Have you tried and failed at personal budgeting?

blog-01If you’ve failed at personal budgeting, don’t beat yourself up. Before working with me, most people I coach have tried and failed at budgeting. In fact, from a coaching perspective I consider it a positive sign when I hear people say they gave budgeting a shot and threw in the towel! No, it’s not because I’m a sadist. Let me explain:

  • Even if their efforts didn’t seem to pay off, it tells me that they have wrestled with the problem and in doing so, demonstrated that they brought engagement to their money lives. This is important, because engagement is a one of the 4 building blocks for achieving money clarity. Without engagement, money clarity isn’t possible. So while they may feel their time spent struggling with a budget was a complete waste, I see it as valuable experience and know that in reality, nothing was wasted.
  • I don’t believe budgets will work for most of us which of course runs contrary to the advice of many money experts. This was a belief that formed in part, through personal experience. When I was first looking for a better way to control my money, I tried budgeting and failed miserably! Not only did this come as a shock, it was just a little bit humiliating. If a financial services veteran couldn’t live with a budget what hope do regular, non-financial type folks have?
  • Finally, when we see what doesn’t work, we become more open to new approaches that might work. Coaches work in the realm of personal change and as coaches, we know that when it comes to making any important change, whether it’s losing weight, quitting smoking, starting a new business or taking control of your money, the one universal prerequisite is that we must be open and willing to change.

So, let’s just forget about failing at personal budgets and instead answer the 4 questions below:

  1. Is now the right time for you to make positive changes in your money life? If so,
  2. Are you truly open and willing to adopting new and different behaviours? If so,
  3. Are you prepared to experience the feel of discomfort that often comes from adopting new behaviors? If so,

Prove it to yourself! What is the one discomforting change you could make right now that would bring immediate improvement to your money life?

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