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Budget Busters
By Tracey Ferdinand
The peace of mind that accompanies a successfully executed financial plan is well worth the effort. Many women, however, find that the “B” word conjures up feelings quite the opposite of peace. Failed attempts can leave us feeling defeated and unable to handle our personal finances. If we ask ourselves specific questions about why our budgets failed in the past we can find the answers we need to move forward. Understanding key factors that played into a busted budget is crucial to building a successful financial future. Bottom line, budgets are achievable if you ask the right questions. Here are three questions to get the ball rolling.
Are you conscious of your attitude? Do you truly believe you deserve the peace of mind that follows gaining control of your finances? Self sabotage through procrastination or unconsciously harboring the attitude that you don’t deserve to have better finances is a problem many of us never consider. So we need to take time to address this issue. I remember sitting in a rather boring wealth workshop one afternoon when the question of what I thought I deserved popped up. It completely altered the way I viewed my personal finances. It’s called personal finances because it is extremely personal! Had I stopped to consider how my own beliefs were affecting my savings I could have avoided a few busted budgets of my own.
Are you saying no to loved ones? Learning to say no to close ones is a skill many women still have not mastered. Often times we focus on our own spending habits and loose sight of the big picture. Trying to understand why we lack the will power to say no to those fierce shoes on display, we forget that others can influence our spending too. Our friends’ and loved ones’ spending habits can play a major role in our budget if we are not careful. For example, did you find it hard to forgo that Sex in the City movie night that ultimately turned into a Manhattan priced dinner night? Spending quality time with your girls is great but not at the expense of your budget. Remind your friends of your financial goals. Better yet encourage them to set financial goals of their own. That way you can hold each other accountable when heading in the wrong direction financially. Budgets are less difficult if you know that your friends are working with you instead of against you.
Are you taking on too much too soon? If you’ve never developed the habit of putting a way a portion of what you earn what makes you think you can shoot towards saving half your earnings in one shot? Setting unrealistic goals and saving more than you’re used to can backfire. If you can’t meet the high expectations you’ve set for yourself, the unaccomplished goal could cause you to give up and overspend. This creates a negative cycle of over saving and overspending. Instead, why not take bay steps? In our lightning paced society we are conditioned to expect microwave ready finances. Unfortunately, many don’t realize that establishing long lasting wealth habits is a slow process.
There are no quick fixes for the quality of finances that brings true wealth. Take the time to develop the habit of paying yourself first. Even if you decide to make it automatic, start off saving a realistic amount then gradually work your way up. That way you don’t stretch yourself too thin. A steady even pace is the way to go. Wealth building requires a long distance approach not a 100-meter dash. If you are truly passionate about living a divine life you owe it to yourself and your finances.
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