Are money issues dominating your daily thoughts, your time and energy?
Is it even MORE frustrating since you know you are a smart person, and maybe even make good money? After all your research on budgeting, were you expecting to have more control of your money by now? Maybe you’re already using some popular software or app and still not on top of your finances.
What You Can Do Differently
I’ve been in this personal finance business for decades now and continue to hear from competent people from all financial lifestyles and varying degrees of education. Smart people. People who know how to figure things out.
They’re still struggling with pretty much the same pesky money and budgeting issues and questions as people were in the “last century” – literally! I hear over and over all the different obstacles to managing money, and all the reasons which seem to be preventing personal finance control and finding your financial peace of mind.
Why Do Budgets Fail? Do any of these situations sound familiar?
- No matter what you try, it still seems impossible to eliminate your debt or save much money. After a number of unsuccessful attempts, you’re convinced it’s just you.
- There’s too much financial chaos. Too many personal budget challenges to juggle, understand, maintain and manage. There’s no way to figure it all out.
- Dealing with money is totally overwhelming, confusing, secretive and stressful. And yes, terrifying.
In fact, it’s embarrassing to realize you are in your 40s, 50s or 60s and you really don’t know how to handle money well, much less be able to save, invest or plan for the future. Even more frustrating is when you happen to work in a high-level position in the Finance division, yet struggle with the household budget! Somewhere along the line, becoming an adult was supposed to bring you instant knowledge and insights about managing money. Years later, you feel ashamed and frustrated that no one taught you how to manage money and you still haven’t learned.
Why does it seem so impossible to change?
Things like changing behaviors, belief systems, procrastination patterns and all those other areas that could use a good makeover. If you’re experiencing any of these Personal Budget Challenges, know that there’s hope. Find out how a money coach can help.
“I’ve learned how important it is to be much more conscious and mindful of my spending. I now think twice about spending. The spreadsheets are making me more aware and shifting my perspective. I now can clearly see the amount that remains to be spent in any one budgeted category during the month and have you and your spreadsheet exercises to thank for this milestone.” Nabeel B CA
The Causes of Why Budgets Fail May Surprise You…
Why would you know anything about money?
If you never learned how to manage your money, then why would you know how to manage your money now? Financial knowledge doesn’t just pop into your brain at a certain age. Managing your money is not often second nature, especially if you are a creative type.
I hear so many adults tell me how totally embarrassed they are to admit they just assumed that somehow when they became a real adult, POOF, they would suddenly know “Money Skills 101” and instantly gain the financial knowledge to know what to do with their money.
Then, after years of living life and maybe someone else handling most of the money issues, people start turning 40 or 50 and are totally mortified because they still haven’t figured out the money thing.
What did you learn about money from those childhood days?
What lessons or messages did you pick up about money from your past (when you were a child with the mind of a child)? How many of these unexamined messages do you still carry forward in your day-to-day adult life? And then the classic Dr. Phil question “How’s that working for you?”
Think about the money messages you heard, witnessed or felt in your childhood. Did adults argue about money or often shut down emotionally? In some households, money was a secret, something never even discussed. Or maybe you came from a background where money was definitely the topic, but what you were observing was not helpful.
On the other hand, many people grew up in a peaceful home with no awareness about money, other than it was always there. That’s a relief, but you realize you still never gained financial knowledge and learned much about how money works.
If you were fortunate, perhaps you had parents who took the time to talk about money in front of you and with you. Discussed purchasing decisions, charities, priorities and values. Encouraged you to start saving your money and paying attention to how you spent your gift money and allowance money.
Our childhood impressions have a huge impact on how we deal with money now as adults and with our partners. In the end, the reactions to handling money still come down to background experiences and often are a result of the financial knowledge you gained in your youth.
The Call of the 21st Century – “I want it now!” aka: the Call of the Sirens.
Is it possible that another reason managing money is getting so challenging is the electronic world we now live in? You are up against a torrent of external, ongoing, daily tempting, addictive messages (social media, apps, video games, ads, commercials, movies, TV shows). All of them tempting you with limitless, juicy choices.
