How Does Money Influence Our Work-Life Balance?
Creating a “Team” Approach to Family Finances
We had a powerful discussion about work family balance and finances on our recent Thursdays with ThirdPath webinar. Missed it? Check out the YouTube link we’ve created for you. Scott Behson also provides some great advice on this topic in his book – Working Dad’s Survival Guide.
Read on for a few of Scott’s words of wisdom:
1 – You May Need to Choose – Big Bucks or Work Life Balance
Scott references Warren Farrell’s book at the start of his discussion of family finances. He does this because, as Scott explains, “among other things, jobs that require or strongly encourage extensive travel, long commutes, long work weeks… earn significantly more than jobs that are more stable, have more regular and reasonable hours, and do not make such time-based or psychological demands.” However, Scott also reminds us that jobs that pay less may have other non-financial benefits, like “more satisfying work, better work-life balance, less stress and more free time.”
2 – Success Is the Freedom to Live by Your Priorities
Throughout the section that focuses on family finances, Scott argues, “My over-arching philosophy when it comes to finances, work and family, is that the key to success is the freedom to act in accordance with our priorities.” To do this, Scott encourages his readers to be careful around the big financial choices they make, like the decision to buy a house. “Maybe instead of working harder and sacrificing family time, you can free up time by examining and reducing these large expenses.”
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3 – There is a Lot to Gain From Smart Budgeting
Scott talks about the value of creating a family budget. In fact he compares it to something he does at his workplace. In August his organization creates a very conservative budget, “not quite a worst-case scenario, but a bad-case scenario.” Then, a few months later when they have a better handle on their financial picture, they create a second budget. This second budget is almost always better than what was originally projected, and as a result, people are more at liberty to spend on things that are “nice to have” not just “need to have.” Scott points out, “If we do 85% budgeting, we have more slack in our finances to accommodate unexpected expenses.” In contrast, “If your regular income and regular expenses simply equal out, your finances can be compared to a rope already taut. With no slack, the rope has no more capacity to be stretched further without fraying.”
4 – Create a Team Approach to Your Financial Goals
Scott ends the chapter by encouraging parents to talk through different options with each other to create a common plan. He concludes with one father’s illustrative story. “My wife and I talked about my transition from a long-hours, good-paying job with good benefits to going out on a limb and starting my own consultancy… We had some financial cushion, but it was scary. Now I can have a much more family kind of lifestyle, and we can share the load more easily at home. The fact that my wife and I talked all the implications through – what does this mean for our mortgage, for college savings, for health insurance, for her work? – made the transition so much better.”
We also know real and lasting change will only happen when societies support men and women to share in the work of earning income and caring for their families. Want help designing your Shared Care work-family solution? Check out our “Work Family Options Resource Book.”