Double Check Your Spending
As taboo as it might be, something that is very closely tied to our personal well-being is our finances. The reality is money is a huge source of stress and challenge for many people, and while I’m far from an expert on financial management (which is why I don’t talk about it much), I wanted to share a basic principle that relates to your spending, which is about being intentional.
Just like anything else, the way you spend your money is your choice. And when it comes to making choices it’s important that you make your decision through these two lenses: 1) Is this something I actually need?, and 2) Is this a value exchange I’m willing to engage in?
Whether it’s our time, money, energy or attention, we must be aware of the fact that we’re vulnerable to manipulation. We can be persuaded to think a certain way based on the emotions we feel or the urgency, scarcity, or prestige associated with the decision. And particularly with money, marketing has gotten really good at making us feel a certain way to bias our decision making process and purchase things that we wouldn’t with a clear mind.
So the lesson today is to double check your spending. Get really clear on what things you’re investing your money into just so that you can be aware of your habits. Many people, myself included, have a tendency to avoid their finances because it feels uncomfortable and even embarrassing to feel so incompetent or negligent. And it’s easier to just ignore it. But keeping it in the back of your mind affects you more than you realize.
When you have the courage to dive in and address your inadequacies head on, you’ll realize how liberating it feels to give attention to something you’ve been neglecting. It takes a weight off your shoulders and opens up your capacity to do more. This certainly applies with your personal finances and the best way to audit your financial choices is by simply looking at your spending.
Now if you’re like me, and you feel like this all applies to you but you don’t know where to get started, or you need extra accountability to actually follow through on something like this, I want to invite you to a free 24 hour wealth challenge that my mentor and coach Jim Bunch is hosting. It starts tomorrow, and in this challenge Jim will give you a step by step process to identify where you’re spending money unnecessarily and the encouragement to take action on it, helping you save hundreds of dollars a month. If this sounds like something you need you can register for this free challenge right now.