What holidays teach us about the here and now

Photo by Haley Phelps on Unsplash

Did you head away during the October break? The idea of squeezing in a trip away during the school half term, or even some sunshine before the clocks change, can suddenly seem very sensible - especially with Christmas on the horizon (sorry!).

However, the week before can also be so stressful that you might wonder whether it’s worth it: finishing work, packing, hunting for passports, getting a dog sitter etc.

But then…

… there’s that moment when things just ‘click’. You take a breath, switch off from work mode and relax. And you remember why holidays are so important.

We didn’t tend to take many breaks away when I was younger, so it wasn’t until relatively recently that I started to fully appreciate the value that comes from disconnecting.

Because true wealth is about more than just the money in your pocket. It’s also about enjoying what’s happening here and now.

An important lesson

For most of us, life is a juggling act. Between work and everything else.

That means that in those rare moments where we can switch off, we can find ourselves wishing they would last a bit longer – even forever. It’s when you get that opportunity to idle about, without any obligations – to take a leisurely breakfast, drink a coffee looking out over the ocean, waves crashing, the warmth of the sun on your face – that you get a tiny preview of what retirement might look like.

But before you know it, it’s all over and the normal routine quickly takes over again. Post-holiday blues can be a very real thing.

But why wait until retirement to explore and benefit from that feeling that holidays provide so fleetingly? We work so hard to put money aside for ‘the end’ when work is over, but if you think about it, that’s quite a stark approach. Instead of putting off all the good stuff, is there a way to do more of it along the way? Otherwise, what’s the point?

If we could think of ways to bring more of these moments of mindfulness and relaxation into our present day, we wouldn’t pile so many expectations on those one or two-week breaks during the year.

Can you really have your cake and eat it?

There’s a perception that you can save for retirement, you can enjoy your life, but you can’t do both. That’s why I think one of the most valuable things a financial planner can do is helping people see that the choice isn’t either/or.

Yes, we’ll talk about retirement, but my role as a planner isn’t just preparing you for the future or even managing the stress of the present, it’s also enabling you to enjoy that journey as well. My work is about helping you to create that space where you can connect to your values and take the time to think about what they mean to you. I’m also here to help you break things down into manageable chunks. Life is so busy, that it can be easy to lose sight of what matters; or it can sometimes feel as if we know what’s important, without having really thought about it.

So how do you do this?

One of the first things is to think about priorities. What you save and what you spend should be closely aligned with your values. That’s where those moments of mindfulness can benefit, they help you get straight in your mind what matters most.

Here’s an example: I love looking at clothes. With the constant emails I get from retailers advertising a new season or a particular deal, it’s very easy to click and spend. When my new purchases arrive, buyer’s remorse sometimes kick in as I realise I didn’t need it as much as I thought I had.

This habit can be a distraction. And it takes money away from what I actually want to do, which is spend time having new adventures and making new memories with my family.

The strategy that works best for me is separating my finances into different pots.

I have a clothing pot with a set budget and a holiday pot, where the percentage of my overall savings is bigger, reflecting the value it has to my life. I know the money is always there and the pot is set up to align with my values, so I’m not liable to get distracted and use it elsewhere.

In part, this is what my role is as a financial planner. I help you break things down into manageable chunks and ensure your spending matches up with your short and long-term goals.

Enjoy the journey

Taking time to focus on enjoying the journey is more important than ever.

People are living longer and healthier lives. A woman born today has an average life expectancy of 91 years. This also means we can expect to be in work longer too. Inevitably the attitude to retirement is changing with this: many more people now gradually wind down, or go part time, rather than finish at a predetermined point in the future.

The way we plan for it has to adapt to reflect this. Whereas once retirement planning might have been “I’ve got to get through this to get to the other side,” I think it’s now more a case of “Can I find the right balance? Can I do this for longer if I need to?”

With the right approach to planning, by the time you get to 56 (or whatever age you start to think about winding down) you’ll hopefully have a long list of moments to look back on where you’ve taken the time to enjoy the journey, as well as many more to come.

So have a think. What do you want to do more of now, and later on? What do you need to do? What do you value most and how do you want to get there? Please let me know!

Get in touch with Nicola to find out more.