Financial Flourishing Tip #2, from a former CFO
I'll let you all in on a secret. Who do you think carries most of the responsibility for money in our household? Deb! The educator with no financial background. My thought was, "I'll just earn enough". And that almost worked. Until it didn't. I'm very lucky she's been my partner all these years. I'd potentially be in bad shape if it wasn't for her.
I'll let you all in on a secret.
Who do you think carries most of the responsibility for money in our household? Deb!
The educator with no financial background.
My thought was, "I'll just earn enough". And that almost worked. Until it didn't.
I'm very lucky she's been my partner all these years. I'd potentially be in bad shape if it wasn't for her.
For a long time I didn't like to keep track of my personal finances. It's only been in the last couple of years that I've taken on the practice of daily monitoring.
And most of why it didn't work was personal stuff I was holding onto. I had barriers and bad habits I had to deal with in order to move into a better relationship to my personal finances.
One clear example occurred after I opened my own bank account about two years ago (we’d always just had a joint account). Once I was in charge of tracking my own budget and spending, I finally had to deal with how much money I was spending at coffee shops. A lot!
What I also came to realize was that it was the experience of being known and being part of a community that contributed to how much I spent. It wasn't just the coffee and pastries.
Many of you may be consciously working through your own stuff with money. Or you may be trying to avoid it like the plague!
Either way, I understand. It's hard. But don't let it defeat you.
One of the first things you need to do is to make sure you understand your numbers.
This may seem hard to do, but if you are going to have your own business, or lead others in an organization, it is very important that you have clarity on your numbers and that you keep them at the forefront of thought.
So this is me getting clear on my calendar, not my money, but it’s the same idea.
Butt in chair. Getting clear, so I can get going.
You don't have to be perfect to make progress personally or professionally. I still have a lot to learn on both sides, even though I became a CFO.
But you do need to start.
Here's an idea you could try:
In the Martha Beck Wayfinder Coach training I've learned about taking "turtle steps". This is taking a look at something you need to do that could be overwhelming, but then breaking it down to very small steps, or "turtle steps".
For example, if you're the Executive Director of a non-profit . . .
a turtle step could be to spend 15 minutes looking at your P&L and write down any questions you have - so you can ask them the next time you meet with your finance person.
If you’re a solopreneur and don’t currently have a budgeting software that you use . . .
download a free trial of YNAB or Quickbooks Solopreneur and watch an intro video, or spend 15 minutes trying it out. (We actually use both now - but Deb used just YNAB for years and loves it.)
If you’re like me and you need to get clear on your personal finances . . .
YNAB is a great option for you too or you could create a place where you’re going to put your stray receipts so you can go through them at the end of the week as a start to seeing where you’re money is going.
"Turtle steps" can be a good way for you to begin to make progress and build momentum.
Feel free to email me at dave@thriving4equity.com to let me know what you tried.
We'll celebrate your "turtle steps'! And I’ll help you troubleshoot if you get stuck.