Income Management

How to Be Honest with Yourself about Money

Money is one of the easiest subjects to lie about. If you are struggling financially, it is easy to bury your head and pretend as if nothing is wrong. This is the worst thing you can do because you are not solving the problem you are masking it.

A problem ignored can make things far worse than they need to be. Here is how to check if you are being honest with yourself about money.

Are You Informed?

If you need to know how much you are spending and how much you have coming in at the end of the month, can you answer that?

The process is simple. All you have to do is check your bills. Save the statements and go through them at the end of the month.

Do You Communicate with the Right People?

Within your household, you need to communicate. Money matters escalate because people feel uncomfortable talking about money with their roommate or significant other.

Ask yourself honestly; whether those who need to know about the money do know about the money.

Are You Relying on Others to Bail You Out?

Never manage your finances by assuming someone else will bail you out. It is nice to get an interest-free loan from your parents or believing that bankruptcy will rid you of all debt without causing any problems. This is not how it works, though.

There is never a guarantee you will find an interest-free loan from the right person. Someone who does not care for finance isn’t the best candidate to receive one. If your parents refuse to offer you some money, what then? Do you have a plan B?

If you’re relying on others, you’re not being honest about money. You’re using it as a way to hide the problems.

Do You Care?

It seems like a silly question to ask, but it’s also a vital one. It’s amazing how many people don’t care about their financial health. They don’t pay attention to it because they find it boring or they believe they have better things to do.

The key to financial strength is to monitor your bank balance on a regular basis. If you’re not doing this, it’s a problem.

With that in mind, it’s never too late to turn things around. The first step is to be honest about the money lies we tell ourselves. You can get started today by taking a snapshot of your financial situation in the form of a monthly budget. Using this monthly budget, you can plan exactly what you’re going to spend and what you need to save to stay in the bank.

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