Masterclass

Be MoneyBrilliant – Managing your Money Step 2

Published on October 15, 2015 12:41 pm, by

Step 2 – be honest about what you do

Welcome back!!  I hope being here means that you’re ready to commit to the journey to be financially fit and in control of your money present and future.

Before we even get in to the budget space grab a pen & paper, put on your thinking cap and write down the following.  Go with your gut and don’t over think:

(1) Things I buy that I might not really need to buy

Eg: wine on Friday nights, lunch during the working week, going out for dinner, shoes, gym gear.

(2) Things I buy and need but maybe I spend too much

Eg: groceries, mobile phone bill, and utilities

(3) When are the last 3 times I’ve had buyer’s regret

Eg: the gym shoes that aren’t very comfortable, the red stilettos that I wore once on that date that didn’t go very well, the dress my friend told me looks good but it’s way too short.

(4) Of the 3 times above, what made me buy the items?  What was my frame of mind?  Did I think about the cost and when I’d use them?

(5) Do I use credit card or debit card?  How do I feel about the way I make purchases?

(6) What do I want to keep in my life of the above, what am I not willing to sacrifice?

(7) What am I willing to sacrifice or negotiate on?

While you’re here and thinking about money matters, jot down anything that comes to mind that you want to think about, find out more about or do something about.

And now you’re ready to give your head a rest before we go in to step 3.   Make sure you stash your piece of paper somewhere safe, we will want it to come back to later.

Related articles –
Introduction
Step 1 – just think about it
Step 3 – where does my money really go?
Step 4 – dreams & goals
Step 5 – turning insights in to actions
Step 6 – getting rid of bad debt
Step 7 – review, commit & automate
Conspicuous Consumption

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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