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Buttoned Up > Life Essentials > Finances > How to embrace financial failures in a way that makes you richer

How to embrace financial failures in a way that makes you richer

posted by Sarah on March 27, 2012 | print article | e-mail to a friend
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  • Mmbellian

    Its kind of a group effort here.  If I’m in line and following the budget my husband slides off the wagon. Then when he supposedly is being on track I fall off the wagon. We have been a combination of financial mess for about sixteen years and it finally caught up to us and exploded. I’m usually the one cleaning up the pieces and he is the one complaining his money is all gone. By the way we had five children who helped in our ultimate demise but people will always tell you, the children are not at fault. Statistics say it cost over $250,000 to raise a child from birth to 18 and most families are supporting their children until they are in their twenties. The government gives you such a small deduction it doesn’t help.

  • HomemakersDaily

    I have tracked my dieting failures but never my financial failures.  Tracking dieting failures was an extremely helpful tool.  Often I found that my calories were too high because of one mistake.  It was much easier to watch for those kinds of things and prevent them once I was aware.

    I never thought of applying that principal to my finances.  I am having a terrible time sticking to my budget.  I know some of the problems but I think this approach could be extremely helpful.  Very helpful article.

  • SarahButtonedUp

    Thank you so much for your honesty. It IS incredibly expensive to raise children. And it must be hard to be the one always picking up the pieces. Sending you a hug from here.

    The beauty to the approach that I talk about in this post is that it forces you to take responsibility for the choices you have made. When you ignore your behavior (kind of like that glazed over, numb I-know-there’s-bad-stuff-lurking-there-but-I’m-not-going-to-look-at-it feeling), you suppress your own power to do anything about it.

    I’d suggest that you and your husband have an intensive “retreat” just for the two of you (you can do this at home without spending a dime). Look back over your spending habits for the previous quarter (or half-year) and really interrogate what you did/why you did it. Search for patterns. Own your shortcomings. What were the triggers for your spending? Then spend as much time brainstorming ways to get out in front of those triggers next time so you don’t have the same, automatic response.

    Bottom line – you can pull yourselves back up from your bootstraps. You can make it a family affair to do that too. Nothing is impossible. But you have to be brutally honest about where you are and how you got there if you want that to happen.

    We have faith in you and your husband (and kids)! We’re cheering you on. Please keep us posted.

  • SarahButtonedUp

     @twitter-378131001:disqus  – I’m so glad it was helpful. XO

  • Tara from AboutOne

     Isn’t that such an interesting juxtaposition? I’m reading a book called Lost and Found: One Woman’s Story of Losing Her Money and Finding Her Life. It makes exactly the same comparison. For the author, the hard work of losing weight is just like the hard work of becoming financially responsible. It’s a good read.

  • KSamber

    I love the financial tracking site, It helps by tracking my credit cards, checking, savings, and loans, plus sends reminders of bills and alerts me when I’ve spent more than my average. I can categorize all my purchases in place of those cryptic descriptions on bank statements. It does some shocking things with pie charts, too! It’s the biggest reality check of my week to sit down and see where all the money’s gone. Thankfully, it compares my averages with the rest of America, which reminds me that I’m not the only one! It’s a must for those of us that don’t use cash!

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