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Pride and Money Mistakes

Money just might be the most personal thing in the world. Almost no other topic causes people to become defensive so quickly. After graduating from college, I went overboard and maxed out several credit cards. It was a big mistake and one that set me back two years in my financial plan. When I realized my mistake, with the help of those around me, I found a plan and worked my way back out. Money and pride are closely linked together and they're a deadly duo. We make mistakes, but pride compounds the problem. We need to take a few steps to help keep our money in check.

First, leave your emotions out of the situation. Emotions can cause you to either want something or to feel shame. Dealing with your money isn't about posturing. Instead, it's about devising a plan and executing on that plan. When you have repeated problems, you've got to get in there and do some investigating. What's the core issue? Are you not budgeting enough? Are you wandering away from the plan too easily? Remedy those problems and move forward.

Next, remember that secrecy magnifies the problem. We have to be secure enough with ourselves to be able to admit that we might be the problem, or are at least allowing it to continue. Be relentless in fixing damage and correcting systems and controls that keep your budget on track. Remember, you're in charge of your budget, so if you need more money for something, just allocate it!

Finally, get new information. Take a course, read a book, or talk to a friend. If you've made a huge mistake, find other people who have made that same mistake and find out what they did to fix it. Mistakes with money happen to everyone who uses money in some way, shape, or form. We're all learning, so getting intelligence from someone who's been in your shoes before can be extremely helpful.

Pride is one of the deadly sins because it's so utterly corrupting. Don't let pride spoil your relationships or your finances.
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