The Dreaded Talk About Your Finances
Well if you’re anything like me and my family talking about finances was the last thing we ever did at the dinner table or anywhere else for that matter. It was taboo to bring up money. You never asked questions about how to handle your money or what to do if…. Man looking back now, it’s a wonder I even learned how to count my money.
One of the many reasons I took 5 years of training in Financial Planning was because I wanted to learn more about money and how others managed it. Looking back, I don’t understand why we’re not taught more about finances in school, and I don’t mean just how to count it.
Understanding finances is the first step in your “money crunch recovery program”, the next step is taking action to nurture that money and help it grow.
Savings – the dreaded word.
Who the @$#^^ wants to save, really? If you don’t like saving, you’re not alone.
I have yet to meet someone who gets up in the morning and does the “I love saving” dance, just waiting to put some of their money away for their future. I wasn’t one of these people. I liked to buy when I was younger.
As you get older you realize all those things that you bought, you now have to pack if you move, give away or find a home for and you really didn’t need them in the first place. What you could use is the money you spent to buy these things in the first place. The moral of this money story is take care of the money you have.
Learn to respect your money and it will respect you. Don’t use spending as a therapy for your problems or you may find yourself in depression. Give back some of what you make to those that really need it and never take it for granted.
What you can count on is those rainy days that will come in your life. Days, weeks and even months, where you’ll be glad you put money away under your mattress or in your sock, oh or maybe in the bank too.
Oh and where ever you stash it, don’t forget where you put it.
Just a quick story.
When I was younger I used to go out in the winter to a very remote cabin, walking miles along a trail in the bush, where an old trapper used to live. Me and my husband would take care of him by bringing out supplies to him so he could eat and not have to walk out miles to find a ride to town (he lived over 70 miles from the nearest town), especially during the winter months. We carried in flour, salt, baking soda, baking powder, dog food, canned supplies, some vegetables, etc. It was a very long day to just get the food to him safely.
Once we had the food all at his cabin he would pay my husband for bringing in the food (he didn’t think I knew how to take care of money, after all I was a woman, that’s a completely different story…as I digress) anyway….
In order to pay us he would take his medal detector and go outside of the cabin. We had to stay in the cabin and wait so we didn’t know where he stashed is money and steal it (like we would). He buried his money in tin cans underground or under deep snow in the winter. When he got his pension cheques he would have them cashed, then put the cash in the tin cans and then bury them close to trees in the snow banks but, often he would forget where he put his money, hence the metal detector. Even he had a money system, as rough as it was. He at least saved his money, but sometimes would lose some if he could not find it with his detector, only to find it again when the snow melted (kind of like winning the lotto).
My point is, everyone handles money differently. Spending is just a habit that you can change any time you are ready. Are you ready to begin changing some of your spending habits?
It is important to enjoy our lives, but when we hope that we can win money to pay our bills, we are on a slippery slope down a long mountain. This slope can lead to disaster if you are spending your grocery money at bingo, at a casino or on things you do not need.
Don’t be fooled into believing that buying things will make you feel better or winning money will be the answer to all your problems. I know first hand it sure is not!
Even if you do win the lottery, if you’ve not learned how to budget and save, you will spend the money in no time. It is a proven fact that people who win the lotto and have never learned to budget their money or take care of it, spend it all within five years and end up in worse financial shape than they were before they won the money.
People who’ve never learned to control their money and allow money to control them, usually worry a lot. People who are in control of their money, plan for what they want, to feel less stress when it comes to their money situation.
Taking the time to plan is the key to your success. Looking forward and knowing what you want in your future will help you be successful with your finances.
Taking the first steps of simply becoming aware of when and where you spend your money helps to get you started on good money management.
Learning more about money concepts and how to manage your money effectively will serve you well in your future. Don’t just Buy Now! Talking about your finances is important. Get the conversation about your money going today and manage your money better tomorrow, as a leader.
Prepare – Plan – Perform – Prosper
Till our next dreaded financial talk,
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