Money Talk
There's no getting around it: money matters when you're talking about quality of life, and can be one of the most difficult things to manage. Outside of all the normal cliches about money being couples' most fought-over topic, the current job market being difficult, and wages not keeping up with inflation, there are things you can do to mitigate these factors in our current environment. One of the most important pieces of this is figuring out how best to save money and what will best motivate you to do it. Below are a few blogs that advocate different styles I've found interesting over the years.
Find Your Focus
One of my favorite blogs is called Mr. Money Mustache. Although it does have a somewhat cheesy-sounding title, the advice, in the introductory blog post, his outlook on the American way of consuming as a habit, increasing our own personal debt without being conscious of how that can affect the rest of our lives is a valid one. As he writes in that first post:
"Here’s how to cut your life costs in half. Start by getting rid of your Debt Emergency if you have one. Live close to work. Move to another city if you enjoy adventure. Don’t borrow money for cars, and don’t buy stupid ones. Ride a bike wherever you can. Cancel your TV service. Stop wasting money on groceries. Give your kids the opportunity to achieve greatness without being pampered. Lose the overpriced cell phones. Learn to appreciate the life-boosting joy of using your own body to get things done. Learn to mock convenience. Practice optimism."
The reason this is so important is that it refocuses the purpose in life from consumption to freedom; the more simply one can live, the more freedom they have to make choices unaffected by deft, or living paycheck to paycheck, or not being able to give to others they way they otherwise would. So - what would you do if you looked at something other than material possessions as a metric for success?
Keep Track of Your Record
For better or worse, one of the most important financial indicators for people living in the United States is our FICO score. While it seems like a minor thing to keep track of, credit scores heavily affect the amount of money people can obtain when applying for a mortgage, getting a credit card, or a car. Maintaining a high score will also give you a measure of financial freedom, as it will indicate to future lenders if you trustworthy for a loan. In the long run, a high credit score will also help save you money by encouraging lenders to give you a lower interest rate if/when you do take out a loan.
A few good sites for monitoring this are annualcreditreport.com (which is government-sponsored, though you can only pull it once a year), and Credit Karma (which is not government-sponsored, but is free and confidential). The latter has a blog that is focused on developments about credit scores and tips about how to protect them. Many banks and credit card companies also offer free credit score trackers now, so check with yours to see if there's a way to keep an eye on yours as well.
Protip: sometimes, if you're applying to rent a new house or apartment, potential landlords who would otherwise charge a service to check your credit will accept one of the free reports instead, so always ask!
See If a Side Hustle is Feasible
The internet is full of finance blogs advocating starting a side hustle. The Penny Hoarder in particular has a good rotating list of side hustle ideas, which can help while one is in job lull or has extra time in which to earn extra money. While I absolutely recommend having multiple streams of income, it's important to make sure that, when starting a side hustle, enough time can be devoted to it to ensure all commitments are kept.
Once an individual has gotten a handle on how to save and manage his/her money, the quicker they can move on to creating financial security for themselves via real estate, stocks, or whatever other investments they choose. The point is not necessarily to become rich (though I don't know anyone who would object!), but rather financially independent and secure enough to focus on how they choose to live their life rather than working in an unfulfilling way.
