3 Ways to Stop Financial Self-Sabotage

… have you (or someone you know) committed Financial Self-Sabotage? I have.

   

Yeah I know what you’re thinking … “Financial Self-Sabotage?”  Yes many of us have a very dysfunctional relationship with our finances. Whether it is a fear of commitment or wanting to avoid getting into another financially abusive relationship; many people execute financial self-sabotage. Financial self-sabotage is being aware of what you are doing; knowing it is not beneficial to your financial well-being, situation or your financial goals; yet you still do it anyway.  Don't fret!  Most of us do it every now and then. Here are 3 Ways to Stop Financial  Self-Sabotaging.

  

STOP BREAKING YOUR BUDGET'S HEART

Even though budgets are living and breathing documents and may change, they help us keep financial promises to creditors, other bills, and more importantly to ourselves and our financial future through savings. Every time we break our budget, we position ourselves to break a financial promise, which may negatively affect our financial goals.
  

When I realize and acknowledge that I am breaking my budget frequently,

• I  re-evaluate my budget to make sure it is "S.M.A.R.T." (Simple, Manageable, Accurate, Repetitive with Times of all due dates).
• I may also reassess my Financial Goals to make sure they are "S.M.A.R.T." (Specific, Meaningful, Attainable, Reasonable & Time-driven) as well. 

  

PLAN FOR FINANCIAL SLIP UPS

Confession ... I am an Emotional Spender. (Look out for my Blog: Emotional Spender Confession: I am an Emotional Spender and Why it's OK!). I rebel against anyone or anything that tries to cage me in (I'm an Aquarius, go figure). I have also realized and admitted that I financially self-sabotage during a specific time of the month when I feel unusually emotional. Ladies, you may understand. Men, don't judge.
  

So, I set aside extra money in my "Slip Up Money Jar" to use when I need a little retail therapy through emotional spending. I don't justify it, I just plan and allocate for it.
  

If you are like me regarding this, include your Emotional Spending Sprees in your budget so that you don't use money that is allocated to something more important like, giving, saving or paying your bills. Just remember, being Financially Promiscuous requires Financial Contraception (Budget).  Again, plan and proceed with caution.

  

STOP PLAYIN' YOURSELF

Ok, here’s the thing … if we don’t know the rules of the financial Game, we're going to get Played. Many years ago, I used to lose the financial game because I didn't understand how my money and credit management behaviors financially affected me. As I matured and grew in the financial services industry, I realized that I was playing Checkers when the financial institutions were playing Chess and losing was EXPENSIVE. I was financially self-sabotaging myself because I didn't take the time to learn the rules of the financial game by reading the Disclosures thoroughly and completely.  My reality check was that "they weren't cheating me ... I just didn't take the time to learn the rules of the financial game." That was why I was getting played. 
  

So because I was (and still am) a sore loser, I learned the rules of the financial game by reading the Disclosures very carefully before I opened an account or signed for a loan, product or service. 
  

Some examples of disclosures you should you read and understand are:

• Truth In Savings Disclosure
• Truth In Lending Disclosure & Loan Agreement
• Fee Schedule
• Credit Card Disclosure & Shumer Box

 
Although I Financially Self-Sabotaged myself, I was eventually able to identify it, acknowledge it and fix it. The great thing is that now, when I start doing things that are counter-intuitive to what I need and want to accomplish financially, I am able to choose to make better financial decisions to stop financial self-sabotaging myself.
 
 
Financially True,
      

Tarra Jackson ... Making Money Sexy