Michelle came to us one day and she was well over her budget for the month. As usual eating out was her bank breaker. We asked clarifying questions and realized that she eats lunch at 10:30 am and so by 5:00 PM she was starving. She had no time nor energy to cook and so she took the easy route of eating out, which resulted in the imbalance of her monthly budget.
All of us have good intentions. But, life happens and we always take the path of least resistance. For financial success, one quality that is above everything, even knowledge is accountability. Now, there are two types of accountability.
1) Personal Accountability:
This is when you figure out that you have a problem, analyzes the situation, develops solutions and sticks to the plan irrespective of circumstances. There are several people who have succeeded in life because of self-motivation and personal accountability. If you belong to this category, we want to congratulate you and encourage you to keep up the good works. Please note that the critical aspect is self-reflection (which is not beating yourself up for your failure), and constant readjustment of action items. Writing down the goals and objectives before the beginning of the month, and journaling throughout the month will help you attain your goals.
2) Accountability Partner/Coach:
Now, if you do not belong to the above category, you need help. You need an accountability partner or a coach. So who exactly is an accountability or financial coach?
He/She is somebody you can trust to mentor you in your financial decision points, help you develop attainable goals, and keep you accountable toward attaining those goals. They should be able to understand your life situation, your income to expense ratio, and has the same vision and value system that you possess. They should lovingly correct you, and at the same time motivate you when you are feeling depressed or overwhelmed.
It is ideal for the person that you select to have personal and professional experience along with the right certifications and educational background. The financial world is challenging to maneuver and the jargon can be overwhelming. You need to have somebody with the heart of teacher who can walk you through the financial concepts, and then hold you accountable.
Hope you find your coach as soon as possible and that you will be well on your way to becoming financially successful.