Spending plans, taxes (IRS), percentages (i.e. 10% to myself, 10% to charity). These are the first thoughts poking through to my awareness as I awoke this morning. Not surprising since I’ve been reading Suze Orman’s “9 Steps to Financial Freedom.” What I found interesting is that she says most people understate their monthly expenses by about $1,000-1500, regardless what their income level. We tend to forget about those periodic payments like insurance, taxes, medical, etc. Thinking through my client list, I realized she is correct. What clients tell me vs. reality usually is a difference of about $1,000-1500. Since I hadn’t reviewed my spending plan last year, I took a look at how far off my own projections may be. I was off by about $250 a month. Mostly due to the “extras” not addressed as miscellaneous spending. (It couldn’t possibly be my overspending — could it?) The “little” things add up very quickly. Can you see how we aren’t setting ourselves up for a win from the start? Do you see where we aren’t as aware of what’s going on around us as we like to think we are? When “paying myself” — setting aside money for emergencies, investing for retirement, etc., I hadn’t really looked at percentages until recently. (“Hey, at least I’m doing it, okay!” was my first thought.) Depending on how you look at it, I’m a wee bit under or a couple hundred dollars under putting aside a full ten percent for myself. Since I’ve been getting papers ready, I’m able to see the overall charitable/tithing contributions I’ve made. What an eye opener! It hasn’t even been five percent! Note: Ten percent is the number with which I choose to work as it’s an easy figure to apply mathematically and most of us were taught to tithe (10%) to the Church (God). For those on the spiritual path (not necessarily religious), we’ve come to understand that we are a part of God (the Universe), therefore, we are God. So wouldn’t that mean ten percent for our (god) selves? I believe it does. Even if you can’t see your way clearly to ten percent at this time, my suggestion is to just do it! Start from where you are, contribute what you can for now and make ten percent a goal. At first make it ten percent of your take-home (net) pay. When you’ve achieved that, make ten percent of your gross salary. After that climb to ten percent of the investment income in addition to salary. In a few years, you’ll look back and see what you’ve accomplished. Hopefully, you’ll give yourself a well-deserved pat on the back. Perhaps you don’t think you can do it at all? Remember, this is about loving yourself (and loving your neighbor - charity - as yourself). Of course, giving of our time and ourselves also counts; however, I’m sure I haven’t given enough of myself or time to cover the other five percent. I’m not actively involved in charity work or working with youths or seniors; are you? This thought led me to looking at involvement and giving myself to others. We all like to think we're giving. However, in looking at this, I realized there’s always a holding back of some part of me in all types of relationships. Wasn’t it just proven with only one-half of the ten percent for others? My hands aren’t closed tightly, and they aren’t fully opened to give or to receive. To receive what? Financial abundance, love from others and myself. How does self-love enter the picture? We can’t expect to draw more love from others if we don’t love ourselves more first. You’ll notice, I’m not quite at my goal of ten percent even for myself. Where are you holding back in your financial goals? Where are you holding back in your relationships? Where are you holding back from yourself? Do you see the whole-person relationship to your finances? Not only does it affect us materially, it can also affect us mentally and emotionally as well as spiritually. The above is an example of one way to process ourselves utilizing our financial relationship as a tool to help us see what is going on in other areas of our lives. What is your financial reality? Do you know what you have (assets)? What you owe (liabilities)? What you spend (expenses)? What you earn (income)? Are you working toward your goals or still just thinking about them because you “can’t” (won’t?) do any more than what you’re doing at this moment? Are you ready to go deeper and look at your relationship and attitudes with money to find a clearer understanding of yourself? Will you continue to just guess about the facts of your financial circumstances? Or are you ready to look at how you handle your finances and how they can be a symbol of what else may be happening in your life? It’s your Choice. |
