Admit it or not, each person has some form of financial weakness they need to work on. Choosing to look the other way usually leads to money problems which put you on a different path away from your goals. You could argue that these weaknesses are holding you back and they will if you let them. In these types of situations, you need to know that you can choose to improve your situation.
For one thing, you have to grasp the idea that no one is perfect. That being said, people will have weaknesses they need to work on and this usually differs from one person to the other. A friend might be able to make complex mental computations in their head seem easy but they could have a hard time talking to people. You could also meet someone who has a firm grasp of their finances but easily throws everything away when they fall in love.
The same thing applies when you start talking about financial weakness. You could be having a hard time with a specific area in your finances where other people are succeeding. If you start comparing your weakness with other people’s strengths, you will always come up short. It can make you question even your own set of financial strengths.
It is a slippery slope once you start tackling your weaknesses in terms of your money management skills. You might even be in denial that you are having problems with your finances at present. However, when you notice that your debts obligations seem to keep increasing over time and you are already having a difficult time making ends meet, it might be a sign that you need to work on your finances.
Admit you have a financial weakness you need to work on
The first step is often the hardest and in this scenario, admitting that you have weaknesses in terms of your finances is at the top of the list. Thrive Global shares that money affects marriages. As mentioned earlier, there could be times when you are in a state of denial. You are already falling deeper in debt every day but you still believe that luck just isn’t by your side.
The signs are all around you but you choose to look the other way. There are a lot of reasons why you might do this. At times, you can blame it on plan oversight. You just did not pick up on what is happening already. There could also be times when you are just afraid to confront the situation out of fear of having to face the consequences of your action.
If you want to work on the financial problem, you need to admit that there is one in front of you. Looking the other way will not make the problem go away. What is worse is that this approach can make the problem a lot more challenging than it already is. If you want to work on your financial challenges, be sure you admit that there is a problem that needs your attention.
Dig deep and understand the root cause of your weakness
Once you have admitted the fact that you need to work on a financial weakness, now comes a deeper dive into the problem. Once you start to dissect and look into your weakness, it is important to get to the root cause of the problem. Much like what people in the medical profession say when they tell you you cure the disease and not the symptoms, the same applies to your finances.
If you admit that you have a problem with impulsive buying behavior where you use your credit card non-stop, try to understand why you do it in the first place. Is it your way of coping with emotional stress? Cambridge reports that stress can have a direct effect on your health. Are you letting off years of restraint now that you have money to spend? You could also be channeling all your frustrations into online shopping.
Once you identify the source of the problem, you begin to work on it rather than the symptoms. You need to prioritize this because it will help you turn things around from the main source. If you keep focusing on the effects, you could be playing catch-up with your finances until you cannot keep up with the mistakes any longer.
Start problem-solving with small steps
There is a good chance that your financial weakness did not come into your life overnight. It has been slowly creeping into your finances at a constant pace over a long period of time. As a result, it might prove challenging to try and solve everything in one go. If you set that goal and fail, you might start to think that you cannot change and resign to a life of regret.
The idea is to take on the problem by changing or correcting small areas one at a time. Once you succeed with one area, work on the other and then the other. The approach is to make sure that you proceed slowly and that you are able to build some form of momentum going forward. This way, you are able to continue moving forward at a steady pace.
If you are always stressed out at work which leads to impulsive buying when you get home, try changing your mindset in the office. If you go to work without having breakfast, try getting one. It’s a small step but it can help improve your mood. Reframing your mindset can also reshape your expectations at work. It also helps to let go of areas where you have no control over. You can bring out the best presentation for a client but at the end of the day, they will still have to make the decision based on their preferences.
Integrate these changes in your habit
One way to help you address any financial weakness you have is to integrate small positive changes in your daily living. If breakfast helps you improve your mood in the morning, make sure that you incorporate that in your schedule. Wake up a little earlier to have the time to cook and prepare your food and even have some to bring to the office.
If you are quick to buy when your emotions are in extremes, choosing to calm down and spend a few minutes before logging into your online shopping accounts can be a great deterrent. Do that often and it becomes a habit for you. Before you know it, you are already doing it automatically without even putting too much thought into it.
Just as it took time for your weaknesses to manifest and create a problem for your finances, it will also take time for solutions to work and create a positive impact. You need to make sure that you stick to your plan and create a habit out of the positive solutions that you choose to do. In doing so, they become a part of your financial journey and will continue to help you long after you have addressed your financial problems.
Your financial weakness can create several problems in your life but you can choose to do something about it. It is possible to overcome challenging areas in your life but it will take time and commitment from your part to make it happen.