Worry-Free Money

I ‘ve just finished reading Shannon Lee Simmons’ book Worry-Free Money: The Guilt-Free Approach to Managing your Money and Your Life”. I would recommend it to anyone who is just getting started on their FI journey. It’s also useful if you worry about spending money, perhaps even thinking about money in the middle of the night (which tends to be when one worries the most). Shannon’s core recommendation is really to pay yourself first – a strategy we’ve all heard more than once – but she supplements that strategy with excellent insights into the psychological aspects of your financial life.

One of the things I loved about the book is that it is written very much like a textbook – Oh! Wouldn’t we all have loved a personal finance course in school? Many sections start out by presenting the idea Shannon would like us to learn, outlining some examples that she has dealt with in her practice as a financial advisor and then asking us to apply the ideas to our own life.

The book starts by outlining some of the pressures to spend that we face day to day – mostly through peer pressure and presenting some strategies to combat those pressures. Next Shannon addresses an area where many of us fail, myself included – budgeting. She asks us to “stop budgeting, start living and get control.” Her anti-budget is actually a budget but with almost no detail – she asks us to allocate our money between only 4 categories. I’m going to start implementing her strategy this week.

Some of my favourite ideas Shannon presented included assessing your life goals before building your plan. The idea of emotional return on investment and cutting out spending that does not provide you with a high level of satisfaction through mindful spending. Also sharing our financial lives with our friends and families.

While this is certainly a personal finance book rather than a FI book. I think that Shannon’s ideas work well and enhance some of the lifestyle choices we make on our FI path.  I’m going to implement her plan and see if it improves my journey.  If you want to check out the book and support FI Garage at the same time here is our affiliate link

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