Record how you spend your money to gain clarity and increase your confidence.
“Graham is OK. He broke his leg playing baseball and had surgery. His recovery is going well.” Melissa shared the details with her aunt Janice. “What’s really bothering me is how I’m going to pay the medical bill of $1,850.”
“Dip into the money I gave you for emergencies. That’s what it’s there for.”
Melissa felt sick to her stomach. She paced the kitchen; her heart raced. “I spent that to pay our credit card bill.” She felt her aunt’s judgment and disappointment through the phone.
Vagueness and avoidance around money compounds your anxiety. Worry stops you from learning how to be responsible with it. Fear – of not knowing how to manage your money, lack of planning, and bad experiences in the past, is scary to face but not insurmountable.
Fact : two-thirds of Americans would struggle to scrounge up $1,000 in an emergency, according to The Associated Press-NORC Center for Public Affairs Research.
Get clear about your spending. Write down every penny you spend and take in for 30 days. See where and how much money you spent. This is the first step towards financial literacy and saving for emergencies.
Melissa decided it was time to stop avoiding her responsibility to learn how to manage her money. She purchased a small notebook and began recording money she spent every day. At the end of 30 days, she tallied the numbers into categories. It was scary, enlightening, and empowering. She was clear about her spending habits for the first time in years.
Be honest with yourself. Record what you spend every day to stop vagueness, gain clarity, and make better choices.
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