Plant That Tree

Why is money so hard to talk about? The unfortunate reality for most of us is that money is triggering. It can be anxiety-inducing, bringing feelings of dread and terror to the surface. It can stir up painful memories: watching your parents angrily scrape together whatever coins they had just to keep the lights on; the embarrassment of having your card declined while a long line piles up behind you at the grocery store; or coming home after a hard day of work, wanting nothing more than a long, soothing bath, only to be denied that small comfort because the water bill is two months past due.
If you’ve ever experienced financial hardship or find yourself living paycheck to paycheck, you understand that pain. My goal for this blog is to help you avoid that vicious cycle and take steps toward financial independence.
Personal finance has become a passion of mine. I want to help others find the peace of mind that comes with healthy money habits.

It’s remarkable how much a safety net can change your outlook and your ability to make informed decisions which is especially crucial when you’re starting a business. When I talk to alums about this, the pushback I get most often is that “it’s too late” or “it’s too hard to save.” I want to encourage you: it is never too late. As the saying goes, “The best time to plant a tree was twenty years ago. The second best time is now.”

While starting might be scary, here are a few tips to make the beginning less intimidating:

• Start small. Find a number that fits your current situation. Whether it’s $50 or $100, the amount matters less than the habit. Over time, you’ll see the results of your efforts, which will encourage you to keep adding to the pot. Seeing that number grow will help you imagine what’s possible and feel more secure, little by little.
• Review your spending habits. Do you make it a point to avoid your bank statements? Don’t worry, you’re not alone. Coming face-to-face with “bad” habits isn’t fun. It takes a brave soul to count the number of coffee shop visits made in a given week (I’m over my own quota at the time of writing this. No judgment!). This step is important because it provides a deeper level of accountability. It’s an opportunity to see what spending is necessary and what you can do without.
• Create a monthly budget. For many, “budget” sounds restrictive, but it is actually liberating. Budgeting is you taking control of your money and telling it what to do. Break your spending into major categories and designate a specific amount of your income to each. Start with your non-negotiables (housing, utilities, groceries, insurance), move to savings, and finish with discretionary expenses (entertainment, dining out, etc.). When you make a budget, you know exactly where every single dollar is going, dramatically lowering your chance of overspending.

These are just a few tips to get you started. I’ll have more for you next time, but if nothing else stuck today, I hope you walk away knowing it’s not too late. Plant that tree today and see how far you can grow it.