Would you like to stop and make a change to be intentional?

Let’s review some of the most common excuses, along with proactive small steps to make some changes.

Excuse: “It’s all so confusing.”

Why It's an Excuse:

Financial planning can indeed seem complex. Terms like mortgages, investments, asset allocation, and retirement accounts can be overwhelming if you’re not familiar with them.

How to Overcome It:

1. Educate Yourself: Start with the basics. There are numerous free resources available, including online courses, podcasts, and books. Websites like Investopedia and financial blogs can break down complicated concepts into understandable pieces.
2. Use Tools: Financial planning apps like Mint, YNAB (You Need A Budget), and Personal Capital simplify the process by tracking your spending, creating budgets, and offering investment advice.
3. Seek Help and Advice from Someone You Know is Good With Their Finances: This may require you to be a bit vulnerable to ask, but better to ask, then another year goes by and you still feel deflated and stressed about your financial situation. Also most likely the person you ask may be honoured that you recognize their abilities in this area, so ask!

Excuse: “It’s too late for me to start now; I should have begun when I was younger.”

Why It's an Excuse:

It’s easy to feel discouraged if you think you’ve missed the boat on financial planning, especially if you're comparing yourself to others who started earlier.

How to Overcome It:

1. Start Now: The best time to start planning is now, regardless of your age. Even small steps can lead to significant progress over time.
2. Set Realistic Goals: Focus on what you can achieve in the time you have. Adjust your goals to be attainable within your current timeframe.
3. Learn from the Past: Use your regret as motivation to avoid making the same mistake again. Take action to secure a better financial future.

Excuse: “I live paycheck to paycheck!”

Why It's an Excuse:

Living paycheck to paycheck can make it seem like there’s no room for financial planning. It can feel like you don’t have enough money to manage.

How to Overcome It:

1. Track Your Spending: Identify where your money is going. This can help you find areas where you can cut back and start saving.
2. Create a Budget: Even a small budget can make a big difference. Start by allocating a portion of your income to savings, no matter how small.
3. Increase Your Income: Look for ways to boost your income, such as side gigs, freelance work, asking for a raise or making a job change.

Excuse: “I have too much debt right now.”

Why It's an Excuse:

Debt can feel like a massive barrier to financial planning, making it seem impossible to save or invest.

How to Overcome It:

1. Create a Debt Repayment Plan: List all your debts and prioritize them. Use the snowball method, to create a plan to pay them off
2. Consolidate Your Debt: Consider consolidating your debts if it makes sense from a interest rate stand point, and do so in conjunction with an aggressive plan to pay it off
3. Seek Help & Accountability: This may require you to be a bit vulnerable to ask, but better to ask, then another year goes by, and you still feel deflated and stressed about your financial situation. Also, most likely the person you ask may be honoured that you recognize their abilities in this area, so ask!

Excuse: “What if I make an mistake?”

Why It's an Excuse:

The fear of making a financial mistake can be paralyzing, preventing you from taking any action.

How to Overcome It:

1. Start Small: Begin with simple steps like setting up a savings account or creating a basic budget. Small actions build confidence.
2. Educate Yourself: Knowledge reduces fear. The more you understand about personal finance, the less likely you are to make mistakes.
3. Learn from Mistakes: Understand that mistakes are part of the learning process. If you make one, use it as a learning experience and adjust your plan accordingly.

Conclusion

Excuses are often just a way to avoid confronting challenges, but taking control of your finances is crucial for long-term stability and peace of mind. Whether you find financial planning confusing, think it’s too late, believe you don’t earn enough, feel overwhelmed by debt, or fear making mistakes, there are practical steps you can take to overcome these barriers.

Start today, educate yourself, and take small, manageable steps toward a secure financial future