(WLNS) – For most people, managing personal finances feels a lot like dieting. First, there is a challenge of knowing what to do, but more significantly, knowing what actions will bring a long-term, sustainable, level of financial wellness.
With all the of information available at your fingertips, from books, online resources, print articles, financial gurus on the radio and TV, classes and counselors, you would think it would be a no-brainer to efficiently manage personal finances. After all, personal finance, much like weight loss is just simple math, right? So why is it so hard to manage our money? Could it be related to how we feel about money and the habits we have developed in handling it or not handling it?
Here’s a quick little exercise that will help you discover how you feel about money.
(1) Confident (2) Somewhat anxious (3) Panicked
1. ___ That I can pay next month’s mortgage/rent payment.
2. ___ That I can pay all utility bills this month.
3. ___ That I can afford to buy groceries/household items this month.
4. ___ That I can make this month’s car payment(s).
5. ___ That I can fund my retirement account(s) this month.
6. ___ That I can pay for an emergency of up to $1,000 in cash if I need to this month.
7. ___ That I can pay all of my minimum credit card bills this month.
8. ___ That I can pay off all balances on my credit cards this month.
9. ___ That I can afford a family vacation this year.
10. ___ That I can pay cash for my kids (or my) college expenses.
How we feel about money affects how we manage it. If you answered that you are somewhat anxious or panicked about any of these money matters, you may likely not be in control of your money. When we are not control of our money, all areas of our lives are affected. Stress over money matters cause arguments with spouses or partners and even
family members. It eats away at the time that you could be focusing and enjoying with your kids, and it may also be taking away your productivity at work and worse yet, causing you health problems like migraines.
Knowing WHY you have joined the 30 Day Money Challenge will inspire you every day to complete each task and give you the motivation to keep going on the days’ you just aren’t feeling like dealing with your money matters. You can do it!