Money Mondays

I can spend hours on this topic, but I will spare you the horror. I recently signed a woman, separated, with children for financial management consultation.

Mrs. X, as I will call her for privacy purposes, has a similar story as most women.

Women are behavioral money handlers!!!!!

I know many would like to disagree, but I have to give a few examples:

• loaning money when you can't make ends meet
• not researching the payoff balance of installment loans for fear of spending extra
• money in pocketbook means you can purchase that special item
• going far & beyond to splurge on memorable family vacations
• receiving a lump sum and not knowing where the money went

You may think that anyone is capable of engaging in these particular behaviors. You're right! However, SMG have surveyed that more women are powerless when it comes to money because of the emotional state.

This is the time Mrs. X gather her assets and liabilities for comparison. Unfortunately, she doesn't have any idea how much she pays monthly on expenses. She has informed me that she receives a certain amount for groceries, yet she continues eat out daily.

When you grasp the behavioral aspect of your finances it transitions throughout your life. I've coached her to stop eating out. This will save her $360 mthly on take out, which will be applied toward other debt. She can now spend more time in the kitchen and teach her children how to properly prepare a meal and control portions.

Mrs. X also wants to lose weight. I believe this particular action will address both concerns.

Many can see yourselves in Mrs. X. Start today by listing your 'shopping sprees' and what emotions you felt before purchasing the items. You will see a pattern and correlation with your emotions.

Once you address your behavior and realize your financial potential; you will accomplish your financial goals.

Be inspired,
Bahiyah Shabazz