One of the first steps in becoming financially responsible is facing your current money situation head-on.  No sugar coating, no excuses, no blaming, and no head in the sand, just taking a good hard look at where you are financially.  Sometimes, depending on your current money situation, this can cause you stress because you know you are not in a good place financially.  It’s normal to feel concern over this but in order to move forward financially, you need to be honest with yourself about where you are now.  

Whether your financial situation is in need of great repair or just needs a little tweaking, you still must assess where you are currently.  Bringing your present money situation into the light, can actually feel really good and freeing. Sometimes people attach shame to their money situation, if it is not where they want it to be.  I am here to tell you, shame doesn’t work or help you. So get rid of any shame you may feel and expose it to the light and start moving towards clarity and control over your money.

Monthly zero-balance budgeting is a game-changer and it will be addressed in later blog posts, as it is one of the keys to financial responsibility and freedom.  In order to prepare to budget, you have to know what you earn and what you spend monthly, what you save and invest (and if you don’t save or invest, that needs to be addressed as you move forward) and what debts you have to pay.  This is a good starting point to begin to get financially organized. My preference is to write everything down on paper or on the computer- you need to see it in writing. Sometimes when people see in writing what they spend monthly and how much credit card debt they have- that alone is a wake-up call, that shifts people to change their ways.  

During this time of COVID-19 I know that many people’s money situations have changed dramatically and people are struggling financially.  Yet, that is the situation we are facing now and if you begin to get financially organized and responsible during this challenging time, it will serve you for the better both now and in the future.  Many of us have more time on our hands now and are in self-isolation. Use some of this time to start your path to financial responsibility and freedom- it is an empowering way to face the situation at hand.  

Until we talk again,

Susan, the MoneyMaestra