In the first instalment of the series, we explore how to shift your focus and achieve financial freedom
Money Talks is a series of 52 questions over 52 weeks, intended to spark meaningful conversations about finance.
Money Talks (proverb) - Wealth gives power and influence to those who possess it.
In today’s fast-paced world, many of us find ourselves questioning whether we work to live or live to work. It’s a fine balance that can significantly impact your quality of life, financial well-being, and overall happiness. But how can you tell which camp you fall into? Let’s explore the signs and strategies to ensure your work fuels your life’s goals, not the other way around.
If you work to live, your job is a means to an end, enabling you to enjoy life beyond the office. Here are some telltale signs:
- You prioritise leisure time: Weekends and evenings are 'your time', filled with hobbies, travel, or time with loved ones.
- You set boundaries: Work rarely bleeds into your personal time, and you’re conscious about not taking calls or answering emails after hours.
- You plan for financial freedom: You’re focused on saving for vacations, retirement, or other personal milestones that bring you joy.
On the flip side, living to work can lead to a life centred around your job. Here are some indicators:
- Your identity revolves around your job: When asked about yourself, your career is the first thing you mention.
- Long hours are the norm: You regularly work overtime and find it hard to disconnect, even during personal time.
- Financial goals are tied to work milestones: Promotions, raises, or bonuses dictate your spending and saving habits.
If you find yourself leaning towards living to work, shifting to a work-to-live mindset can bring more balance and fulfilment. Here’s how better financial planning, discipline, saving, and budgeting can help:
1️⃣ Create a Budget: A clear budget helps you allocate funds for necessities, savings, and discretionary spending, ensuring your work supports your personal goals.
2️⃣ Automate Your Savings: Set up automatic transfers to your savings account. Whether it’s for emergencies or a dream vacation, this step keeps your future in focus.
3️⃣ Set Clear Financial Goals: Define what you’re saving for, whether it’s a down payment on a house, taking extended unpaid leave, going part-time at work to kick-start a side hustle, or early retirement. Having goals makes it easier to stay disciplined.
4️⃣ Track Your Spending: Regularly review your expenses to ensure you’re not overspending on luxuries or work-related items that don’t add long-term value.
5️⃣ Invest in Experiences: Use your hard-earned money to create memories - trips, outings, or learning new skills - rather than accumulating material possessions.
Making the transition to a work-to-live mindset starts with smarter financial management. Budgeting and saving tools on apps like Cheddar are designed to help you achieve just that. With features like cashback-generating gift cards, a spend tracker, and savings insights, Cheddar makes financial planning effortless.
Download Cheddar today and start taking control of your finances. Work to live, not live to work!
Engage partners, friends, family, colleagues, and those you've just met in open discussions with our deck of 52 prompt cards, coming soon to the Cheddar app....👀
