Money
Facing Your Financial Life
February 2018
By Nancy Burger
A discussion about personal finance might seem antithetical to this month's focus on heart health (wink), but I would argue that it couldn't be better aligned.
Let's face it, figuring out how to manage, budget and spend (perhaps more importantly, how not to spend) our hard-earned dough not only can keep us up at night, it can riddle our bodies with heartburn and our brains with stress.
But it doesn't have to.
Confronting your financial life may be one of the most important things you can do for heart, brain and soul. And, as in many journeys of discovery, the toughest step is the first one. Of course, that will mean different things for different people. For a college student, it might mean converting the daily latte to a weekend-only treat and banking the difference—even tucking away a little coin each week can make a big difference (remember the power of compounding interest). For those with more complicated finances, it might mean tracking cash inflows and outflows each month. But here's the trick: Do it without judgement. I think one of the biggest reasons we avoid looking at spending habits is that we really don't want to know. Because, as the adage goes, what we don't know….
Here's the thing--we already know what we spend our money on. We're the one spending it, after all, and looking the other way or avoiding the conversation will only invite trouble later. You might even be surprised at how good it feels to dig into your expenses and figure out how you can save more. Making small changes can have a big impact, and taking control of your finances will leave you feeling empowered and confident.
Send any personal finance questions (one question per person, please) you may have for our new "Ask an Expert" page (to: seniorstaff@sanctuary-magazine.com). We would love to help you take the first step toward smoothing out your financial life, better understanding your options, and feeling less squeamish when it comes to reigning in spending. We might even take some stress out of the equation!
Let's face it, figuring out how to manage, budget and spend (perhaps more importantly, how not to spend) our hard-earned dough not only can keep us up at night, it can riddle our bodies with heartburn and our brains with stress.
But it doesn't have to.
Confronting your financial life may be one of the most important things you can do for heart, brain and soul. And, as in many journeys of discovery, the toughest step is the first one. Of course, that will mean different things for different people. For a college student, it might mean converting the daily latte to a weekend-only treat and banking the difference—even tucking away a little coin each week can make a big difference (remember the power of compounding interest). For those with more complicated finances, it might mean tracking cash inflows and outflows each month. But here's the trick: Do it without judgement. I think one of the biggest reasons we avoid looking at spending habits is that we really don't want to know. Because, as the adage goes, what we don't know….
Here's the thing--we already know what we spend our money on. We're the one spending it, after all, and looking the other way or avoiding the conversation will only invite trouble later. You might even be surprised at how good it feels to dig into your expenses and figure out how you can save more. Making small changes can have a big impact, and taking control of your finances will leave you feeling empowered and confident.
Send any personal finance questions (one question per person, please) you may have for our new "Ask an Expert" page (to: seniorstaff@sanctuary-magazine.com). We would love to help you take the first step toward smoothing out your financial life, better understanding your options, and feeling less squeamish when it comes to reigning in spending. We might even take some stress out of the equation!
Co-founder Nancy Burger started her finance career on Wall Street in the 1980’s and now works as a freelance analyst and writer for a money management firm. She has contributed to articles that have appeared in Forbes.com, Nasdaq.com, TheStreet.com and CNBC.com.
