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Most people experience at least some stress around money and that can have negative impacts on our lives. Helping people envision possibilities and take actions to reduce stress is a primary motivator for what we do at Summit Credit Union every day. One powerful action, sometimes overlooked, is asking yourself some questions.
Here are some questions to answer yourself, with a partner or the family. I’ve included some real-life answers we’ve heard from people who want to improve their financial lives. These may spark ideas for you. There are no right or wrong answers – it’s just information about where you are today. Addressing them from a comfy chair makes it more fun and relaxing. And, fun does reduce stress!
Who is impacted by my financial decisions?
- My future self, my loved ones, my employees
Is my spending related to what I value?
- Examples might be: If you value vacations, are you saving money to travel versus buying something? If you value financial stability, are you adding things to your shopping cart that work against that or are you setting aside money automatically each pay period?
What would make me feel financially secure?
- Knowing if my paychecks stopped I’d have time to figure out what to do
- Having an emergency fund and a plan for when a car breaks down or the washing machine needs repair
- Having the money to retire at 65 or earlier
- Less stress at the holidays or when it’s back-to-school time
What is one money habit I would like to develop?
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- Automatic transfers to savings accounts
- Using envelopes or multiple savings accounts to set aside spending in different categories
- Waiting a day or week before an unplanned purchase to make sure I still want or need it
What would my life be like if I did not have “X” payment?
- I could set money aside for college or retire early
- Plan a dream trip!
Where would I like to be financially by the end of this year?
- Have an emergency savings, or all the bills paid on time, a budget, or no credit card debt
- Build a better credit score
What keeps me up at night? Use your answers here to help establish your goal(s) and new habits.
- Worrying about how to cover unexpected expenses
- Paying for my kids’ activities
- Wondering if I’ll be able to retire
What do I tell myself over and over about how I handle money, and how is that serving me?
- “It’s just $3, it’s just $10, it’s just $20”…it adds up and I never saw it slipping away.
- “I can’t save. I try but something always throws me off track.”
What money issue causes tension in my relationship(s)?
- Not communicating before spending a lot or figuring out how to split expenses
- Not having the same goals or understanding each other’s habits
- Feeling like my spending is under a microscope
What would I like to do if money were no object?
- Buy: land, a vacation home
- Help others: pay for school or pay off debts, spoil grandkids, leave money to my family
- Change the view: retire, take more vacations
Look back at your answers. Do not take everything on at once. Determine what your top one or two goals/stress relievers are and what is getting in your way. Use this to determine behaviors or attitudes around money you can realistically change. Our Project Money page at SummitCreditUnion.com will give you real-life ideas and experiences from people who have decided to Own It. You can too.
