Your Money Your Business - The Podcast with Debbie Colbourn podcast

Harmony at Home: Crack the riddle behind every argument over money and stupid stuff

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Welcome back to Your Money Your Business with Debbie Colbourn, where we’re talking all things money, and small business. Bringing the things that are working, and the things that aren’t, into the spotlight, and even showcasing some unusual aspects, all that empower you to build a life of richness, starting with the very best financial foundations. 

This week, inspired by our recent LinkedIn article, we're exploring the critical role of accountability in achieving financial independence and freedom, and your goals.

 

What is Financial Accountability? Look into what gives the 20% a unique advantage

Understanding Accountability: Financial accountability is not just a buzzword; it's a commitment to deliver on what you've promised regarding your finances, your income, spending, savings and investments. It involves the what, how, and when of your financial commitments, making it more than a surface-level concept.

Challenges with Money Management: Despite good intentions, the road to financial stability is often paved with challenges. Money constantly faces demands – essentials, wants, emergency cushions, and future planning, making accountability crucial.

Financial Literacy: Beyond Budgeting and Impulse Spending

Taking the Driver's Seat: Reflect on who has been in control of your financial decisions recently – banks, subscriptions, or even the grocery store? Self-accountability means being in control of credit cards, bank accounts, and financial decisions. Everything, without it driving you bananas, or overwhelming you, or causing you to give up.

Emotional Aspect of Money: Money is emotional, and budgets often fail due to the influence of emotions on our spending habits. A solution lies in creating an automated system tailored to your lifestyle and values.

External vs. Self-Accountability: We distinguish between external and self-accountability, emphasizing that financial success is primarily about being accountable to yourself.

How Can I Be More Accountable with Money? Build a Bulletproof System for Self-Accountability

Overcoming Emotional Swings: Money's emotional nature makes consistent financial success challenging, yet for those successful individuals who consistently are growing their income and shoring up their financial foundations, adapting their systems, sometimes with external support, and learning and developing money skills  while is the secret.

 The Path to Financial Success: Joining accountability groups or having a partner can help, but it starts with understanding past choices, aligning dreams with financial targets, and creating a personalized system.

 A Decision: Is it Debt or Is it Saving? Begin by understanding your financial flow over the past three months to identify the top three money outflow categories. Determine whether your focus should be on reducing debt or increasing savings.

The Task for the Week:

For debt focus: Set up an automatic monthly payment for your highest-interest debt or smallest debt amount.

For savings focus: Invest in a one-year GIC outside your daily bank for diversity and independence.

Wrap-Up:

Mastering financial accountability is the master key to a life of richness. Take charge of your money, understand the basics, and create a robust financial foundation.

Join us each week as we delve deeper into actionable steps for financial success.

Don't forget to check out the LinkedIn article here for an indepth read, with more insights. Thank you for tuning in to Your Money Your Business and remember, your financial journey begins with accountability.

Resources (Revised Nov 2023)

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