How do you hold yourself accountable for your finances?


Management of finances is one of the most challenging things that people experience. For the most part, many choose to blame bad financial management on a range of factors including a bad economy, low income or increases in price. However, if you want to conquer financial management, you need to hold yourself accountable for your finances.


Create a Record

You need to have a record of the way that you are spending your money. This means that in addition to your budget, you are actually tracking your spending to ensure that you remain within your budget. The best way to do this is using an application on your mobile phone, or through a spreadsheet on your computer. Pay attention to your record so that you know when you are slipping off track.


Look at Your Access

Is all your money in one account? That may be the beginning of the problem. You should learn to separate your accounts, such that you have one for paying your bills, one for your savings, and another for all of your spending. When you receive your paycheck, you should have a system in place to automate your savings first, and then you can use the rest of the money to spend and pay your bills. This way, you are assured that you use your money for the right reasons.


Develop SMART Goals

It is essential that you have goals for your finances, and the best way to create financial goals is to make them SMART. This means that the goal needs to be Specific, so you should narrow it down as much as possible. For example, I will make a sandwich in the morning rather than purchasing one. It should be Measurable, meaning you should allocate a dollar amount to each decision that you are making. Your goals should be Attainable so that you do not lose motivation with your financial management. This means that you need to set small goals that you can celebrate when you achieve them. Then they should also be Relevant to what you want to achieve, and should not be influenced by others on the outside. Finally, you need to have a Timeline in place so that you know when to check yourself. This will help you to remain on course along your saving journey.


Examine the Alternative

Have an idea of what will happen if you do not meet your financial goals. IF you are not accountable for your finances, and you spend with abandon, what happens to the things that you want to achieve? You will soon be reenergized to being accountable for your finances, because not doing so will lead you to failure. Furthermore, you will find that your finances are not just about you, and when you do not manage them well, you also affect a large number of people who are depending on you.


Get Some Support

The last thing that you can do to hold yourself accountable to your finances is to get some help or support from someone close to you. They will help to ensure that you are actually meeting your goals and not making any excuses. Furthermore, in moments when you feel weak you will be pushed up so that you are able to succeed. They may also give you some tips on how you can spend less with ease, and where you can cut down on your expenses or current spending.


Proper planning and having a vision of your future finance is key to being accountable for your finances. All the control is in your hands.