Step 1- Know Your Financial Condition

Now that you spent time putting your budget together how are you feeling about it? Have you been looking for spare change in the car or couch?

I typically hear one of the following four responses

1. We are so stupid with our finances.

Now that the spending has been put down on paper it becomes real, very real. Most of us never had any personal finance training in school; instead we were busy learning things like the Periodic Chart (which most of us have never used), instead of learning personal finance that we all need/use every day.  Bottom-line, you had no training in personal finance so your issue may be that you lack knowledge, but it doesn’t mean you’re stupid.

2. I’ll bet you have never seen anyone in this bad of shape.

There is always someone worse off than you, both in your town and in another country. Be thankful for what you have, and if you are feeling sorry for yourself . . . STOP!! You are now aware of the situation and you have the resources to correct the situation. Read a book, read a blog, take an on-line training course, attend a class, or talk to someone who knows how to help you. You have options…but you MUST take action!!

3. I’m so embarrassed

Don’t be. None of us are experts in everything but it is your responsibility to get out there and learn what you need to learn so you can effectively manage your finances. This will be a continuous process, not a once and done. Like I just mentioned above, you have options to get this corrected. Get out there and find the resources that meet your needs; and ignore the advice from that broke brother-in-law of yours.

4. I’m (We’re) better off than we thought.

Good for you! You may be better off than you thought but are you where you need to be?

Whatever your reaction, whatever your situation, the key is to not ignore it. Get in there and get your situation turned around. Budgeting is not rocket science, you can do it.

Remember, YOU have a choice, and the choice is YOURS.

Bryan Cooper
My Financial Life Coach, LLC
Delaware, Ohio

Thank you for reading the My Financial Life Coach blog where we talk about life, food, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated.


1 Comment

Filed under Education, Family, Finance, household budget, Money, Personal Finance, Stress

One response to “Step 1- Know Your Financial Condition

  1. Pingback: Step 2 – Determine your goals. Think LONG-TERM | My Financial Life Coach, LLC

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