Time and money are probably the second most valuable resources we have next to our relationships. In fact some say time equals money; how true! If you are like me, you might have a habit of reflecting on your days and evaluating your time usage, thinking about what you did or did not accomplish. This process has made me to feel great in some ways and sometimes not so great in others because of the thoughts of regrets.
Success is a result of disciplined life. Some of my regrets were the lack of applying my time to the new challenge I needed the most. It is obvious this economy has caused most of us to face a new challenge which is living within our means. Companies, nonprofit organizations, schools and governments are trying to do the same - living within our means. In the following paragraphs I will be discussing some of the realities we face to live within our means.
Sometimes managing money can be harder than making money. Unfortunately, in the current economy both of these are getting harder. However, in order to overcome our financial challenges we cannot ignore both making money and managing money. One analogy to explain this is the relationship of buying your groceries and eating healthy.
See, you can bring the groceries home, but if you do not have a plan to prepare or cook it healthy, it can steal your health and position you in the worst place. Making money is like bringing your groceries home; depending on how you consume (spend), it can add to or steal from your life.
Money magazine states that 75% of families will have a major negative financial event ($10,000) in any ten-year period. This is a major problem that can be overcome by understanding your spending habits. It is not hard to understand that spending with no plan is like going on a journey with no map or direction and expecting to arrive in the desired destination.
People with no budget or spending plan can walk into their favorite store and start spending not just the money they have but the money they don’t have. If we do not have some kind of plan ahead of time, our emotions can kick in and blur our reality very easily. These emotions are causing many to do what they really don’t want to do. The truth is if you do not have a spending plan in mind, then you probably have spending emotions that will drive you with an unrealistic picture of your life only to hunt you down with regrets later on. Sometimes dealing with these emotions can be painful, so most people hide or ignore them until the next spending blowout takes place.
These emotions are so strong people can feel trapped, helpless, almost like dealing with a bad addiction. It is like you know it is wrong and you do not want to do it; however, you find yourself doing the very thing you do not want to do. But you are not the only one who is going through this. I believe this is the best time to get all the help you can get to face these challenges. Treating this habit should not be any different than treating other bad habits.
Here are some helpful tips on how to walk the talk of managing your money.
1. Challenge yourself by writing out the reasons why you want to change.
2. List out the benefits of the new habit you are trying to acquire.
3. Take action – take small steps toward tracking your spending habits.
4. Eliminate excuses by planning the next small step you will be taking tomorrow (remember that excuses are your enemy, not your friend, and to continue to challenge yourself).
5. Find at least two accountable people who can support you and simply tell them what you are trying to do (this will help you to recognize when you are slipping away).
6. Make up your mind to refuse negative feedback.
7. Track your progress; write down what you have accomplished. Celebrate your accomplishment.
8. Don’t give up. If you fall, do not throw your plan away, but get up right back and keep on going.
9. Keep reading this list until you make it a life style
I have spent with emotions and now I am spending with plan. And, I would like to encourage some of you who are struggling with the same issues that bad habits can be overcome if you decide to work on it. To change your actions you have to change your thoughts, and to change your thoughts you have to read and study on how to change the bad habits - in this case, how to change your spending habits. This process has positioned me to enjoy the freedom, confidence, contentment and peace. You too can be changed. If you like to read more how to challenge your thoughts you are welcome to read my previous article titled “How much do you care for your finance?”
Plain Truth
“Good planning and hard work lead to prosperity; but hasty shortcut lead to poverty.” Proverbs 21:5
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