Mind Over Money (4th and Final in a Series)

Article

STEP 5: Recognize what you're doing right.

Just because a financial adviser wouldn't recommend your methods doesn't mean they're wrong. Does your system actually work for you? Then stick with it.

Perhaps you've tried to get ahold of your finances before, but it never works. It could be that your system is what's failing you. Want to know what the best system is for managing your money? It's the system that works for you. No two people are exactly alike, so why should there be a one-size-fits-all approach to handling your money?

My church has a financial ministry that teaches a basic financial budgeting class and offers one on one assistance to people who want in depth help figuring out a financial plan (the word "budget" engenders lots of bad feelings with many people, so I prefer this phrase instead). The people on the ministry team are all money nerds, but we don't see eye to eye on everything. Some ideas inspire universal agreement ("Payday loans are bad", "Emergency funds are good"), while others inspire debate ("Credit cards are evil", "Credit cards are a great tool"). Who's right? It's whatever works for each person. My personal system is somewhere convoluted, using 2 checking accounts and 2 savings accounts, with some spreadsheets thrown in for good measure. Would I recommend it for everyone? No. Does it work for me? Yes. Therefore, I use it.

Summary

As you learn more about money (see 3rd entry in this series), you'll come across many ways of managing your money. Combine what works and chuck what doesn't to create the perfect plan for you.