I’m proud to say that I’ve been actively managing my money for nearly 20 years. I’ve also been helping women manage their money for nearly 10 years. As I explained in CGS Podcast Episode #122 – Financial Education vs. Financial Experiences, there’s nothing like learning from good (and bad) experiences when it comes to your money. The more time you devote to managing your money, the more you’re going to learn.
With all the experience of managing my own money and helping women manage their money, I’ve definitely learned quite a bit! I understand the importance of knowing your triggers and impulses. I understand how your mindset about money influences your decisions. I also know when to focus on making more, instead of spending less. When you’re focused on managing your money, it’s critical to keep an open mind. To help, I’m sharing 5 things you shouldn’t ignore when you’re managing your money.
5 Things You Shouldn’t Ignore When Managing Your Money
#1 Don’t Ignore Your Urges
Notice how I said “don’t ignore your urges”, not “indulge your urges”. There’s a big difference in recognizing your urges and impulses and giving in to them. When you’re focused on managing money, you’re likely giving yourself budget and spending limits. When you do that, you’ll naturally try to test those limits – it’s just a part of human nature.
Start to become aware of your urges. Where do they come from? What emotions or thoughts spark them? Are you able to control the urge? Maybe you got a bonus at work and the urge to spend it (or a portion of it) takes over. Maybe you had a stressful day at work and the urge to DoorDash instead of cook overwhelms you. There are so many different scenarios. The key is to recognize the urges, understand what causes them and find alternatives ahead of time.
A client and I were just talking about this. She travels a lot for work. She has no problem sticking to her food budget while traveling, but notices that when she gets home, she’s jet-lagged and tired. The urge to DoorDash instead of going to the grocery store is too strong. So, she’s found a work-around. Now, she InstaCart orders a few days’ worth of groceries and has them delivered shortly after she lands. Had we not identified this urge that constantly put her over budget, we wouldn’t have been able to implement a work-around!
#2 Don’t Ignore Your Thoughts
Thoughts can be a little harder to recognize, especially if you haven’t practiced being aware of what you’re thinking. Check out CGS Podcast Episode #4 – Why Mindset is Critical and How to Start Improving It for insight on thought recognition.
As you’re managing your money, make sure you’re able to pinpoint the thoughts you have about the process, your budget, your income and your spending. Are you thinking positively or negatively. Are you happy with the way things are going? Are you constantly complaining?
If you can get to a place where your thoughts about money in general, and your money situation specifically, are positive, encouraging, and uplifting, you’ll be set up for success. You’ll notice that you start focusing on solutions (not problems). You’ll recognize yourself for wins and challenge yourself to keep going. Your thoughts are powerful, so make sure you don’t ignore them when it comes to managing your money.
#3 Don’t Ignore Your Fun Spending Categories
I bet you didn’t expect me to say this one! Unless, of course, you’re in the CGS Community and know just how important I think it is to include the things you love in your budget! Seriously, an important part of successful long-term budgeting is making sure your budget factors in the things you love. Depriving yourself is a recipe for failure.
Make sure your budget includes the things you enjoy. Make sure that as you focus on managing your money, you’re not ignoring the joy that money can bring. I’m not saying go crazy, I’m saying know your spending limits and stick to them. Not only will you feel better about long-term budgeting, but you’ll ensure that your sanity stays in place along the way!
#4 Don’t Ignore the Things that Get You Off Track
This one is similar to your urges, but there’s a slight difference. Urges can be controlled. You can recognize and urge and work to solve it. Things that get you off track can be seen as urges that couldn’t be controlled. For example, you may be able to control the urge to buy something off Amazon, but when your BF asks you to an extra (unplanned) brunch, you can’t say no.
When things get you off track, be aware of them! If you start to notice a pattern (for example, an unexpected brunch every other month), you can adjust your budget to help account for these expenses. You can also start working on your self-discipline and use each opportunity as a chance to avoid getting off track.
If you’re not aware of what’s happening, you won’t be able to find workarounds. Don’t beat yourself up for things that get you off track. Recognize what’s happening and try to improve for the next time something comes…and trust me, something else will always come up!
#5 Don’t Ignore Your Feelings
Managing your money should be an empowering and uplifting feeling. If you notice that managing money is making you feel depressed, anxious, overwhelmed, or constantly defeated, don’t ignore those feelings. Try to pinpoint what exactly about managing your money is causing you to feel negatively.
Are you depriving yourself of joy? Are you disappointed with your income? Usually, it’s not managing money that causes you to feel bad, it’s the underlying thoughts or situations around it. Try to nip negative feelings in the bud as soon as you can. Otherwise, you run the risk of completely giving up on the process. Why would you want to stay doing something that doesn’t bring joy?!
Related: 7 Steps to Making Your Money Work Better for You
Managing your money can lead to so many amazing things. That’s why I want you to be as present and mindful of the process as you possibly can! If you can keep these 5 things in mind on your money management journey, you’ll be set up for success!
Have you ignored any of these things when it comes to your money? What feelings do you have about managing money? Drop a comment below to share!
-Raya
The CGS Team
