4 Money Lessons I Learned In 2018
It’s Monday! I love to talk about money on Mondays because I feel that it is the driving force that makes us get out of bed and get to work after the weekend. I worked all weekend so I actually wasn’t sure if today was Monday or not. Today feels like a Wednesday.
But it’s not so here is another Monday Money Monologue talking about the money lessons that I’ve learned in 2018. For some reason, I have to learn things the hard way. It is an irritating trait that I’ve had since I was little. Because of this, I’ve included a little tip after each lesson to help you from making the same mistakes as me.
You NEED a budget.
There is a reason that every financially savvy person on this planet is telling you to create, and stick to, a budget.
Think of your budget like your mom. It tells what you can and cannot do, it tells you when you’ve been bad or good, it pretty much dicates your life. In a good way. Your budget tells you when to pay your bills. It tells you if you can buy something. It tells you that you have to wait. It teaches you to be patient. Your budget is the parent to your finances.
Creating and sticking to a budget is the one thing that you can do for yourself that will undoubtedly set you up for success. Your budget is not meant to restrict you, it is meant to set you up for success so that your money starts working for you.
I learned all of this the hard way. I did not stick to a budget in 2018 and it bit me in the ass. When it was time for bills to be paid I kept wondering where all of my hard earned money had gone.
Don’t let that be you!
Tip: Make creating a budget fun. Afterall, we all love to spend money, why not love creating a surefire way to know where your money is going every month. There are so many free tools out there from a basic excel spreadsheet to savvy apps that track your money for you. Research which method fits your personality.
If you’re broke, you need to work harder.
Sounds kinda harsh? Well it is.
This was a big one for me this year. Every time I would get discouraged on my journey to becoming debt free, I would tell myself that I just had to work harder. Honestly, it’s true what people say: Nobody cares. Work harder.
The sole reason that I am not further ahead in my debt payoff plan correlates directly to the amount of hours I have put into my business. I have nobody to blame but myself. At the end of the day, you have to hold yourself accountable to your dreams.
Tip: Listen to your body and take a break when necessary. But remember to be honest with yourself. Are you tired, or just feeling a little lazy? Push yourself every day to just one more thing before you’ve finished for the day. That will put you one task ahead on the next day.
Failure happens. Rebound quick.
I have learned so much more from failing than I ever have from succeeding. This year was no different. I failed to pay off my debt. I failed to meet my sales quotas each month. I failed myself because I did not hold myself accountable.
I know what my potential is and I did not live up to my expectations.
But that does not mean I am giving up. I am more determined than ever to meet all of my goals. I am in a better position now because I know how important it is to have a plan. But most of all to execute that plan.
Tip: Put all of your energy into one goal at a time. Create a strategic plan for each one of your goals. Spend some time doing this, then keep editing your plan until it is concrete. Your strategic plan should break down what you will do each day, week, month, quarter, year to reach your goal.
By the end of one year you should have either reached your goal or be able to show exponential progress.
Happiness is not determined by your bank account.
I can’t tell you the amount of times this year that I got down on myself because I didn’t get x number of debt paid off that week, month, year. The tears, the woe is me conversations, the secluding myself in my office, etc.
Then it hit me. If I die tomorrow, will my friends and family remember me by how much money I have? Nope.
I have an amazing life filled with amazing people. Being debt free and having millions of dollars is just a perk that I will be able to claim one day. :)
Tip: Surround yourself with good people that will keep encouraging you. And don’t forget that this is a marathon, not a sprint. The days will pass anyway, it is up to you to control the narrative.
What money lessons did you learn in 2018? Or in your lifetime? Comment below and let me know!