Are you having trouble with the financial challenges in your life? If you’ve been struggling, this tip has a few suggestions on how to avoid some of the common money management challenges you may be facing right now.
- Watch Triangle's Financial Freedom: Your Path to Debt Free Living webinar
- Watch our Budgeting 101 Workshop to learn more about setting up a budget
View these additional resources on improving your financial life:
https://www.investopedia.com/personal-finance/most-common-financial-mistakes/
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Money management challenges can lead to confusion, anxiety and even stress that can interfere with living a financially free life.
If you’re feeling the pressure, know that there’s hope. When you understand the cause of your burden, you can find a solution to free yourself.
There are many reasons people face money management challenges. I’m going to share some of the most common ones here.
One common money management challenge is lack of knowledge which can lead to confusion on how money works, a misunderstanding of the concept of value, it can interfere with your ability to prepare for unexpected events, and you may end up missing important opportunities to build wealth.
Another challenge to mention is lack of discipline. This can lead to overspending, not saving enough, missing payments, and wasting resources.
A third challenge is poor goal setting which can lead to procrastination, delayed achievement, conflict with others, and low confidence in your own ability to succeed.
These challenges are so common, that practically everyone has had to deal with them at one time or another in their lives. It’s not uncommon to struggle with these things.
So, if you’re feeling the struggle here, you’re not alone and many have gone before you. There are ways to work through them.
Okay, what can we do to improve and overcome our money management challenges?
First you can get organized!
This includes not only doing a budget, but it includes keeping track of all your bills as they come in so you don’t miss any. This is vital to building a good credit score, and avoiding unnecessary fees from missed or late payments.
If you can get organized, and stay organized, it will pay off for you in the future because you’ll likely get lower interest rates on car loans, mortgages and credit cards.
Getting organized can be tricky at first, fortunately there are a bunch of tools like apps, websites, online platforms, and more at your disposal. Use your phone to set calendar reminders or use a good old-fashioned planner.
The next thing you can do is get educated!
Seriously, learn all you can about money. It’s an important investment of your time.
Listen to financial podcasts, read articles, find some books, follow influencers, watch videos and really seek out resources that you can use to motivate yourself to get serious about your financial well-being.
There is a plethora of resources out there to look at. Take some time each day or week to review something new about money or finance. Don’t forget, other people can be a great resource as well so if you know someone who is good with their money, ask them questions, pick their brain, it’s likely they would be thrilled to share their knowledge with someone who shows a genuine interest.
Set some goals!
If you don’t know where you’re going, you’ve got nothing to drive you. Setting goals will help you get motivated. Starting simple is the best way to begin.
If you’re new to this, don’t overwhelm yourself. It’s better to start small so you can celebrate small wins instead of attempting a goal so large you miss it and lose momentum.
Perfect goals to start small would be:
- Save $100 or $500 in an account
- Make 1 extra payment towards your debts
- Save an extra $5 a week
If you’re ready to set some longer-term goals. Some good ones to work towards could be:
- Paying off all your credit card debt, student loans, or car loan
- Saving for a house down payment
- Reaching a certain number in your retirement account
Goals will give you the framework and roadmap that you can use to achieve things you never thought you could.
Managing your money is not out of reach. Starting now will get you on the right track to overcoming these challenges and will give you further momentum to live the life you’ve dreamed of.
If you have any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union, on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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