Last time we talked about 9 ways to “Live Off Old Money,”* or Joumor Principle, Use What You Have. One of my readers, Anna, sent me the image above just in time for today’s newsletter. How cool is that?
All clutter comes from avoidance. Whether it’s putting off a decision, a hard conversation or paying a bill, the longer the time between when we need to do something and we finally do it determines how much clutter we have!
More ways to live off old money
Let’s talk about a few more ways to live off old money, all of which I have witnessed my clients struggle with over the last 17 years.
- Invoice your clients right away, ideally before work begins. Whether it’s simple disorganization or lack of confidence, this is a HUGE source of clutter that can also damage your reputation. Keep the money and the professional connection flowing between you and your clients.
- Deposit checks immediately. Many people like to hold onto checks for a long time…until they lose them or they expire. This is problematic for your relationship with the check-giver and their accounting. People are often too embarrassed to request a new check (and check givers often don’t like or want to issue another check) and forgo up to thousands of dollars due to this. If you have a smartphone, download the app to your bank and deposit checks immediately.
- Cash in lottery tickets right away. I once had a client who won the lottery for the first time, nearly $650, and was holding onto the ticket because it made her so happy. When I looked closely, the ticket was expiring that day! Enjoy your win, and cash it in.
- Eat the food in your fridge and your pantry. You’ve already paid for it, and the longer it sits there, the worse it will be. BONUS: it will be easier to clean and organize an emptier fridge on a full stomach. 🙂
- Wear the clothes you own. It’s estimated we wear only 10-20% of our clothes. Not only will you fall in love again with things that once made you buy them, it will be much easier to part with pieces that just don’t work, naturally, without forcing yourself to get rid of things.
How do you live off old money? I’d love to hear your input.
*CORRECTION: Last timeI said 78% of gift cards go unused- forgive my erroneous math- it’s estimated between about .007-25% go unused. (there are different statistics around and I got confused). Thanks to reader Ed Federman for pointing this out!
If you haven’t read part I of this article, you can do it now.
For more info on how to declutter your life, you can get a free trial of the Joumor Institute.