| Saving and Investing Wisely- Part 1 By |
Q: I’ve started saving money but it seems like I just make headway and I find something to spend it on. My husband is the opposite; the economy has him so
scared that he won’t spend money on anything! What’s going on?
A: The latest trend in the United States is to save money – great news! Some reports show that Americans are saving at the highest rate in 14 years. The trick now
is to keep your savings, to help your savings grow, and to invest it wisely.
Although your and your husband’s reactions to your new-found savings sound drastically different, they are actually rooted in the same place: trust (or lack
thereof). Because of the magnitude of this issue, I will cover this in this article and the next.
Having financial savings is a little bit like having ice cream in the freezer (or whatever your temptation is). When we have a healthy relationship with food, we
indulge in ice cream appropriately. Too often, though, we steal treats on the sly or we don’t allow foods in the house at all. We just can’t be trusted!
The same may be true with money. Savings can be the tempting ice cream; we can’t be trusted with it, so it’s better just not to have it. Or perhaps we go without for
awhile, and then crave it and overindulge. Let’s look at your reaction: you’ve created some savings to which part of you says, “Spend!” This sounds a little bit like a
common reaction to an overly restrictive diet. How many of us have sworn off ice cream forever (carbs, chocolates, whatever!) only to then over-indulge, scarfing
down ice cream out of the carton when no one is looking? Your desire to spend is like your desire to put your head in the freezer; after all, you deserve it! Or, it’s
better to eat it and get rid of the ice cream once and for all – you just can’t be trusted with it in the house.
Now imagine that savings was like celery instead of ice cream. You trust yourself with celery, right? Chances are, you have celery in your fridge and you use it
appropriately when you need it. What if you could feel that way about savings?
Get quiet and ask yourself the following questions:
1. What’s the tipping point amount of money with which I can be trusted? For example, “I am comfortable with $1,000 in savings but if I have more than that, I want
to spend it.” What am I afraid might happen if I had more savings?
2. What might it mean about me if I had savings? I once had a client who said, “If I had money in the bank that would make me a greedy SOB.” Yikes – no surprise
that she had no savings. She just couldn’t be trusted.
If your tendency is to “reward” yourself by spending, write down ten other ways you could congratulate yourself for saving. Then conduct an experiment by trying a
different reward for each of the next 10 weeks. Have fun with this! As your savings grow, just observe how you feel. Stay with that uncomfortable feeling and just let
it be. Like anything new that we try, it will become easier.
The best reward of all is learning to trust yourself. Deep down, feel-good trust – the kind you feel down to your toes. Try it on and I guarantee it will feel better than
any shoes you could ever buy.
Helen Dutton, is a Business Coach and owner of A Vision Of Your Own. She has over 16 years of financial, operational and managerial experience in the
Corporate arena. She is a graduate of Coach U and a member of the International Coach Federation. For more information call (603) 529-2345 or visit her website
at: www.avisionofyourown.com.
scared that he won’t spend money on anything! What’s going on?
A: The latest trend in the United States is to save money – great news! Some reports show that Americans are saving at the highest rate in 14 years. The trick now
is to keep your savings, to help your savings grow, and to invest it wisely.
Although your and your husband’s reactions to your new-found savings sound drastically different, they are actually rooted in the same place: trust (or lack
thereof). Because of the magnitude of this issue, I will cover this in this article and the next.
Having financial savings is a little bit like having ice cream in the freezer (or whatever your temptation is). When we have a healthy relationship with food, we
indulge in ice cream appropriately. Too often, though, we steal treats on the sly or we don’t allow foods in the house at all. We just can’t be trusted!
The same may be true with money. Savings can be the tempting ice cream; we can’t be trusted with it, so it’s better just not to have it. Or perhaps we go without for
awhile, and then crave it and overindulge. Let’s look at your reaction: you’ve created some savings to which part of you says, “Spend!” This sounds a little bit like a
common reaction to an overly restrictive diet. How many of us have sworn off ice cream forever (carbs, chocolates, whatever!) only to then over-indulge, scarfing
down ice cream out of the carton when no one is looking? Your desire to spend is like your desire to put your head in the freezer; after all, you deserve it! Or, it’s
better to eat it and get rid of the ice cream once and for all – you just can’t be trusted with it in the house.
Now imagine that savings was like celery instead of ice cream. You trust yourself with celery, right? Chances are, you have celery in your fridge and you use it
appropriately when you need it. What if you could feel that way about savings?
Get quiet and ask yourself the following questions:
1. What’s the tipping point amount of money with which I can be trusted? For example, “I am comfortable with $1,000 in savings but if I have more than that, I want
to spend it.” What am I afraid might happen if I had more savings?
2. What might it mean about me if I had savings? I once had a client who said, “If I had money in the bank that would make me a greedy SOB.” Yikes – no surprise
that she had no savings. She just couldn’t be trusted.
If your tendency is to “reward” yourself by spending, write down ten other ways you could congratulate yourself for saving. Then conduct an experiment by trying a
different reward for each of the next 10 weeks. Have fun with this! As your savings grow, just observe how you feel. Stay with that uncomfortable feeling and just let
it be. Like anything new that we try, it will become easier.
The best reward of all is learning to trust yourself. Deep down, feel-good trust – the kind you feel down to your toes. Try it on and I guarantee it will feel better than
any shoes you could ever buy.
