Are you Faking it with Your Money?
Posted on December 06, 2012 by Kathi Bridge, One of Thousands of Money and Finance Coaches on Noomii.
Money problems, living within your means, pretending you are better off than you are.
I have made some interesting observations with people and their money over the last little while. I felt it was happening, but I did an experiment of sorts and have confirmed what I knew already. Some people are faking it when it comes to their money.
Over the past month, I had people complete a survey anonymously about their money – frustrations they are having, results of those frustrations with money, and the single biggest fear when it comes to money were some of the questions. Overwhelmingly, people felt they do not have enough money to meet their needs (and bills!). Many indicated this leads to stress, arguments and frustration. Many have tried budgets and tracking to improve their finances – usually unsuccessfully. There was a lot of stress coming through in their words!
Now, I had other people do a survey in public. Questions included “Do you pay your credit card off each month”, “Do you have savings to pay for something major that breaks”, and “I save a specific amount and it comes out of my account every month automatically”. Upon adding up the scores, most people said yes to these questions. The average score was well over 90%. Thats more than I scored, and I am pretty good with my money!
It confirms my suspicion that many people are faking it when it comes to their money. They may even think they are living within their means and have everything under control. But sooner or later stress and arguments creep in about lack of money, or spending habits that one or both spouses have. This can lead to a downward spiral when the credit card balances creep up – or they are paid off with the line of credit. It gets to a point of fear when the realization is made that you are in over your head and not sure how to get out. Unfortunately many people leave it until this late to seek help with their situation.
Taking action sooner rather than later will be so much better on your pocket book. You may just need a worksheet to keep you on track, like the one that can be found on the Women’s Financial Learning Centre website (resources – downloads), or reading some books on how to gain financial knowledge if you are not doing too badly and need some tips (I love The Wealthy Barber Returns by David Chilton).
Or, you may want to have a discussion with a Money Coach. We are an unbiased third party with a lot of knowledge about helping you to determine and reach your money goals. Imagine checking your online banking and seeing money in there at the end of every month, as well as money in a vacation fund, and savings accounts?! This is possible! It starts with writing down your goals, determining where you are with your finances, and making a plan. Just like a personal trainer, you are going to see much greater results in a shorter time when you work with a money coach.
If you feel you would like to have a free discussion about your finances, I would love to talk with you. You can email me at kathi@moneycoachescanada, or visit www.moneycoachescanada.ca to find a money coach that suits your style and location.
