The new book from the Canadian Institute of Chartered Accountants titled A Canadian’s Guide to Money-Smart Living, authored by personal finance expert, Kelley Keehn, is designed to make people feel good about their money.
Here’s an excerpt about the emotional barriers to financial health:
Banish Negative Thoughts
When it comes to managing your money (or lack thereof) in your family, the top excuses for putting things off can be a host of uncomfortable emotions. Defining what you are feeling is a great first step in order to tame the “enemy” and move forward. Think about the following emotions in the context of your own financial situation.
A period of hard times because of unemployment or divorce, poverty in one’s childhood and other factors can make a person ashamed of their financial health. Just remember you deserve the best possible life despite these setbacks.
Have you ever made a purchase that you felt terrible about later or even hidden from your family? Did you and your spouse take a vacation that wasn’t enjoyable because you couldn’t stop worrying about how you were going to pay for it? If you feel guilty about your spending, it’s probably because you bought a “want” item and not a “need” item. When you knowingly set money aside and save up for these products and services, not only does the guilt disappear, your level of enjoyment and satisfaction dramatically increases as well.
Not everyone feels bad about their financial circumstances, but they probably feel they should know and do more. In an area as vast as your financial life, even the brightest professionals don’t know everything about accounting, investing, budgeting and more. They’re not embarrassed, so why should you be?
©Canadian Institute of Chartered Accountants 2013