There are more money saving tips and financial tools available than ever before, yet we are a nation of overspenders who are debt ridden to the breaking point. Why? Because it is not just a question of know how. It is a question of emotions that often compete with knowledge for control of the purse strings.
Money hang-ups can be anything from minor glitches like impulse buys at the grocery to real-life mental health disorders. Despite their varying intensities, they have one thing in common: they can’t be cured by simply studying up on finance or investments. They must be addressed through training and therapy. For some people, says Rick Kahler, a certified financial planner, ”the emotional baggage is screaming so loud that they can’t even hear information objectively. Sometimes financial literacy doesn’t work.”
The first step, and always the most difficult, is to recognize your money hang-ups. Do you get stressed by being broke only to buy something new to make yourself feel better? Do you have a tendency to save money for long periods of time, only to go ”hog wild” and spend yourself into debt soon after? Both of these are common habits, much more common than you might think, even within the financial planning community.
It will take more than a few trips to a financial planner or sitting at home going it alone to overcome most emotionally driven financial problems. Talk to a local credit counselor in FL, not just to help you accumulate money, but to help you get where you need to be in every aspect of your life.