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Excuses are nothing more than ways for us to stall our own progress, with anything. It’s our way to tell the world that somehow it isn’t our fault why we’re stuck where we are.
Excuses are the first sign of a weak mindset, so it’s our job to get rid of them in order to move forward in any aspect of our journey.
With money, we often make excuses that relinquish our control and keep us in a victim mentality. That mentality will NEVER get us to financial freedom and will NEVER serve our dreams.
If we are to make an impact on our financial trajectory toward the life we dream of living, we’ll need to first realize these excuses for what they are and put a stop to them immediately.
Here are 5 money excuses you need to stop using to improve your money.
1- I was never taught how to manage my money
Sadly, our school system is not great at equipping youth with the necessary tools to manage money and financially grow.
While in recent years it is improving, the lack of information on the subject of budgets, loans, credit card debt and investing has made a huge impact on generations of graduates who had no clue how to effectively control their money.
Those graduates might have turned into parents who then demonstrated to their kids their lack of money skills. And the cycle continued…
My parents were Egyptian immigrants, who came to this country seeking political asylum. They were happy to get money to live and get by, but never took the time to learn about debt in time to avoid it.
Growing up, I never learned about money from school or my parents, and took learning into my own hands by trial and error (many errors to be more accurate).
But, when I wanted a change in my life, I had to commit to learning on my own. I checked out books from the library, listened to podcasts, read articles, studied different methods.
I applied what I learned into my real life scenarios, some methods worked and others didn’t. But, ultimately, I learned the tools that made me win with money and changed my life.
If I had continued to use the excuse that I didn’t know any better, I’d probably still be in over six-figures of debt and living paycheck to paycheck.
It’s time to take responsibility for your own actions, take the time to learn and take the time to implement.
2- I have debt, but who doesn’t?
Normalizing debt is the way to stay stuck in for years. Paying hundreds, sometimes thousands, of dollars in interest charges.
Debt is not normal. We were not put on this earth to work and pay off debt. We were put here to live the best life. And the best life doesn’t include owing anyone anything, especially money.
So, take ownership of what got you into debt and take positive steps to get yourself out of the debt hole. The faster you get out of debt, the faster you get to afford the life you actually want to live.
3- I don’t make enough money to save or invest
Every dollar you spend reflects your priorities. Do you really prioritize Taco Bell more than retiring? Seems a bit absurd, right?
But, essentially when you use the excuse that you can’t afford to save or invest because you don’t make enough money, but then turn around and spend $50 a week on fast food, that speaks VOLUMES.
Put your spending in check and focus on your priorities. You’ll find that you can, in fact, afford to save and invest, even if you start off with just $10 per week.
Every dollar counts and slowly building up good habits over time will make a big impact on your wealth overall.
4- It’s too late to start this month, I’ll start next month
Someday will never happen if you keep using it as your target date for important steps you need to take. S-O-M-E-day could be thought of like this:
If you really want to make change happen, start right now. Not tomorrow, not in an hour, make it a final decision that you are starting right this minute and not turning back.
Today is the day. The right time is now. You are in full control and can make this happen. Next month, you’ll look back and realize that the previous 8 days made a difference in your mindset and in your goals.
Each day counts, so stop throwing away days waiting on a new month or week to start.
5- A budget is too restricting, I’d rather just control my spending
The people who say a budget is too restricting didn’t budget long enough to benefit from its power. Just sayin’, I know from experience.
A budget is the exact opposite of strict. It’s a money plan that YOU personally create based on YOUR lifestyle and priorities.
Your budget will give you the snapshot to see what you have, what you spend, and what you save.
You’re free to adjust as needed and make it work for you.
Thinking that you can just control your spending with no accountability tool like a budget is a recipe for disaster.
Yes, you need to control your spending, but you need to base your spending limits on a budget that you set for each category. Checking in regularly will help make sure you are keeping your spending in line.
You’re here because you want to change your money journey. You want to get out of debt, or save more money, or buy a house, or learn to invest. You’re here because you know you need change to live the life you want.
So, dump the excuses, start a plan, take action, and get the thing done! You can do this, I believe in you.