🌤Six Reasons Why it's Not Your Fault That You Don't Have Your Finances Sorted

You may be thinking about financial coaching for a few reasons:

1. You feel that your finances aren’t where they should be.

That’s an okay feeling to have. It’s ood to want to improve your finances!

2. You think it’s your fault that your finances aren’t sorted out and you feel ashamed about it.

Well let me tell you this right now: It’s not your fault.

I haven’t even met you (you seem great!) but I can tell that you are not to blame for not having a functioning personal finance system.

Let’s look at all the reasons why the cards are stacked against your building a healthy relationship with money.

REASON #1: NO ONE TEACHES US ABOUT MONEY.

We talk to family and friends about nearly anything: new shoes, work drama, vacation plans and terrible dates. They have great (and sometimes awful) advice about all those things.

But how much do you talk to them about money? Maybe not at all? Thatis incredibly frustrating because money affects so many parts of your life: what you wear, where you work, where you travel and even who you marry.

Managing your finances is so difficult when we are alone and without anyone we can trust to help us navigate those money problems that always come up.

REASON #2: SPENDING MONEY IS EASY AND FUN. SAVING SEEMS INCREDIBLY…DULL.

In 2023 you have choices about how to spend your money and it’s never been so easy to do it! In LA I would have coffee meetings with clients and say:

Look down Melrose. You can find over 100 places to walk in and buy, buy and buy.

But saving?

There’s just one bank on Melrose.

Spending gives us immediate gratification and that’s powerful and addicting. When you don’t have the tools and options to save, the default is to spend.

But savings can feel great! It’s just about building the practice of savings. It’s about knowing your next trip to Hawaii is being saved for or you have enough to cover that weird mole removal. Each time you use that savings it feels like a win rather than a loss.

REASON #3: YOU DON’T KNOW HOW MUCH YOU NEED TO SAVE FOR A RAINY DAY FUND.

Sure, people can tell us to save more. But how much? And for what?

How much should be in a rainy day fund? Should you save for travel? What does retirement savings even mean?

There isn’t a one-size-fits-all for our finances so it’s hard to know how much to save. Often it feels easier to simply throw our hands up in despair and ignore the rainy day fund.

REASON #4: YOU LIVE IN A CAPITALISTIC SOCIETY WHERE WE ARE PUSHED TO SPEND.

Let’s just say it. In this economy we are called consumers. That’s our title. We are pushed by our friends, family, coworkers and neighbors, and even pets to spend. “Keeping up with the Joneses” is real.

Maybe In our early 20s we may not care much about having nicer things but that changes as we get older and have more disposable income. Our economy compels us to spend and not to save. If you are reminded to spend everywhere then it’s very difficult to start a new habit of saving.

REASON #5: MONEY IS STRESSFUL AND OVERWHELMING.

Money isn’t just about numbers. Money can represent what you can and cannot do with your life. If we don’t know how to manage our money then we feel like we can’t move forward with our life.

When your overwhelming feeling about money is stress, then you tend to avoid thinking about it at all costs. Of course, that is never a solution.

REASON #6: PARENTS OWNED A HOUSE AT 26? OK BOOMER. FINANCES ARE HARDER NOW.

Our economic life is much more complicated now than it was 30, 20, 10 (or even 5!) years ago.

Defined-benefit pensions are mostly gone. Student loans are an absolute necessity for college. Homes are so, so, so much more expensive. Did someone mention health care costs?

Unfortunately, we still compare ourselves to our parents when they essentially lived on a different planet with different rules. The financial problems of the 21st century affect you in ways that your parents never had to consider.

Your finances problems are not your fault.

You can manage your spending and saving in a way that feels healthy, comfortable and . . . wait for it . . . enjoyable.

If you want to feel in control of your finances then let’s have a coffee chat soon.