Last summer I had to find a new place to rent. I was evicted as my landlord wanted to move into the apartment I happily rented from him for the past five or six years. I was upset at this change of circumstance, but likely not as upset as the landlord’s now ex-wife.

So what does this significant event in the lives of several people have to do with my current financial life? A lot, it turns out, as I am now devoting time to a financial scavenger hunt that stems back to last summer.
Immediately, following the move I filed the usual change of address with all the good folks who employ me, take care of my money or sell me services.

Guess I missed a few.

The deadline to file income tax returns with the Federal Government is a little more than a month away. Missing in action are a number of important tax-related bits of paper ranging from a statement listing how much interest
(taxable) my meager savings earned to those valuable tax receipts for the odd charitable donation (tax deductible).

By now, we should have paper for all tax related activities including T4 slips from our employers, along with receipts for RRSP contributions, charitable and political donations.

Review your financial activities from the past year to ensure you have all the necessary bits of paper. If not, join me on the annual financial scavenger hunt contacting banks, employers and “do-good” agencies for those missing receipts. At least in my case, this hunt ensures that my “change of address” list will finally be completed.

-Jack

Yup, there’s no doubt about it: taking care of our money is a never-ending thing.
A good word to add to our lexicon is praxis.

Wikipedia defines Praxis as “the process by which a theory or lesson becomes part of lived experience. Rather than a lesson being simply absorbed at the intellectual level in a classroom, ideas are tested and experienced in the real world, followed by an opportunity for reflective contemplation. In this way, abstract concepts are connected with lived reality.”

It may help alleviate the sense of, well, drudgery at times, if we think of managing our money less in terms of being a ‘chore’, and more in terms of being a daily living out of our beliefs and our desires.

A great musician will practice a small phrase over, over, over and over again. This praxis can become almost meditative in nature, and that phrase - the timing, the muscles used, the dynamic - settles into the marrow of the musician.

It may be an optimistic comparison, but I think there’s something to it.

At a minimum, basics like keeping track of spending, day in, day out, will settle into our bones as ‘we are in charge of our money’.

More revelations this week…dealing with money feels very much like housework to me…that is to say: never-ending. Regardless of the fact that I take care of business (whether it’s cleaning or finances), come the end of the day, there’s always more to do. And if I just skip it, there’s even more the next day and with every day that passes I feel less and less like dealing with it! This is the battle I face to be on top of my money…or to exercise…or to eat well….or to meditate…or to have a consistently clean house…or to do any number of other disciplines which require effort, planning, dedication, commitment. Well, at least if one wants to reap the rewards each of these things offers.

This past weekend I recognized big fear around removing the obstacles I put in my own way. Who will I be without those obstacles? How will my life change? What will success in ALL areas of my life really feel/look like? What will happen if I pull out all the stops and just do what’s required so I keep growing and growing in success? Aaaagggghhhh! Fear. Fear which seems completely irrational to me.

I believe that at least partly it’s about feeling that if I discard old habits and coping mechanisms (like retail therapy), that I’ll feel like a failure if one day I choose to do that again - or want to. Sort of a “there’s no going back” mentality. That I would feel worse to have “reformed” so-to-speak, and then “fall off the wagon”. That’s true in part for what I’m feeling about struggling to record my expenses. I’ve done this already before, so what’s making it so difficult to do it again? Can’t answer this one yet…just going to keep doing my best to keep taking manageable steps every day. Some days there may be lots of little steps, others, not so many. I’m striving to find my balance, be gentle with myself, encourage myself like I would my best friend who needs my support. I also need trust: in myself, my capabilities, in the help and support of those around me who want to see me reach my goals.

I did it. I tracked the expenses, I braved the spreadsheet, it wasn’t SO bad! My money is going where I thought it was, and the week after I did the spreadsheet entry, it certainly impacted my spending habits in a good way. It made me want to spend less in certain ways so I could shift that money elsewhere - like buying assets (RRSPs for a start), and putting aside some savings to help create more breathing room financially.

I also am working on the shift from problem-driven to vision-led and am choosing to change my language around money, along with changing my habits. But old habits can have stubborn roots. Two weeks after the spreadsheet entry, I’ve collected more receipts but am still resisting sitting down once per week to enter them and stay more in touch with my money! Sheesh. This is not so hard to do and yet I resist….(and then the financially healthy part of me yells, “resistance is futile! We will overcome!!”)

I sat down to do this blog tonite, so I can take other small steps after I’m done here, even if Idecide not to do it all at once, I can make some progress with “receipt management”. And as I write this, I realize part of the battle I’m facing is that the last time I did this I scheduled a regular time to do it each week. This time I’m not being as diligent about that. I’m doing it when I feel like it. And well, let’s face it: when money and changing habits and discipline are concerned, it’s easy for me to “never feel like it”!

I’ll bet some of you reading this can relate to that…?! So although it’s still a little wobbly with the return to the spreadsheet, I trust myself to keep moving forward. I know if I keep going it will get easier every time. And I’ve chosen to make Thursdays right after work my regular time to spend 30 mins. with my money.

I need to double my income if I would like to own a one bed-room apartment in Vancouver. At least so says a recent Global TV news report. More than one bedroom requires the ability to support a mortgage of more than half a million dollars.

The dream of home ownership is pulling away from the reach of the average person (at least I think I’m average). And as I need at least two bedrooms, certainly out of my reach. Oddly, I’m no longer depressed by this thought.

A home is not necessarily owned. It is created and therefore a rental can be home. Home ownership, in my mind, represents stored accumulated wealth with the potential for capital gains to be used in my old age and hopefully passed along to my son when I no longer have a need from money.

With this in mind, I’m clinging to the thought of “rent and invest the difference.” Ok, I can’t afford the difference or I would own a home. But, I am making a point of keeping a little aside each month to invest in other vehicles. Real estate is not the only investment opportunity blessed with capital appreciation.