From the course: Financial Wellness: Managing Personal Cash Flow
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Introducing the wheel of change
From the course: Financial Wellness: Managing Personal Cash Flow
Introducing the wheel of change
- If you've tried to create a cash flow plan before, it may have gone something like this. Find yourself very stressed about not having the money for something, say, an upcoming bill. Berate yourself for those times you spent money that you wish you hadn't and promise yourself that you'll stop doing that. Think of other categories of spending that seem unnecessary. Forbid yourself from ever indulging in them again. Write down some numbers that reflect this future of brown bread and evenings at home. Stick to it for a while, then slide back into old ways and old habits, repeat. This is not the picture of healthy financial management. This is using a budget as a form of punishment for past mistakes. To do better, we need a way to disrupt old patterns, turn down the volume on limiting beliefs, and double check our assumptions to make sure we're not getting tripped up by mental shortcuts and cognitive biases. We do this…
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