by Whether you get paid weekly, every two weeks, or even monthly, what do you do when your check comes in? Or dig even deeper, what are you feeling when that check goes into your account?
It is important to have an understanding of how you are feeling when money comes into your account because in general society doesn’t glamourize healthy financial preparedness. After all, many songs extol the glamor of payday by suggesting one could go to the club, buy countless rounds of drinks or even more dramatic versions are promoted.
Consider the following range of emotions that you could be feeling when you get paid:
- Relief
- Anxious
- Excitement
Of course there certainly could be many more emotions, but even looking at this small list which one would you most want to be in? Consider a few thoughts on why you might be in each position:
- Relief: You could be feeling relieved because the money came in “just in time” to cover expenses or because your account was dangerously low on funds. Relief, when it comes to a check deposit, is generally felt because there is a challenge with spending and each new check helps you stay just ahead of that problem. Consider building up a reserve fund or analyzing your spending for the past two months to see if you could make improvements to avoid getting too low on funds.
- Anxious: You might be feeling anxious because you are unsure of what to do when your check comes in. Your account balances could be just fine, you are paying your bills, moving a little to savings, but you have a feeling that you just aren’t doing enough when each check arrives. The anxiety can lead to doubt which makes you feel uneasy for a few days until you get into your traditional habits but the feeling returns when the next check arrives. To help alleviate the feeling of anxiety we would encourage you to look at your financial goals and how you can get closer to them with each check. Goals can range from items such as a nice road bike to larger items such as saving for a down payment on a house or buying a car. We encourage a mix of smaller and bigger goals so you can feel the progress which helps to alleviate the anxiety.
- Excitement: You might be feeling excited because you are eager to go spending or (if you are a listener or a reader with us) because you have a solid financial plan in place that is helping you to build your best financial future possible. Now, when we say “financial plan” we aren’t referring simply to retirement…we are referring to your total approach to finances. We have found that those who are excited when they receive a check are most satisfied because their plan includes an approach to debt reduction, savings for specific goals, savings for retirement, and allocating funds specifically for fun. The objective of a plan is certainly not just “how much money can I make/have?” it should be for you to enjoy your life with a great financial foundation.
If you are reading this and haven’t even thought about how you feel when your check comes in that is ok too as now this gives you a framework to start evaluating your emotions as money comes into your life. The more you understand how you feel about money, the greater opportunity you have to put it to work for you to help you achieve your best financial life.
