Is yours strategic system? Is it working for you or against you?
Do you pay your bills as they arrive, by the due date or late? Are your financial statements (banking, investment, credit-card, insurance, etc.) opened and filed in a binder or manila folder, or do they sit atop a desk or table, unopened for weeks and months at a time? Do you shred old and/or unneeded financial documents? Do you record your financial transactions on a regular basis? Do you save on a regular basis; do you decide the amount in the advance or simply save what’s left over? These are but a few questions to consider as you think about your financial system.
According to Merriam-Webster, one of the definitions for system is “…an organized or established procedure…” Are you structured and organized when it comes to all things financial; do you follow a prescribed process? Or, do you work with money in a chaotic and haphazard manner?
If you’re looking to improve your financial picture in any way (small or large), clues regarding the best way to go about making the necessary changes are nestled deep within your current financial system. If you examine your system with an objective, but critical eye, you are bound to discover a better way…a way wherein you can become more strategic.
A financial system is simply disparate, yet thoughtful, steps strewn together to form a routine. A routine that shapes both the decisions you make and how. A routine that quite literally has the power to propel you further, faster to your desired goal. And when life happens and your best-laid plans get thwarted, it is your strategic system (or routine) that will help you to re-group and get back on track.
Additionally, your system is a window into your relationship with money! Your system will reveal what about the relationship is working as well as what needs to be worked on. So if you are not happy with how your money is treating you – say you feel broke either due to not earning enough or not using what you have wisely, or you feel overwhelmed by seemingly too few or too many options – take a look at how you are treating your money…the clues lie within the details of your system.
p.s. Quicken Deluxe – a financial software from Intuit is part of my system. But many of my coaching clients use Mint.com (now a part of the Intuit). What financial software tool, if any, do you use and what do you like best about it?