Why Budgeting Tools Are Not Enough to Make Long Lasting Financial Change

KEY TAKEAWAYS FROM THIS EPISODE:

- A magical template to solve your money woes doesn't exist -

There are countless budgeting tools, templates, and tutorials on the market to help you manage your spending or saving, but these strategies rarely work in the long term because they fail to address the root causes of a financial problem. If we don’t address our values, identity, and purpose related to money, we’ll inevitably fall back to old habits when times get tough.

- Self-discovery is key. Purpose plays an essential role in making permanent behavior changes -

Making significant change requires the hard work of self-discovery. Asking hard questions about why you feel certain ways about yourself, money, savings, and debt and then connecting your ideas about money with your purpose are essential steps to take in order to make long term changes in your financial life.

- You can reprogram yourself to develop new, financially healthy learned behaviors -

Most poor money habits are the result of learned behaviors, which are formed after months and even years of repetition. But since we are all the result of our learned behaviors, that also means we can recondition those behaviors, too. Who you are, what you believe about yourself, and what you believe about the world can be changed with enough intensity and repetition.