MONEY
In this section:
I've made a lot of silly money mistakes in my time. Some of my ‘highlights’ (in no particular order) include:
- I once went to a new hair salon to get my hair cut and coloured. I didn't ask how much it cost before the hairdresser started, and when I got to the counter, it was $650. I was absolutely mortified but had no other option than to just pay it.
- I didn't realise that I had to actually cancel subscriptions after the free trial period and ended up wasting hundreds of dollars on random apps and streaming services I never used.
- As soon as I received an offer for my graduate role, I bought a very expensive handbag so I could ‘look the part’ on my first day. I wasn't starting the job for another six months and I had already spent a big portion of my first pay cheque.
- I was running late to an appointment and couldn’t find a park, so I stopped in a loading zone outside. I came out 15 minutes later to a very hefty fine.
- I always thought I needed to ‘treat myself’ after a long week at work and would constantly buy random beauty items or new clothes to boost my mood. The man at the post office remembered my name from how often I was going in, and would snidely ask me: ‘So what did you get this week?’
We're all human. We all make mistakes that we may not be particularly proud of. However, what's important is that we forgive ourselves for these past mistakes and learn how we can improve in the future. For many people, learning how to manage your money was never really taught when they were growing up. The beliefs and the behaviours that we have towards money usually stem from how we saw our parents and other people interact with money and what we saw in movies or on TV. Maybe you've always told yourself that money is ‘too hard'. Or maybe you've convinced yourself that it's ‘too late' to change your relationship with money. But you are far more capable than you think and there is no better time than today to take the first step to transform not only your money, but your life.
Remember, personal finance is just that — personal. We all have our own unique upbringings, privileges and backgrounds, and negatively comparing yourself to someone else's situation is a waste of your time. The only person you should be comparing yourself to is the person you were yesterday. If you focus on becoming just 1 per cent better every day, you will see huge progress over time.
You might be wondering: what does 1 per cent better even look like? One per cent better can include a variety of things such as working on your money mindset, forgiving yourself for past money mistakes, setting financial goals, creating a budget, paying off debt, being financially prepared for an emergency, knowing where your money goes every month, exploring ways to grow and invest your money, and learning how to shop smarter and avoid impulse shopping.
It may feel overwhelming, confusing or daunting, but remember that you do not have to change everything all at once. Pick one or a few things to focus on at a time and build systems and habits so it becomes a natural part of your life. When you feel like you have a good grasp of the topics, choose some more areas to work on, and watch your confidence with money grow. What matters is that you have decided to take control, transform your relationship with money and work towards becoming financially free.
Being financially free and independent is so important. The reason for this is that when you are financially independent, it allows you to make your own decisions without the influence or control of others. It means you can say ‘no' and walk away from things that do not serve you. It means that you no longer stress about money or have money hold you back when making a decision. It means you have full control of your time and can live life on your own terms.
And probably more importantly, financial freedom gives you choice. It gives you the choice to quit a job that you feel trapped in and take your time finding a better one, end a toxic relationship or be there for your loved ones when needed. This is why it's so important to build positive money habits and have a plan for your money, so that you are never in a situation where you feel stuck, trapped or held back.