facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
Don't Let the Forecast for Your Future Become Cloudy Thumbnail

Don't Let the Forecast for Your Future Become Cloudy

Managing Your Finances

This Blog Post Was Written By financial coach Tonia Peasley


The last few weeks have given us all a chance to get back to the basics of our lives.  Spending time at home, cooking meals, and determining what is truly important to each of us.  We do not know when the time to get back to “normal” life will happen, nor what that will even look like.  I’ve spent some time pondering this and what I do know is many of us will continue to face challenges in the coming months and, for many of us, a lifetime of changes.  

The majority of people grow up learning the basics of spending, but time often transforms how we look at our money and our preferences on where we spend.  I became interested in financial coaching when I decided to reverse the trend of poor financial habits in my own family. This, in turn, led to a deeper obsession with helping others do the same.   [TP1] Coaching helps you execute the fundamentals of spending and looking at where you spend your funds.  We often overpay for our indulgences [TP2] because we overestimate the stability of our current situation.  We indulge in our current opportunities and preferences and we embrace these choices as the norm.  

But what we may find is that the upcoming weeks and months ahead may throw some kinks into that stream of thought.   The stability that you found in your lifestyle, your job, or your relationships, may be tested and the forecast may become a little cloudy.  Now is the time to do a discovery session into your spending habits.  Here are a few thoughts that may have come to mind in the last few weeks:

How can I get better at delaying gratification?

This, in my opinion, is the key to building wealth and finding solid ground when it comes to managing your finances.  Spending time at home has made us truly manage our “spending habits” and has provided the realization of which expenses we truly find happiness in.  For example, my family has discovered that although we enjoy watching a few television shows together, television is not that important to us.  What we do know, however, is we like to have the ease of Amazon at our fingertips to order a replacement for a broken flashlight over actually making the trip to the store to replace it.

We all make mistakes. 

The definition of insanity is doing the same thing over and over and expecting different results. We all make mistakes when it comes to money.  We spend too much money on a car or maybe we buy an outfit or another pair of shoes we never needed.  What really separates those who succeed from those who ultimately fail is the ability to acknowledge their OWN faults and make adjustments moving forward. 

If you have been pondering on when is the time to “get it right”, now is that time.  If you struggle to break spending habits that are not in your best interest, find someone who can help.  If you want to get on the road to saving and investing, the worst decision is not starting.  I love the slogan “just do it” as it emphasizes the fact that all paths must begin with a single step. I’m here to help you get on that path and start making better decisions with your money.

If you found this article useful, you might like the following blog posts:

Military Finances 101: What is Financial Coaching?


Military Finances 101: 4 Ways to Save on Food Expenses


Military Finances 101: How to Trick Yourself Into Saving Money





Disclaimer
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. C.L. Sheldon & Company, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to C.L. Sheldon & Company, LLC website or incorporated herein, and C.L. Sheldon & Company, LLC takes no responsibility therefore. All such information is provided solely for convenience, educational, and informational purposes only and all users thereof should be guided accordingly. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.