Tag Archives: payday

Why you won’t succeed with money

Apparently, knowing how to handle money and make wise long-term decisions is not the key to winning with money.

Even after three years in banking and completing financial planning study, I still find myself struggling to use the basic money skills I’ve learned. This is weird, considering the amount of money knowledge that rolling around in my head. I know what to do!

What I’m slowly learning is that winning with money is more about changing behavior than learning financial strategies. This is good news, because it means the average Joe or Jane can do it without reading 5 books on finance. It’s also bad news though, because changing behavior patterns can be really, really difficult.

Each Sunday night I try to sit down and write a plan for my week. Recently, I’ve decided to add something new. Every week that I get paid, I go through a short “money checklist”. My list looks a bit like this:

  • Pay all bills
  • Write next fortnight’s budget now
  • Withdraw cash pocket-money
  • Review latest bank statement

So far, so good. It helps me modify my behavior so that I’ll win with money. The trick is developing a system that works for me, because even though I know the right things to do, it won’t matter unless I actually do them.

It’s easy to pick up basic money skills that will cause you to succeed. You may already know them. The question is, if you’re not doing them now, what’s stopping you?