Unconsciously it can feel like the mythical sirens calling out to you. If you spend your money on “this”, see how exciting, adventurous, satisfying, meaningful or beautiful your life could be! Who wouldn’t want to buy into that life? And at what cost…financially, emotionally?
It takes a tremendous amount of conscious energy to resist the ongoing temptations and to be saying “No” to yourself, your partner and your children all the time. Not to mention the little dopamine hit you get every time you buy something or satisfy an immediate want. And it’s all so easy now to do. And soon you want more of that little dopamine hit.
It’s a lot easier to think “Well, why not, after all, credit is easy”. You’re convinced you’ll be able to pay off the debt or at least keep on top of it… somehow. Your income has been steady. And besides, your friends and neighbors all seem to be enjoying their life. What about you?
You’ve been working really hard, or you’re really exhausted and deserve to have these things too or deserve to feel better. So, what if less money is going to savings or retirement right now? There’s always tomorrow. And soon you’re sliding down a very slippery emotional and financial slope.
If you’re facing a lack of financial knowledge and dealing with some of the causes outlined above, I want you to know there is hope. There ARE budgeting solutions. You really can change your financial situation and your life. You can start moving to the thriving side of life.
Are you ready to make this year the year of change… ready to take advantage of my personal coaching support to guide you through the challenges in this new journey?
“I’m really excited to finally start gathering this information and have you review it with me. It feels so daunting, but now I have support. If I get stuck, I know I can review this with you and get unstuck. I really like the idea of this coaching.” L.K. IL
Personal Finance Learning Solutions You Can Use Today
Did those potential causes of money issues discussed earlier, get you thinking? Are you feeling a little more relieved to realize your lack of financial savvy is not necessarily about your lack of ability, but more about the lack of learning how personal finances work?
Think about all those tempting ongoing choices bombarding you every day. Are you recognizing the media overload more consciously? Or noticing the impact of those relentless choices on your energy? Are you now aware of how that impact affects your ability to make wise personal finance choices?
For many it’s just too daunting to do everything on their own. Some people clearly do best when they can talk directly to someone – a live voice, not a chat or email exchange. They want to have someone who will listen and understand them, hold them accountable and not feel judged. Yet there are other solutions for gaining personal financial knowledge and confidence. Remember, everyone learns differently.
The key is knowing the learning style best for you. Just because someone suggested a way to manage your finances, doesn’t mean you have to assume that this recommended method is best for you.
What personal finance learning approach DOES work best for you?
Online Research
Any search on “personal budgeting”, “basic money management” and many other terms, will bring up scores of resources. Do you work best with online courses, watching videos or info graphics, reading blogs or financial websites or receiving regular email newsletters feeding you gradual information?
Live Interaction
Some people continue to prefer group interaction, as experienced through physical classrooms or even live Webinars or Teleseminars. There’s just something about that verbal exchange and listening to different perspectives from other people that seems to drive home the new information. That’s probably why classes still fill up at the traditional Community College, Continuing Education classes, the Learning Annex programs, church programs and others.
Interactive Tools
Or maybe at this point you love working independently and interacting with the latest app or software that automates much of your financial transactions and keeps you informed with alerts. This approach can certainly provide financial feedback and keep you aware with the alerts for deposits and withdrawals showing anything unusual.
If interactive tools are your “go to”, then research those tools that not only track the expenses but also provide easy systems for creating a spending plan. One that captures your total financial picture of the household/personal expenses.
Be sure those tools help you outline and plan for those upcoming rare and periodic expenses that often blow a budget. Also watch for convenient ways to save and pay down credit cards.
A tool is only as good as the information it provides. Check that the app or software is a good fit for your financial situation as well as your personal way of doing things.
Online Chats
Are you in your element with online chatting? This is another way to interact, get support and answers for issues around the product you are using and budgeting issues.
One-on-One Coaching
Even with all the above options, I deal with phone conversations regularly from people who have tried the whole gamut of personal finance learning software and tools. They’ve read through the reams of colorful records and pie charts putting all their information neatly together.
Yet something is still missing. Many of my callers tell me that for some reason they still can’t seem to grasp the bigger picture. They just don’t feel like they have a clear, solid financial spending plan or budget that is working for them. In the end, after going through so many different attempts, you just want to sit down and talk directly with someone.
