Over the years we’ve heard countless excuses for monitoring expenses or employing a savings plan, such as:
- “I’m terrible with money.
- “I don’t like feeling constrained by a plan.”
- “I let my husband/wife/partner worry about the finances.”
At the root of many money issues is fear – fear of repeating bad habits, fear of not being able to stick with a plan and/or fear that you are incapable. This often leads to avoidance or placing the responsibility on someone else.
Fear of money is legitimate; it can be overwhelming to decide where to start. However, financial independence is possible, regardless of the past.
We’ve witnessed countless success stories that started with the simple decision to make a change. We find it most helpful to adjust the focus from past events to those of the future.
Instead of saying “I’m bad with money or budgets,” say “I’ve made mistakes, but I want to improve,” or “my partner has dealt with these issues in the past, but I want to educate myself as well.”
In that vein, it’s important to focus on the progress being made instead of the mistakes, which are bound to happen to us all.
Just as with any diet or lifestyle change, the key is focusing on making small changes at first instead of trying to overhaul your entire relationship and behavior. For instance, cooking more at home, using coupons at the grocery store, or buying one less new item of clothing each month are all good places to start. Over time, these small habits will become ingrained and can result in even bigger changes.
To stay on course, I recommend my clients pinpoint a financial goal and visualize their progress. Knowing how far you’ve come and how far you need to go can be a motivating factor.
For instance, Legacy Next’s financial forecasting has the ability to illustrate the progress you’re making towards realizing your financial goals. At Legacy Next, we believe that financial and investment decisions don’t have to be stressful. We want you to spend less time worrying about your finances, and more time focusing on what you love. See how we can help you today.