Money peace and having a great relationship with your money is critical, but you know that already. Having security around your finances is less stressful, not only for your health but in your personal relationships too!
When I first meet a client, I look for a few things right away to see if they are in control of their money. After all, being able to say… “Money…Yeah I do that” is what it’s all about!
Here are some tell-tale signs I look for;
- You have a back-up savings account (I like to call it an opportunity or ‘Murphy’s Law’ account) with at least a couple of months operating expenses put away. This is not really to replace income (you should have some disability income insurance to cover that); I’m talking about money for life events like, the roof starts leaking, the car needs new tires or brakes, hot water tank blows, or kids unplanned expenses for school.
- You don’t worry about spending money on a vacation. You don’t fight with your partner about spending or savings. When I tell you that I am a money coach, you say cool! vs. “Oh can I sure use that!” You have ‘money talks’ with your partner vs. ‘money shouts”.
- You know your numbers. Where you spend every dollar each month (or close to it) on your everyday household needs like groceries, entertainment, dining out. You know if you don’t spend more than you earn, there’s always more money than month vs. more month than money.
- If you have a partner; you both are keenly aware of where you stand financially. One may pay all the bills but the other knows exactly where the money is going vs. head in the sand and letting the other take care of the ‘money’.
- You (and your partner) put money away monthly for yourself (ME account) and you have a short term and a long term saving plan vs. “What saving plan?”
- Your debt is less than 50% than the total amount of debt available to you vs. paying Peter to pay Paul to pay the minimum.
Here’s the thing – where ever you are, money doesn’t have to be stressful! If you have a plan and follow some easy steps, you too can live stress and anxiety free when it comes to your relationship with money. Financial peace is not a myth, and for money matters, ignorance is never bliss. If you feel like you are out of control and you need help sorting it out; click here.