Have you ever felt like your money is in control of you instead of you being in control of it? Many of us have experienced times in our lives when we knew our finances needed sorting. Perhaps we just couldn’t face it or didn’t know where to turn for help.
Why is being in control of our financial lives so difficult?
If you had a broken arm you’d go to A&E. Hungry? Head to a supermarket or restaurant. Buying a house? Call an estate agent. For most aspects of our lives, knowing where to turn for help is crystal clear.
So why, when you check your bank balance and realise it’s not where you’d like it to be, do we feel overwhelmed and often unable to know where to turn for help?
The answer. Many of us have never had clear training on managing our money or been shown where to get help.
What did your parents teach you about money?
When you were younger, your parents most likely made sure you were fed, taught you something about relationships (good or bad) and knew exactly what to do if you were ill or injured. In rare cases, your parents may have discussed money with you. Maybe they even showed you how to manage your money or included you in conversations about savings, buying a home or planning for the future.
Unfortunately for many of us, they didn’t. Or they shared just enough to stop us asking questions but didn’t really explain the reasoning for their decisions. Perhaps, they didn’t understand the reasons themselves because they were doing what their parents had always done.
The impact of generations not knowing or learning about personal finance at home, whilst at the same time missing out on formal education, means many of us are just trying to get by. We make decisions, sometimes the wrong ones, we learn from our mistakes, hopefully, and we live in the hope that any missteps we make will be forgiven and won’t be too costly.
Cheddr can help
We work to educate and inform about personal finance, helping to build the knowledge and confidence required for your financial wellbeing. It’s also the reason that we offer individual financial coaching