Hey Y’all Hey! Kijan Ou Ye! How You Doing?
Let’s get down to some serious real talk…money management. Plenty of us struggle with money management and I want to share my personal journey with money. Because honestly me and money have a bit of a roller coaster relationship. Am I the only one?
Last year when I found out I was pregnant, I was completely taken aback and surprised because it was not planned. However, I was super elated! I always wanted to be a mom! After I rejoiced in the news that I would be entering motherhood, I had to sit down and evaluate my finances. Because the first thing people throw at you after saying congratulations is…are you financially stable? And after evaluating my finances, I came to the conclusion that I was not. I am sitting on credit card and student loan debt and sadly with little to no savings.
I knew then that I had to readjust my thinking with money and tackle my financial situation to be able to teach my son the value of money. So, this year, I promised myself that I will build a level of discipline when it comes to my finances to change the narrative for my future and most importantly my family. My financial goal this year is to soak up as much knowledge and skill to reverse my financial situation from bad to good.
I realized that I needed to first do these three things to change my relationship with money:
First, change how I speak
Begin to speak positive affirmations such as I will build wealth, I will be debt free, I will have a savings. Stop speaking negatively to myself, stop saying I’m broke, I won’t be able to save because I have debt because how we speak to ourselves is important.
Second, change how I think
I choose to think positively about money. Since I’m choosing to speak positively, I need to think positively as well. Choosing to think positive will help me be better with money management. Always thinking that what I am currently doing is for the betterment of my future and to remind myself that no matter how much money or financial mobility I have, I can still suffer from poor money management.
Lastly, change how I understand
I need to address the attitude I have towards money. I need to be open to understanding money differently. I need to listen to comprehend versus trying to listen to respond. I also need to be open to new knowledge about money because what I was doing in the past lead me to this current state.
I need to create wealth for my child, that is my goal. Building a foundation of wealth for my family starts with me. Wealth is the ability to fully experience life, so having a better relationship with money is important especially as a first time mom.
My financial journey will be a personal one but I am sharing my journey in hopes it will help someone else who feels embarrassed to talk about their own financial struggles. Lately, I’ve been learning my money habits. Am I spending to keep up with the Jones? Am I spending due to depression? What exactly is the root cause. Honestly, I can be a bit of an emotional spender which would cause me to spend on material things that held no value. Learning this about myself will help me budget correctly so that when I do spend due to my emotions it won’t be excessive.
I can honestly say that I am proud of myself. I am adding to an emergency fund, savings fund and tackling my debt little by little, I can and know that I will be able to reverse this damage and teach my son the value of money.
Discipline is the bridge between goals and accomplishment. Therefore starting at an early age, I will teach my son these important factors to instill money discipline:
- Money Management
- How to build and keep good credit
- Establishing a job/career
I finally realize that I need to be patient with myself. It took years to accumulate debt and it will take years to become debt free but with the steps that I have implemented into my life now, I know that better days are ahead.
Until the next post…
Live with purpose, Love with passion, Laugh with pleasure