The COVID-19 pandemic has given us an opportunity to discover what matters most. This past year we have experienced a changed world. While unwelcome, inconvenient, and frustrating, this collective experience has a silver lining: it provided an opportunity to determine what we value in our lives and align our resources accordingly.
Align Your Resources With What Matters Most
In his book, The 7 Habits of Highly Effective People, author Stephen R. Covey discusses the “important idea of prioritizing, of clarifying what we value and of comparing the relative worth of activities based on their relationship to those values.”
While Covey is discussing effective use of time, the same principle can be applied to money. Money is both a resource and a tool. It is a means of exchange. We trade money – both cash-in-hand and borrowed – for our basic needs, wants, and desires.
Time and Money
Time is also a resource. We trade money for time. When we are paid for work, we are paid for both our skills and our time to provide those skills. We use money to buy time. Paying someone to clean our home, mow our lawn, or service our car buys us time for other pursuits.
The COVID-19 pandemic gave us an opportunity to reassess how we use both our money and time resources. We experienced restrictions on travel, family visits, sports, and social activities. Many of us lived through being sick, lost loved ones, and saw a decrease in income. These and other pandemic experiences have highlighted what we treasure most.
What Matters Most To You?
Everyone has their own values, and the activities we pursue to meet those values are unique to each of us. It could be spending more time with family, writing a book, starting a business, saving more, planting a garden, working on a bucket list, paying down debt, spending more time in nature, taking up a long-delayed hobby, or volunteering. The possibilities are endless.
Looking forward, we can align our resources with activities that are the most meaningful. In doing so, we can say “no” to the things that waste time and money and focus on what brings us joy.
One of the best resources I know to help align your resources with your values is the blog and book Your Money or Your Life by Vicki Robin and Joe Dominguez.
An online resource is the Indeed Career Guide: Six Steps to Determine Your Core Values. Although targeted to jobseekers, this guide can be used by anyone.
If you are struggling to pay bills, my blog post Covid and Cash: Paying Bills In Uncertain Times discusses how to prioritize bills and debt payments.
This blog is published to provide you with general information only, and is not intended to provide specific or comprehensive advice. Money Care, LLC encourages individuals to seek advice from competent professionals when appropriate.
