This week, we're tackling the biggest obstacle to financial success: Excuses
We all do it for many different reasons, using justifications to avoid making necessary changes. Understanding these common excuses and how to overcome them is the first step toward taking control of your money. We're going to explore the top excuses people use, and provide practical strategies to break through those barriers.
This edition will teach you:
- How to identify your personal financial excuses.
- Practical strategies to challenge and overcome those excuses.
- How to shift your mindset from avoidance to action.
The biggest problem with excuses is that they provide a comfortable escape from the sometimes uncomfortable realities of budgeting, saving, and debt reduction. We often use them to justify our current spending habits or lack of planning.
The key to avoiding these pitfalls is awareness. Recognize when you're making an excuse and challenge if it's really true. Is it really true that you "don't have time" or are you just prioritizing other things?
Excuses are the nails in the coffin of financial success. It's time to stop making them and start making progress.
Those little voices inside our head....
Whispering reasons why we can't or shouldn't make a financial change.
"I'll start saving next month."
"I don't have enough time to budget."
"I deserve this treat."
These are just a few examples of the many excuses that can derail our financial progress. The problem is, these excuses often mask deeper issues like fear, lack of knowledge, or simply a lack of discipline.
Let's break down some of the most common excuses and how to combat them:
"I don't have enough time"
This is a classic. We lead busy lives, and it can feel like there aren't enough hours in the day to manage our finances but let me ask you a questions and be honest with yourself. How many hours have you spent on your phone this week? How about watching your favorite shows? The reality is we have the time we just choose to not priortize it with our finances.
However, even small steps can make a big difference. In our Roots of Personal Finance Membership program we teach that spending just 15 minutes a day on your finances can make a huge difference. 15 minutes!!!! We all have 15 minutes a day so let's put this excuse to rest.
"I don't make enough money"
While it's true that earning more can make things easier, it's not the determining factor in financial success. Many people are shocked to see sports stars, celebrities or people that won the lottery and had millions of dollars end up being broke.
If you can't learn to manage the money you make right now, rarely will you be better at managing more of it. What typically happens is we just continue to up our lifestyle the more money we make and deeper in debt we become.
Even with a limited income, you can make smart choices about how you spend your money. Focus on reducing unnecessary expenses and finding ways to increase your income, even if it's just a side hustle. If you learn to manage the money you make now you will be amazed at what you can accomplish when you earn more down the road.
Katie Hatfield is one of our Roots members. She has paid off over $200k in debt and started it all making less than $15/hr. Excuse debunked!
"Ninety-nine percent of failures come from people who have the habit of making excuses." - George Washington Carver
"I deserve this"
This excuse pops up in all sorts of situations, from justifying a new pair of shoes to ordering takeout instead of cooking. While it's important to practice self-care and enjoy the fruits of your labor, overusing this excuse can wreak havoc on your budget.
So, why do we use it? Often, it's a way to cope with stress or negative emotions. We might feel like we've worked hard and deserve a reward, or we might use spending as a way to numb uncomfortable feelings. Sometimes, it's simply a matter of impulse control. We see something we want, and the "I deserve this" excuse gives us permission to buy it without thinking about the consequences.
The problem is, this type of thinking leads to a cycle of overspending and debt. If we're constantly justifying our purchases with the "I deserve this" excuse, we're not likely to make progress toward our financial goals.
"I don't know where to begin"
This excuse often stems from feeling overwhelmed by the sheer volume of information and options available. It can lead to paralysis, where you avoid taking any action at all.
Just google the words personal finance and you will get millions of results but don't let this stop you from starting.
We put together 2 great free workshops where you can start today:
Life Without Payments Workshop
The important part is not letting this excuse stop you from getting started. You don't move forward by standing still.
It's time to silence those whispers
Take control of your finances. Stop letting excuses dictate your financial future. By recognizing these common traps, challenging their truthfulness, and shifting your mindset from avoidance to action, you can begin to make progress towards financial freedom. If you continue to make excuses you will stay stuck right where you are.
Remember, every small step forward, no matter how small, is a victory over the excuses that once held you back.
