You might be asking yourself, “What does financial planning have to do with productivity?”
The answer is: More than you realize!
If you look at surveys and studies about sources of stress for individuals or couples or families, at the top of the list almost every time is MONEY.
People worry about various stages of finances:
*bills this month
*bills in the upcoming months
*current medical coverage and expenses
*saving for an event like a wedding
*saving for a major purchase like a car or house
*the kids’ future tuition expenses
*the kids’ tuition expenses this semester
*medical coverage and expenses in retirement
*aging with a disability or in a facility
You get the picture. There are current worries, future worries, and way-way-down-the-road-worries. The point is, when there’s not a plan in place, there are constant worries.
When your mind is weighed down by worries as big and long-term as money and finances, it can bring your productivity levels in your professional and personal life to a molasses-like slowdown or even a crashing halt.
This is why it’s so important to have a financial plan.
If you’re in debt, what’s your plan to end that?
If you want to pay off your mortgage, what is your path to get there?
If you want to be able to retire before you’re 80 years old, how can you make that happen?
If researching the answers to those questions seems daunting because you perceive these as monster goals that require a lot of work, how about starting with a simple checklist for the rest of this year?
Take a look at this monthly financial tips checklist from T Rowe Price.
If you’re interested in a tax deadline calendar for the year, Hiscox has created one here.
Having a financial plan in place will remove that constant worry from your brain, which will allow you to focus better in everything you do, which will improve your productivity.
For more strategies and tips on how to be more productive and live life with purpose, take a peek at The Inefficiency Assassin: Time Management Tactics for Working Smarter, Not Longer.