OWNERSHIP. Use this as your “mantra” for 2013 and you can experience a new way of living.
I am not talking about purchasing a new vehicle or a new home; I am talking about taking ownership of your personal finances.
What are your limiting beliefs or roadblocks preventing you from honestly embracing your finances?
Why are you highly successful in your work, but are unable to move forward to becoming debt free?
If you managed your business in the same manner that you manage your personal finances, would you be bankrupt?
Our values around money are well established by the time we are teenagers. Our parents views and experiences around money shape our beliefs and attitudes towards money as well. Our values around money play an important role in how we currently deal with our finances.
So what are the roadblocks and patterns that are entrenched as adults causing us financial stress?
Fear: When I sit down with clients for the first time there is always a hesitation and curiosity as we begin the process of reviewing all their financial information. We discuss the details of paystubs, Credit Card interest rates, even money owed to the Cash Store. When was the last time you took a clear look at your entire financial picture? To review everything you owe and to see exactly what you have saved for the future is a very powerful and enlightening first step. Let’s call it a balance sheet for your personal finances. Fear is stopping many people from taking this first step. Fear that once you are aware you will need to hold yourself accountable and will need to make changes and sacrifices. It is much easier to live in the land of Avoidance.
Avoidance: How are you avoiding dealing with your finances? Are you writing post-dated cheques, taking a passive role in your finances, avoiding the government, overspending repeatedly at Christmas, buying “big ticket” items you can’t afford? Review your last five years of spending and you will see the patterns emerge. Are you setting yourself up for failure, by repeating patterns that you truly know are not helpful?
Money is one of those great relationship tests: it can be stressful talking about it and people may feel defensive. Are you delaying discussing your finances with your spouse out of fear or because you think it is easier to avoid?
Take Ownership! Develop a healthy financial plan with your spouse that is respectful of each person’s values around money. Make it realistic both of you are right, now find a compromise. Have a budget/plan in place that allows both of you to take responsibility and both of you to win.
Let 2013 be a new and successful financial year for you! It’s Simple: Take Ownership