Don’t let your past mistakes get in the way​

No one is born with money management skills. 

The only financial education I got when I was a teenager was one day in class the teacher showed us how to fill out a check. She didn’t discuss how to balance the checkbook or anything else about money. Even then I thought that was so odd. I couldn’t figure out why she was only teaching us how to spend money. 

My mother was a bookkeeper but never taught me how to manage my accounts. Actually, she never said anything about money until one day when I was already an adult and had a business. I had received a check from a client that bounced which created a ripple effect and caused all kinds of problems. I called my mother and yelled at her. Why hadn’t she taught me anything about accounting or bookkeeping?  She came over the next day and taught me how to balance my check book and told me to not spend money I received until the check had cleared the bank.  Helpful information but still not all that I needed to know. 

By the time we’re adults, we are expected to be able to manage our money effectively; however, few of us are taught how. Therefore, many people experience the usual emotions that occur when they don’t know how to do something well.

These may include: 

• Frustration
• Guilt
• Envy
• Anger
• Shame
• Disappointment

Like driving a car or playing an instrument, the skill of managing money must be learned – and it’s never too late to start! If you put fear to the side, doing so can lead to immediate benefits. You won’t necessarily make more money if you have a budget and track your spending, but you will be able to use the money you do have to make your life more joyous now and in the future. Learning how much your life really costs might just motivate you to look for ways to increase your income so you have more money for the things you desire.  It’s likely that you will also feel more deserving of making more money now that you are a skilled money manager. 

If you manage your finances responsibly you will have peace of mind and know how to:

• Get the most from the money you have
• Live without debt
• Save for the extras that make life enjoyable
• Avoid constant money anxiety
• Save for unexpected expenses and life events

The foundation of sound money management is a budget. However, for many people, the word “budget” evokes feelings of fear, frustration and shame. Your budget is simply your plan for how you will use your money. It is based on choices you make and priorities that you identify. You are in control and can allocate your money to be used for the things you care about and give your life meaning.

Creating a spending plan, or budget, is a step–by–step process. Once complete, your budget is a tool you can use to plan for future possibilities.

If setting up a budget is something you have been putting off or are afraid to tackle please think about hiring a money coach to help you. Taking control of your finances really can change your life.