Ten minutes may not sound like much, but it can truly change your life. Whether it’s from something that occurs, a decision that you make, a realization or an epiphany, ten minutes is enough time to bring about great changes with lasting effects (both good and bad).
The most important 10 minutes of my financial life came about six months after graduating college. I had started my first job a week after graduation and because I have always been frugal at heart, I had accumulated about $4,000 in my checking account by year’s end.
What was I going to do with all of this money?
I could have easily continued living my very frugal lifestyle — living with a roommate to halve the rent, spending roughly $200 a month on groceries, filling the tank of gas once per month because of living two blocks from work, etc. — and accumulate money in my checking account. But I am sure that at some point over the years I would have grown tired of the endless cycle of working, living frugally, and accumulating money. And by “grown tired” I mean that without a purpose to this money and to my way of life, I might have abandoned it at some point.
Instead, I took 10 minutes one afternoon to write down a plan for my money. I brainstormed the things that were important for a stable financial future and wrote these down on a sheet of paper. After those 10 minutes, it became clear what my money’s purpose was: to pay off my student loan debt in as little time as possible, to grant me independence as an adult (meaning I needed to have enough of it saved up for an emergency so that I didn’t have to call home), and to save for retirement even though it was many moons away.
In just 10 precious minutes, I crafted a blueprint that built the foundation of my solid finances today. That 10-minute planning session saved me many times, the first of which was just six months after making the plan. Because of the emergency fund I had created, I was able to survive my first lay-off. It was nice to not have to move back home just one year after graduating!
Do you have 10 minutes to make plans with your own money? It could be the difference between financial independence and barely surviving.
What Can be Done in 10 Minutes – An Infographic by QuickQuid