

1. Objects in motion tend to stay in motion. Find a way to get started in less than 2 minutes.
2. It’s not just about working hard, it’s also about working on the right things. You have a limited amount of force and where you apply it matters.
3. Your productivity is a balance of opposing forces. If you want to be more productive, you can either power through the barriers or remove the opposing forces. The second option seems to be less stressful.

The post The Physics of Productivity: Newton’s Laws of Getting Stuff Done appeared first on Money For Life Coaching.