Being Honest with Yourself about Your Money (Thoughtful Thursday)

I want to start this post by saying that being honest with yourself about your money is meant to be a positive experience, to allow yourself to understand and see where you are at. Being truthful to yourself will provide greater dividends for you going forward.

It does not mean you need to feel bad or shameful about where you are financially; you may even be in a very positive financial position. The point I want to emphasise is that when you choose to be honest with yourself about your money you will begin to treat any money that comes your way with respect, appreciation and you will start to keep a lot more of it too!!

Money habits are inherited and built up over time. But the fact you are taking the time to think about your money and personal finances means you are ready to make active changes in how you save and spend your money.

What do I mean when I say, "Be Honest with Yourself about Your Money" -

• Impulse Buying: Be honest that this is an impulse buy. That for you the purchase is a want not a necessity. The next time you are faced with another impulse buy you may choose not to spend your hard earned cash and keep it for something you really want or have been waiting for a long time.
• Credit Cards: Be honest, does it really feel good to have a running balance over time with a credit card or does it cause you unneeded stress? Having store credit cards is often a status symbol yet they often have the highest credit card rates on average. Think about how less stressful it would be if you had no debt, and you were able to save money and pay cash for all of your purchases? I believe you would feel like a Fashion Rock Star therefore you would look like one too!!
• Not Writing out a Monthly Budget: Be honest, do you really know where all of your money is going over the course of each month? Are you aware of your current financial position? Sometimes you might say to yourself, "Next month I will write a budget." But then the month comes and you put it off again. A budget tells your money what to do (click here for my post on my monthly budget routine), and you feel more in control of your money. Knowing how much money your expenses are helps you find better deals on your monthly expenses...so you can save more money to better your financial position.

The best way to make positive changes with your spending and saving habits is to be totally honest with yourself. We as people tend to buy goods and services to impress other people. Your money habits will become more beneficial to you once you stop worrying about the societal pressures and begin to choose an authentic life you are happy with.

And always remember when you are being honest about your money habits don't be hard on yourself. Life is journey, not a destination.

I know you will find that by being honest you will change your financial routines and find that you have more time to spend with good friends/family and on the parts of your life that really make you happy...and you will have more money in your savings as well!! Honestly.