Are you taking control over money, or letting money control you?
Do you flex your muscles and show the mighty dollar who's the boss?
Have you ever thought, or do you still think along these lines:
"With the money I'm earning, I should be driving a BMW."
"I'm earning enough to be sending my kids to exclusive schools."
"My salary is so large, I should be holidaying in Europe for two months every year. Like the Joneses. He earns the same salary as me."
"With my large salary, I should have a holiday home at the beach."
"With my large salary, if I can't get my hair and nails done every week, there's something wrong."
You get my drift?
If you are thinking like that, it sounds like your money (soon to be someone else's!) is the boss, not you.
Many people allow their salary level to dictate their spending habits, rather than allowing their financial position to determine their disposable income. Permit me to shock you one more time.........there are HEAPS of people out there whose salary is not huge, yet their financial position is solid. Paradoxically, there are people who earn HEAPS, but spend even more! You guessed it - they could even be speeding straight down Bankrupt Boulevard.
Why these paradoxes?
Instead of taking control over money, people (especially people who don't feel good about themselves) let money control them. They are intent on showing the world their financial status, rather than concentrating on improving it. This is why it's important to become a Happy You before tackling Happy Money!
Happy people don't need to impress others with empty shows of wealth, status symbols, etc. We are happy within ourselves, and don't really care if others are unimpressed by us. By showing our money who is boss we become financially secure, which is our business - no-one else's. Whilst controlling our money, it may become obvious that a manicure every week is not possible just yet, and that's fine - we are concentrating on being (or becoming) financially secure - not putting on a show for the world.
I hope this page has made you have a good long think about whether you are taking control over money, or letting it push you around. If it has made you stop and think - you can change your ways any time you choose. If you think NOW would be a good time to start taking control (and when could possibly be a better time than now?) here are some practical tips.
Before you can take control of your moolah, you need to know how much is coming in, and where it's going. So, set aside some time to work out a budget (I know you're going to hate me for saying that - but you'll thank me in the long term!). List all your income and every expense you can think of (gifts and entertainment are often forgotten). You need to be brutally honest in order for this to work. Pretending you don't spend much is NOT going to make it true!
How does it look?
Is there enough income to cover the outgo?
Bit scary huh?
If the 'out' column exceeds the 'in' we need to do something about it.
You have three choices with which to fix this problem:
1. Decrease the 'out' column - cut spending -ooouuuuuuucccccchhh!Check out this "simple savings" site
2. Increase the 'in' column - earn more - possible.......
3. All of the above - probably the least painful!
You may really dislike what you have just discovered about your financial life, but now at least, you have the power and the knowledge to take control.
Looking after a child takes time and effort to prevent them from running wild - your moolah is no different. With a bit of input and guidance, your money will soon be under control. It is worth the time sacrificed to get yourself onto Happy Money Highway. Just as an unsupervised child can soon become a truant, so your money habits could have you turning down Bankrupt Boulevard if neglected.
Check your budget regularly, making adjustments if necessary, thereby taking control over money!