We have all struggled financially, but if you are still suffering and but have no idea why keep reading. I’ve helped married couples, engaged couples, single people, divorced people, and older people over the years. They shared the reason they struggled financially.
Reasons why people struggle financially: which one (s) are you?
- Trying to get keep up with rich people
- Negative thinking
- Generational habits
- Lack of vision
- Lack of focus
- Not reading the right books
- People pleaser
- Bills are not automated
- Refuse to get help
I was number 2,3,4,5,6,7,9 before I started my financial wellness journey. I encourage you to do the work and find out the root of your money problems. Talking about money and facing your money issues is scary and stressful. Your future will thank you! If you are married, do the work, it is not too late. My single people, take the time and fix your problems.
I read books during my single days and paid for financial classes to help me with credit, house buying, budgeting, and retirement planning. My goal was to break the generational curse/habits my family passed down when it came to money. I watched mom, dad, brother, uncle, and cousins fight about money. Family members divorced and did not trust one another when it came to money. I promised myself that would not be and my marriage or my life. Having a healthy financial life will allow the other areas of your life to be healthy. Are you ready to be financially fit?
1. Trying to get keep up with rich people
Living above your means is one clear sign you trying to keep up with the Kardashians. Are you making only minimum payments on credit cards? It is okay if you charge things on your credit card, but you should be able to pay it off the following month. Keeping high balances on your credit card will lower your credit score and make creditors not trust you. Do you want that?
Other ways you are living above your means:
- Using a credit card to pay for a vacation
- Your savings account is not increasing- automate your savings account
- You stopped or never started contributing to your retirement account-
- You are living paycheck to paycheck – create a money management plan.
Action Plan:
- Go to: https://www.thefinanciallady.com/resources/ and get a free budget worksheet.
- Your money went somewhere, but you have no idea where- look at the last three months of your bank statement and see where you are spending your money.
- Your debt balance never decreases.
2. Negative thinking
I remember over the years that I struggled with money issues because of my thinking. Growing up, I heard we could not afford that. My mom’s favorite saying about money was: We do not have enough money, and money does not grow on trees. That bothered me as a kid. The things that I wanted to do; I was told I could never do that. The older I got, the I learned that I could. But it took years of working on me mentally and reassuring myself I was deserving. Of the things, I wanted and needed.
Yes, you must work but check your thinking. It is what you tell yourself that will take you further in life. I have had the privilege to be around people with money. They all say the same thing, have an excellent healthy self-talk talk with yourself. Here are a few words you should speak to yourself every day:
I can do this; money comes easily
I have more than enough
I am the best at what I do
I will prosper in everything I do
Your money issues are what you tell yourself every day. Every day for at least 15 minutes, talk to yourself:
I no longer have problems with debt
I no longer have problems paying my bills
I no longer have issues making money
That is to name a few. Another valuable tool is to use the self-talk app. I listen to this for at least 15 minutes a day while cooking, taking a shower in my car. Are you ready? To talk yourself rich/think yourself rich.
3. Generational habits.
Have you ever heard of generational habits? These habits are the things that we repeat that we have seen growing up. History repeats itself typically; if you do not get the help, you need you will do the same.
Now, I saw my father save, and I saw my mother spend. And so now, as I have gotten older. I am more about saving and investing. When I was younger, it was about spending because that is what I learned from both parents. I knew that this behavior was generational. What generational habits are you battling?
Action Step: List your generation habits
4. Lack of vision.
What is the vision for your financial future? Is it a life of abundance? Is it a life where all your bills are on autopay? Is it a life I can retire at age 50 and not sixty-five? Is it a life of I am debt-free? To answer these questions. You must have a vision. A lack of imagination and direction will cause you to struggle. Take the time today and get a piece of paper and write down your vision for your financial life. Then write down the steps you need to do and if you are not sure what to do. Also, write down what will stop you from getting it done. The previous step I mentioned is one of the hardest things to do because it requires you to face your fears and anxiety regarding your money. The Financial Lady is here to support you; schedule time with me at thefinanciallady.com
5. Lack of focus
It would be best if you were laser-focused when it comes to your money. Sit down monthly and have a meeting with yourself about financial life. Go to https://www.thefinanciallady.com/resources/ and get your monthly meeting worksheet. Keep this promise of staying laser-focused when it comes to your money life.
Here is a quick plan:
Track your spending for the past three months.
Automate two of your bills
Create a budget and save $100
6. Not reading the right books:
Through figuring out my financial life, I learned that reading books would give you more knowledge. It will provide you with more than you think. I have read books that allowed me to open my mind to see what I need to fix in my personal life. More importantly, it helped me with the issues in my financial life. The top three books you should read are Automatic Millionaire by David Bach. The mindset of a millionaire, T Harvey Eker Robert Kawasaki Rich Dad Poor Dad. These books have transformed my life the way I think About money. Money-saving to go to half-price books. And you can get these. Most of these books for under $10
7. People pleaser
I grew up around people-pleasers, and I still am around what I witnessed people trying to please everyone with their things. People want to show off the tangible things they buy. Look at Facebook or IG and you will see what I am talking about. One will see shoes, purses, and cars. The Pleasers of the world wish to paint a picture that they are on top of the world and money is NOT endless in their world. Have you wondered how they afford all this stuff? They use a credit card, and ninety percent of them are financially struggling. Are you a people pleaser?
8. Your expenses are not automated
I have learned over the years that collaborating with clients and own personal experience creating a budget must be automated. If you leave it up to you to physically, do it, it will not get done. Life will get in the way, and you will keep saying I will get to it tomorrow, next week, or in a month. Before you know it, a year has passed, and you are not near your goal. You can automate yourself into a millionaire. I am grateful to know people who are millionaires, and I learned they automate their financial life. Grab a copy of Automatic Millionaire by David Bach? This book will change your life!
9. Refuse to get help
In the beginning, the number one area I struggled the most when it came to financial life was getting help. I was trying to do it all on my own. I thought asking for help showed I was weak and ashamed to tell someone I did not have my financial world together. I cannot take all the credit for moving towards getting the help I need. God was pushing me and answering my prayers as well. My future will thank me for taking care of me and my finances! You will hurt yourself and your family when your financial matters are out of control. Go to https://www.thefinanciallady.com/book-me/ and book time with me and create a plan that will work for you. It’s time to MOVE!