There are some startling and scary personal finance statistics out there! Here is one site. Here is another. And here is a third. Pretty eye-popping, huh? I could continue, but I’m sure you get the picture. Whether you believe more people are learning how to be responsible or less people are, the truth is, there is always room for improvement. There is a lack of knowledge of basic personal finance and basic financial definitions. There is low financial literacy coupled with low confidence. Let’s change that! Money is a part of nearly every aspect of life. Here are 5 reasons why you should care about personal finance.
Reduce money stress and anxiety
If you spend any amount of time on my website, you will see that my mission is to reduce people’s money stress and anxiety and to help them sleep well at night. Worry about money is one of the top causes of a restless night’s sleep. This also has to do with a lack of confidence to even know where to begin. Too many people live paycheck to paycheck. Start by reading books, listening to podcasts and experts, and/or taking personal finance courses. Don’t just listen to one person. Hear what they have to say and find out what works best for your life. Caring about your money, building that confidence, and creating a plan that works for you will greatly reduce or eliminate your money stress and anxiety.
Take back control
You have complete and total control over how you spend your money. How many other areas of your life can you say that about? I’m guessing not many. What brings you joy? Can you allocate more toward that category? What don’t you really care about that you’re spending money on? Can you spend less in that category or cut it out altogether? Creating a spending plan is really freeing when it comes to your money and how you spend it. I understand that before you create one, you might feel that it will be constricting. But when you create one and follow it, you have taken back control over where your money is going. That is freeing!
Saves you money
When you understand personal finance, money management, and money in general, your financial situation will improve. Creating a spend plan, learning about retirement, and learning about investing (just 3 examples) all work together to increase your net worth. Increasing your net worth gives you options in life. Vacations? Spoil grandkids? Retire when you want? Start a business? An increase in personal finance knowledge is an increase in your life options and living your life on your own terms.
Destroy debt
I used great alliteration to state a great reason to care about personal finance. Destroy your debt! Increasing your knowledge of personal finance gives you the confidence to create, start, and complete a plan to get out of debt.
Related: Is Your Debt Out of Control? Here are signs.
Achieve Goals
Not only will you be able to set realistic goals, you will be able to achieve them! When you care about and take control over your money, you gain a new focus that can help support and carry you through to your goals. You are confident in the goals you set, and you are confident that you can see them through. Furthermore, when life throws you a curveball, you are knowledgeable about how to get back on track.
Final Thoughts
When you care about and learn about your personal finance, you gain so much confidence! You have the ability to set and achieve goals, eliminate your debt, and take back control. Too many people stress and worry about their money. Start by reading books, watching videos, or listening to podcasts. Take back control today!
If you need help taking back control over your money instead of having your money control you, please check us out and schedule your free consultation to see if we are a good fit to work together. Don’t have another sleepless night! Reach out today.
