You’re Going To Make Mistakes

dog mistake

As with anything you challenge yourself to, you’re going to make mistakes along the way. This holds true in wealth management, too. You’re going to make mistakes on your journey to financial betterment, and that’s OK.

I repeat: it’s OK.

Sometimes they won’t even be mistakes, but you might read them as mistakes. Sometimes these so called “mistakes” will really be adjustments. Whatever goal you have in your finances, things will come your way that require modification to those goals. You shouldn’t be scared about that or consider yourself short because of them. Most importantly, you shouldn’t close yourself off because of these alterations.

I have had some very obvious mistakes in my finances leading up to the good part of my financial independence and stability, but I honestly believe that those mistakes were needed for me to learn more about how money works and how I can work with the money I have. Even where I am now in my finances (a good place), I still have the occasional hiccup.

For example, this month I am one week away from payday. Time cannot move fast enough. I have been crawling toward the 16th because I had several hiccups in my wealth management.

The hiccup? Well, there were a few.

  • I have not been actively keeping tabs on my spreadsheet. My typical behavior would be to check in on it once a week, but I have not been keeping up with this habit of mine.
  • I got into a minor fender bender, which resulted in an unexpected charge for a deductible and car rental fees. This particular hiccup was out of my control, but had I been keeping track of my spreadsheet better, then I would have been a bit more prepared for it.
  • I got cocky and began shifting money in my bank account from one goal to another. It started off by moving five bucks here, and then maybe 10 bucks there, and before I knew it my monthly goal amounts were all over the place. (For anyone not familiar with my bank, I use Simple which allows goal creation where you can set money aside for certain things like bills, etc. This feature typically holds me accountable for where my money is going, but this month I got a little careless with adhering to those amounts.)
  • I started using my credit card for everyday purchases, which is not what I had originally intended on. BAD HERSHEY’S CHOCOLATE BAR, BAD! These little things can add up.

I wanted to share this with you to show that there is room to make mistakes on your financial journey, and that realistically you will probably make some every now and then. I do not have everything figured out because I will always have room to learn more and enhance my habits.

The part that matters in this case is what you plan on doing to fix those mistakes that you make along the way. Don’t beat yourself up over them. Create a plan to overcome them.

In my case, the mistakes are no way dire partly due to the fact that I have been building my money skills for some time now. They are mistakes that I can easily correct this coming month, and in no way do they affect my bills.

If you make some financial mistakes along the way, what can you do?

  • Review what didn’t work (the mistake) and review what did work (what were the strong aspects of your finances this week/month?)
  • Take the things that did work and keep doing them. See if you can apply any of the strong aspects to what did not work.
  • Reflect on how you got to the mistake. Is it likely to occur again?
  • Create a plan. Don’t ignore. (Do you have to shift some priorities around? Do you have to side hustle? Do you have to sit out this weekend round of drinks? Do you have to wait to buy that one thing you initially wanted? Do you have to set up notifications in your bank app to keep track of spending?)

As with anything, allow yourself to make mistakes. Don’t let those mistakes overwhelm you because you are in control of your finances. Learn and remain proactive.

This has been it for your financial pep talk!

Financial Literacy Basics: Habits In Between Pay Dates

Scrooge McDuck

Whether you get paid weekly, bi-weekly or monthly as in my case, there are common habits that you can develop to get by while you live in that bittersweet spot found between pay dates. This particular post is not going to tackle what to do if you’re living paycheck to paycheck, as that is another post for another time. I’m talking about having your bills already taken care of, but things may seem a little tighter than usual as you wait for the next paycheck.

This is the time when targeting your usual habits becomes key. For example, I just got paid on April 16th. I already covered my bills for the month, but I don’t expect my next paycheck until May 16th. People often ask me how I manage to balance my budget (wealth management) to cover a month with a single paycheck. Oftentimes, I find it easier to make a money plan this way than when I used to get paid bi-weekly. Why? Because it forces me to understand that no additional money is coming into my bank account until thirty days later unless I find myself some side hustles.

You obviously can apply the same logic with shorter periods of time. In order to last whatever time length you have between paychecks, though, you need to take a look at your habits during that time. Habits that aren’t even initially money related can affect your money habits. What do I mean by this?

Let’s look at the following scenario that I often would get trapped in:

  • I set my alarm for 6:15 AM because that’s the time my dog wakes up to go outside. I take him outside, and while I should stay awake and get ready for work, I decide to take a nap instead. I set my alarm for 7:00 AM because I think that will be enough time to get ready for work. It is in fact plenty of time, since I only have a twenty-five minute commute and begin at 8:30 AM. However, I decide to snooze that 7:00 AM alarm. Snoozing an alarm becomes my default. Next thing I know, it’s 7:30 AM, and I still have to get ready. Guess what I wasn’t making time for: breakfast and lunch prep. Sometimes, I would run out without having eaten breakfast or gotten something decent to throw in my bag for lunch.

This resulted in making a quick stop at Dunkin Donuts on the way to work to grab coffee and a bagel for breakfast or stopping at McDonald’s for a Sausage McMuffin. I’d justify the purchases because I needed something to eat in the morning, after all. If I grabbed something light and quick from the refrigerator as my lunch in my hurry, then I would buy snacks from the store across from my job. These things add up and stemmed from my poor habit of not waking up on time in the mornings. Other habits in your life can impact your spending habits!

Do I wake up on time every single day I work now? No, but I have improved on this habit. On most days, I am able to prepare a lunch and breakfast item to take to work with me. I buy coffee as part of my regular groceries and take it to work to make at work. This in turn means that I don’t stop at Dunkin Donuts or McDonald’s as often anymore. The result? I can stretch my dollar a little bit more in between pay dates. I’m also possibly a bit healthier because of it.

What are some regular ol’ daily habits that you have that can impact your spending habits?


Don’t forget about ASK THE PIG! The Pig can’t answer your questions unless you submit them! 


Image credit: http://newsandviewsbychrisbarat.blogspot.com/2014/08/ducktales-retrospective-episode-95.html