One-on-one coaching puts you in your comfort zone. Someone to listen to you. Someone who understands and has heard these “unique” stories before. Someone who totally understands the overwhelm, embarrassment, fear, and frustration you have around money issues. And Someone who will discuss or go over all the handy information you’ve collected during the past weeks or months and help make sense of it all with you.
More than once I’ve heard “Figuring out all this “stuff” alone is just too much!” So, this is what I’ve developed and can offer you now.
The Benefits of a Personal Spending Plan
Once people became more aware and conscious of their mindsets and habits around spending, they noticed that their spending seemed to go down naturally every month with very little impact on their day-to-day lifestyle.
“ My food spending decreased by an average of 43% since I started the program. I have been spending less than I earn, whereas I was consistently behind before I started the program.”
All the ways this client benefited:
- That added savings was used to reduce debt and increase savings.
- The mystery of “Where did all the money go?” was finally solved and money re-directed to where they wanted their money to go.
- The ability to finally be proactive & anticipate unforeseen monthly/yearly periodic expenses, that would normally blow a budget, was a huge money saver and major relief.
- New simplified systems using different tools (apps, software, Excel etc.) and services to handle bill pay, tracking, credit card payoff, savings, and budget planning streamlined their finances.
- There was a stronger sense of confidence and clarity over their personal finances. They felt more empowered, acknowledging that this was a whole new feeling when it came to money. Some called the experience of having a solid personal spending plan “very liberating!” and certainly not depriving.
- A focus could shift to solid planning for the future – retirement, college, vacations.
- Communication with their partners dramatically changed. With new knowledge, tools and confidence, at last there was honest, clear, focused discussions on financial decisions, goals and solutions. They were no longer being caught up in the usual undercurrent of repressed emotions around money.
- And most significantly…there was a huge sense of financial peace of mind.
“The biggest impact is that I am now budgeting ahead of time, taking control of my spending, and my spending went way down. When I started by month end January, I was spending $920 more than I earned.”
The Keys to Success
Remember, with any new behavior or habit the keys to success include awareness, consistency and repetition. Awareness, consistency and repetition are powerful actions when you want to create change in your life.
If you are looking to enhance your results and want to enjoy those benefits – plus you know you definitely respond better with that live personal connection… allow me to be your guide.
- You will benefit from my 30 years of experience, skills, and authentic, thoughtful caring.
- During our initial 45 minutes, we’ll go over what you really want and want to change in your life to help you get closer to those “Big Picture Wants” in your life.
- For some people, just getting to “start” is a huge benefit, or moving from procrastination to action. You don’t have to wait until all the circumstances are perfect with the right tools, and all the information in place – a perfect recipe for preventing you from acting. There are too many competing events in today’s crazy lifestyles. My role is to get you focused and moving towards your real desire, using tiny steps in the beginning.
- We’ll also review what tools you’ve used, what obstacles keep showing up, what mindsets or behaviors show up that seem to be blocking you from moving forward as well as those challenging personal/household situations that keep disrupting and affecting your finances.
- For many, that first conversation can be just talking about a few tiny, simple steps you can manage to do right away to experience your first success. Mini successes often prime the pump and help you get past that wearisome inertia.
- You’ll have my undivided attention. I really want you to reach your desired goal. Together we’ll come up with systems that are the best fit just for you. We’ll explore different apps, software tools or even basic manual approaches that better fit your style.
- And of course, I’ll guide you through the core concepts of “The Budget Kit 6th Ed.” to give you solid tools that will serve you for the rest of your life, regardless of financial circumstances or other tools used.
- During our initial call we’ll discuss your one pressing topic and come up with some action steps. I’ll be taking notes, so you don’t have to.
- You’ll receive an email after the call with Summary Highlights or Homework Lists of your action steps. Again, you won’t have to be distracted thinking you need to be taking notes for the different action steps you said you wanted to take.
- Once you start working with your budget app or worksheets, I’ll review those ahead of time and prepare for our upcoming meeting.
Do you need some help getting on the right track? I can help you start building a healthier, wealthier life today. Learn how our coaching process can help you.