As a businessman who works in the financial sector, one would think that my personal budgeting and financial management would be impeccable. Sadly, this is not always the case. It happens quite often that I run into cash flow problems because of some impulse purchase I made during the month.
When I saw an advertisement for a course on personal budgeting in the newspaper a few weeks ago, I immediately decided to enrol. It stretched over three evenings, starting on a Tuesday night.
To be quite honest, I didn’t learn a lot that I didn’t already know. What I did learn was the importance of discipline when it comes to managing your personal finances. Impulse buying is the quickest way to get into trouble, and that just happens to be my greatest weakness.
The lecturer also stressed the danger of falling into debt and how one could get rid of debt by consolidating a number of small loans into one bigger loan and then paying it off as quickly as possible.
From now on, I am going to work strictly according to my monthly budget. I have incorporated an amount for unforeseen expenses into my budget to allow for when things break and need unexpected repairs. I am also going to try to pay off my credit card debt as soon as possible because the interest rate is very high.
In the future, I am going to be much more disciplined than before. I am, after all, considered to be a financial expert. The fact that my personal finances do not reflect this reality is shameful and I am determined to fix this once and for all.