When 80% of folks report that they’re living paycheck to paycheck, it’s clear that this lack of margin in our lives is a major contributing factor to why we have some much stress in our lives. It’s true of our money and it’s true of our time as well. And with it being the new year, it’s easier to believe that a new and better narrative is possible- and it is! We have the power to change our previous negative money associations and to start handling our personal finances better this year. In this episode we’ll cover why margin is so important, some of the different things that keep us from having more of it, as well as some practical steps that we can take in order to create more margin in our lives.
Additional Resources:
- Though for much of this episode we talked about increasing the gap between incoming and outgoing, for many people a simple emergency fund is what they need. According to economists, $2,467 is a great number to shoot for.
- Episode 90 with Laura Vanderkam is an excellent refresher on valuing time.
- For an entire episode on escaping living paycheck to paycheck: Episode 73
During this episode we enjoyed a Visible World by Modern Times Beer – a big thanks to our friend Craig there at the brewery! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money!
Best friends out!
I’ve been trying to instill this idea of margin with my employees, especially when it comes to paid time off. A few have the mindset of “earn and burn,” which leaves no time in case of an emergency. We’re allowed to carry over 240 hours of annual leave every year, which is well enough for most incidents. Great episode!