Helen Dutton, is a Business Coach and owner of A Vision Of Your Own. She has over 16 years of financial, operational and managerial experience in the
Corporate arena. She is a graduate of Coach U and a member of the International Coach Federation. For more information call (603) 529-2345 or visit her website
at: www.avisionofyourown.com.
Helen Dutton
The Applaud Women publication is dedicated to women in New Hampshire and northern Massachusetts. It's purpose is to inspire, inform, and
applaud local women. The core of the magazine is our inspirational women's articles, most of which feature local women but occasionally we are
able to interview national women who we feel provide a unique inspiration for our readers. Our other articles cover topics of interest such as food
recipes, home, garden, beauty, health, fashion, dating, parenting, seniors, finance, business, hair care, skin care, advice, real estate, insurance,
weddings etc. Each issue has a feature section as well. Many of our articles are written by local business people who provide information
relevant to their business expertise. The Applaud Women website is also a resource center for local women including the most comprehensive
listings of Restaurants, Weddings, Female doctors and Hotels. It also includes a number of informational pages with links, articles and RSS feeds
to both local and national websites of interest to women in NH & n. MA.
applaud local women. The core of the magazine is our inspirational women's articles, most of which feature local women but occasionally we are
able to interview national women who we feel provide a unique inspiration for our readers. Our other articles cover topics of interest such as food
recipes, home, garden, beauty, health, fashion, dating, parenting, seniors, finance, business, hair care, skin care, advice, real estate, insurance,
weddings etc. Each issue has a feature section as well. Many of our articles are written by local business people who provide information
relevant to their business expertise. The Applaud Women website is also a resource center for local women including the most comprehensive
listings of Restaurants, Weddings, Female doctors and Hotels. It also includes a number of informational pages with links, articles and RSS feeds
to both local and national websites of interest to women in NH & n. MA.
The opinions and information provided within the Applaud Women publication or on the Applaud Women website are not necessarily those of Applaud Women, it's officers, staff or
contributing writers. Nor does inclusion on ApplaudWomen.com constitute endorsement of the views, products, services or informational content contained within the publication, advertising
on found anywhere on the website. Applaud Women values accuracy; however, Applaud Women does not warranty the accuracy of material provided by it's writers, advertisers or any
information provided by other sources included on the website.
No reproduction of any part of this page or any other page on the website is permitted without the express permission of Applaud Women.
contributing writers. Nor does inclusion on ApplaudWomen.com constitute endorsement of the views, products, services or informational content contained within the publication, advertising
on found anywhere on the website. Applaud Women values accuracy; however, Applaud Women does not warranty the accuracy of material provided by it's writers, advertisers or any
information provided by other sources included on the website.
No reproduction of any part of this page or any other page on the website is permitted without the express permission of Applaud Women.
The Applaud Women publication is dedicated to women in New Hampshire and northern Massachusetts. It's purpose is to inspire, inform, and
applaud local women. The core of the magazine is our inspirational women's articles, most of which feature local women but occasionally we are
able to interview national women who we feel provide a unique inspiration for our readers. Our other articles cover topics of interest such as food
recipes, home, garden, beauty, health, fashion, dating, parenting, seniors, finance, business, hair care, skin care, advice, real estate, insurance,
weddings etc. Each issue has a feature section as well. Many of our articles are written by local business people who provide information
relevant to their business expertise. The Applaud Women website is also a resource center for local women including the most comprehensive
listings of Restaurants, Weddings, Female doctors and Hotels. It also includes a number of informational pages with links, articles and RSS feeds
to both local and national websites of interest to women in NH & n. MA.
applaud local women. The core of the magazine is our inspirational women's articles, most of which feature local women but occasionally we are
able to interview national women who we feel provide a unique inspiration for our readers. Our other articles cover topics of interest such as food
recipes, home, garden, beauty, health, fashion, dating, parenting, seniors, finance, business, hair care, skin care, advice, real estate, insurance,
weddings etc. Each issue has a feature section as well. Many of our articles are written by local business people who provide information
relevant to their business expertise. The Applaud Women website is also a resource center for local women including the most comprehensive
listings of Restaurants, Weddings, Female doctors and Hotels. It also includes a number of informational pages with links, articles and RSS feeds
to both local and national websites of interest to women in NH & n. MA.
The opinions and information provided within the Applaud Women publication or on the Applaud Women website are not necessarily those of Applaud Women, it's officers, staff or
contributing writers. Nor does inclusion on ApplaudWomen.com constitute endorsement of the views, products, services or informational content contained within the publication, advertising
on found anywhere on the website. Applaud Women values accuracy; however, Applaud Women does not warranty the accuracy of material provided by it's writers, advertisers or any
information provided by other sources included on the website.
No reproduction of any part of this page or any other page on the website is permitted without the express permission of Applaud Women.
contributing writers. Nor does inclusion on ApplaudWomen.com constitute endorsement of the views, products, services or informational content contained within the publication, advertising
on found anywhere on the website. Applaud Women values accuracy; however, Applaud Women does not warranty the accuracy of material provided by it's writers, advertisers or any
information provided by other sources included on the website.
No reproduction of any part of this page or any other page on the website is permitted without the express permission of Applaud Women.