#1 Stressor is Money
Do you know what fear is? It is not knowing or understanding the thing. Fear that something is dangerous, painful, or threatening. What if you understood money, and conquered the fear? What if you were in control of your money, and told it what to do, and got rid of those money fear monsters? Instead of spending and deflating your bank balance, you chose how to use your money and made it a tool?
The first step to conquer the fear is to look at all of your bank statements and invoices. Starting with the bank statement, balance it to your checkbook. If you are basically using the online balance, make sure you are reviewing ALL of the transactions on your statement. It can be eye-opening to see several ATM withdrawals with bank fees or take-out food purchases that may not be good for your health either.
Are you still using a credit card and not paying off the balance in full each month? What is the minimum payment. Divide the total owed by the minimum payment. How many months would it take to pay in full if there were no interest? A lot longer than expected; and probably not worth having a new golf club, pair of shoes, or dinner out with friends. Add in the interest, and it will take even longer. See how much it will cost you with the information they provide in your billing disclosure. Eye-opening, for sure. Interest on negligible purchases is a very scary monster, and can be killed by paying off the credit card in full and not using it again.
Start attacking those money beasts, and get rid of the fear and stress. You may be making enough to afford your purchases, so prove it by paying in cash or with a debit card. Demonstrate your command over earnings by turning some into savings. Being able to pay your bills easily each month is a recipe for sound sleep. Try it for the next six months and see how it feels. You’ll be stronger and richer for the practice.
I find that awareness of our money habits is key to making a positive change. If you’re ready to increase your money awareness, contact me for a Complimentary one hour Strategic Session to review your finances and write some goals for 2017.