4 Things to Do to Start Taking Control Over Your Money

Why are we so reluctant to talk about money? I think it’s because there are so many emotions around it that can cause conflict. Confusion, jealousy, disbelief, disgust, and so on and so on. 

So, instead of facing those emotions and working through them, we’re told from a very young age just not to talk about it. And this leads us to years and years and years into adulthood still not dealing with the issues that shape how we feel about money and what we do with our own money. 

And this is a huge problem, because you can learn as much as you can about stocks, index funds, compound interest and all the best budgeting strategies in the world, but if you can’t learn how to deal with your own emotions enough to stop you from overspending or making too many bad money decisions, all of that doesn’t matter. 

What can you start doing today? 

1. Be aware. Look at your debit and credit card activity and know what you’re spending your money on. This isn’t to make you feel guilty, but to make you realize exactly what’s going on. Take your emotions out of it as if it is someone else’s bank activity you’re looking at. 
2. Make a plan. Write down your goals and make a plan around them. Everyone’s goals are different and everyone is going to go at a different pace. Again, no emotions, just make a plan.
3. Know what to do when things are about to go left. When an emotion is triggered and you’re about to go off course, have a plan of what you’ll do instead. For example, if you’re more likely to go on a shopping spree because you’re feeling so good that it’s 80 degrees and sunny, when you get that emotional urge, go on a run or take your kids to the park instead. Just having this back up plan ready will help you be less likely to shop and then feel immediately guilty.
4. Be patient with yourself. You’re trying to break years and years of habits, you’re going to mess up. Don’t feel bad about it and continue to mess up for the rest of the week, month, year. Realize that it happened, it’s over, and it’s time to get back on track today. 

Is it as simple as a 4 point list? Heck no, but this is a start and you have to start somewhere.