Everyone has them – I like to call them money blind spots. Habits or routines that we do day to day that can be stopping us from getting what we say we want. They are different for everyone, and there are probably hundreds of different ones.
We don’t purposely go out of our way to sabotage ourselves with money; in fact it’s mostly done unconsciously. It also has to do with your money scripts – but that is a topic for another day. Through my experience sitting down with hundreds of people, here are the top 3 blind spots I see most people have.
1. Small and minor everyday spending.
Do you track where and how much you spend every week? Do you have a plan? When I do a cashflow worksheet with clients, the small innocent categories such as; groceries, dining out, entertainment, gifts, and subscriptions can cause major leaks in your cashflow. I challenge you to go on a cash diet and use cash only every day for these everyday expenditures. Keep all of your receipts and put them into the appropriate categories. You may think it is ridiculous that these small commonplace purchases can impact your financial future, but they can. I’m not saying that cutting back a latte every week is going to make you rich, but do you really know how much and where you spend your money every month?
TIP: Use a free program such as www.mint.com. My clients love it and it’s easy to use and easy to track. If you keep doing the same thing that you do – you will get the same results.
2. It’s on SALE!
I have to watch myself on this one too. The stores know how to ‘get’ you (and your money!). Most have a 100% markup or more, so offering you a 10-50% saving is still a profit for the store. That’s great if you were planning on buying the item. But if you were not, then it is 10-50% more of what you had planned to buy. (Note the word; planned!)
TIP: When you are about to make a purchase, notice the reason: are you considering it because it’s on sale? If so, walk away! Go home and think about it and if it fits into your money plan then you can go back and get it.
3. Handing control of your money to someone else.
If you get someone else to handle your money and take care of all or most of it such as a spouse, bookkeeper or accountant, you’ve handed over your life decisions to someone else. You need to take responsibility even if you think and feel that everyone else knows better than you do. Just because someone else seems to know more about handling money doesn’t necessarily mean that they do. Whoever handles your money, whether it is you or someone else, is handling it according to their own personal (and subconscious) beliefs.
TIP: You know better than anyone else what your inner most desires and goals are. You are the best one to be able to adjust and change as you grow and change. Who better than you can decide what is in your best interest? When you learn to responsibly handle your money, you will gain confidence in doing so. When you become educated and confident in handling your own money it will empower you to see how you can live your own money dream.
Like the term money blind spot suggests, even becoming aware that you have them and what they are, can be impossible for you to detect. When you are in the picture, it’s hard to see the frame. Have you noticed how you can easily see someone else’s challenges and how to solve them when they are unable to realize that they even have that challenge at all?
Want some help? The most successful people are the ones who hire a coach to work with them in an area where they desire improvement and success. My money coaching is like that too. It is an effective powerful approach to help you achieve your money dreams and goals. It helps you uncover your own money blind spots and learn how to overcome them. What I know is that most people are unable to “go it alone”. Contact me for a free 30 minute complimentary money blind spot discovery session. I’ve got your back.
Cheers, talk soon!