Money Monday

How are your finances doing in regards to the economic concern that's questioning everyone's future?
Is it possible to live within my means?

Absolutely! One day I was eating lunch with family. I overheard a conversation because the restaurant is a cozy setting. The group of friends was deciding to go Dutch and one person disclosed he didn’t have much cash. However, he ordered the most from the menu. When the bill arrived, he pulled out a credit card, smiled and said, “go big or go home”.
When you carefully monitor what accessible cash you have on hand, it is possible to live within your means. We have become a credit society. I am not opposing to establishing credit; it’s maintaining that we overlook.

To survive within your means there are essentials for finances are linked to emotions:

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Set a budget:
Establishing a budget for whatever your needs is essential when living within your means. I was watching a show on Bravo TV and heard someone indicate she didn’t have a budget. The spending was ridiculous! If you have it to spare of course “treat yourself”. However, even the wealthiest have lost millions. The worst thing anyone can do is continuously spend without regard to what you actually have. The well informed spender is prepared and looks at the tag for cost.

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Set goals
Set a goal! Set a goal! Regardless of short term or long term goals allow you to stay on path. The first thing I ask a client during a consultation is what you like to accomplish and in what timeframe. A well written plan is indicative of staying within a budget as well as paying off bills expeditiously. I believe goals should also be established outside a financial setting.
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Identify spending triggers
Take a moment to reflect what triggers you to spend money. Is it loneliness? Is it wanting to be the first to wear an original? Is it happiness? Identifying what your triggers are will allow you to address your spending habits. When I meet with various clients I notice a correlation between an emotion and outlandish spending. Take a moment to write down precipitating events before going on a shopping spree.

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Surround self with supporters
Surrounding yourself with individuals that have a common goal is essential to living within your means. As with any relationship people have to have the same values in order to have a successful relationship. When you verbally disclose what your intentions are with your group of friends it is beneficial for everyone to respect and implement.
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Educate about finances
Reading is fun as well as fundamental. You can never subscribe to or read too many books about financial education. I recommend everyone begin by journaling daily about your spending habits and the various emotions you possibly identify when triggered. The world is consumed with an abundance of information that is easily accessible. The internet is a beginning to acquiring documentation that is less economical or free.

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Set boundaries
The boundaries are set with you when a budget is established. However, this particular boundary is recognized for others who plead for monies and request for loans. As I have coached clients in the past to look into the mirror and practice saying, “No”! Recently, a mother came into the office distressed the nearly six figure savings has depleted to less than $3000.00. She hadn’t realized that she was spending that much money on others. She disclosed her only son who is an engineer lost his job. He is married with two children. The wife is a homemaker who has no desire to change her job title. I encouraged her to cut the cord and persuade him to find employment any if it involved relocating. She is the typical parent who put others’ needs before hers. It’s time to say No or you’ll financially spiral downward.
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Love self
Although, each essential listed is highly recommended for achievement. Loving yourself is going to be indicative to a successful plan. Put your needs first and identify what truly makes you happy. Self is key to the cognitive representation of one’s identity. In order to progress in personal management it’s imperative to acknowledge one’s shortcomings and establish realistic future goals.
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Implementing these steps is imperative to living within your means and establishing wealth for yourself. Remember, anyone is capable of getting out of debt. It’s identifying the cause that is affecting the continuous behavior. Before acknowledging, the fundamental steps to living within a budget address the debt. It is essential to know where you stand in your financial dilemma. Be aware of your total balances, payments and rates.

Excert from: Finances are linked to emotions

Be inspired,
Bahiyah Shabazz