If you want to fix your bank account, you must hold yourself accountable.
When was the last time you ran this line on yourself? Do you actually believe those words or do they simply serve as an excuse to not face your financial situation? It’s much easier to blame external forces for your situation than to evaluate your own habits as to how they affect your finances.
If you want to fix your bank account, you must be willing to hold yourself accountable. Here are 5 reasons why your bank account is a reflection of your self accountability.
1. You’ve been indebted to an ‘I deserve it’ lifestyle:
I understand you may work very hard during the week; however, working hard shouldn’t be an excuse for making impulse purchases. It is important to reevaluate those things you believe you deserve. The surface level of your debt may come from the use of credit cards, but the root of the problem is not keeping yourself accountable as it relates to your lifestyle.
You don’t deserve another designer anything; you deserve to be debt free. Have you ever thought about that? You not only deserve to be debt free, but more importantly, the peace of mind that comes with it.
2. You’ve invested more in brand names than your own:
If you went through all the clothes, shoes, and bags in your closet, what names will you discover? How much would you estimate you spent on them? Brand names may make you feel good about what you are wearing, but investing in yourself can be far more fulfilling. Your relationship with money stretches beyond your ability to purchase material things.
Your manifested dreams can come to life if you invest your time, hard work, and money in doing what you love to do. Invest in your business. Invest in your education – formal or self education. Invest in your retirement.
3. You’ve saved more family members than money:
You may have a family member or two or three that you deeply love. Love is a beautiful thing, isn’t it? But, you’re struggling to make ends meet and simultaneously feel responsible for helping them financially get (back) on track. You may have heard it before but before you can take care of anyone else, you have to take care of yourself. You’ve been there for everyone’s emergency, but you don’t even have an emergency fund for yourself.
You don’t have to live in guilt because others assume you always have to be there for them. It’s never a matter of being selfish, but rather being conscious about your own responsibilities. Have you started a freedom fund (a.k.a. emergency fund) with at least 3 months worth of expenses?
4. You’ve caught it on sale, but haven’t saved:
So, you are scrolling through your email and what do you see? A sale from your favorite store. “40% offer just for you, now through _______.” You’ve been waiting for a while to buy those shoes. They were $120, but now $72. You couldn’t resist, so you decided to buy them. When you’re checking out, your receipt says you saved $48. That’s a complete lie. You may have not paid full price for those shoes, but you are going to wind up spending the $48 dollars on something else. Remember, money is not saved until it’s in your savings account. That 40% off should mean 60% in your bank.
5. You’ve never believed your situation could turn into a “lituation”
We’ve all heard the saying, “It’s easier said than done.” And while that maybe true, sometimes it is easier said than realized. Before you can do anything, you must believe it can be done. You became comfortable in your financial struggle, and gave up on the hope that anything can actually change which prevented you from even trying. It’s time to believe in the power within you to make what you speak a living reality.