Accountability is important to achieving success in every aspect of life, but when it comes to financial success, it is crucial. Here is why – and how you can unlock financial success through financial accountability.
What is accountability?
Accountability is recognising and accepting that only you are responsible for your success. Essentially, it is understanding that the buck stops with you!
Accountability means you take ownership of your life and responsibility for what happens because of your choices and actions. People who take responsibility speak up, find solutions and answers, and take decisive action.
What is financial accountability?
When it comes to your finances, do you hold yourself accountable? It is easy to blame others for our lack of financial success!
Are you are juggling accounts and missing payments? Are you saving for emergencies and for your future? Have you got the right insurance in place? Perhaps you blame your company for not paying you more, or your family commitments for not allowing you to save.
Financial accountability means you accept responsibility for your financial actions – and for the financial actions you have not taken.
Our accountability challenge
This month it is vital to take stock of your financial responsibilities to improve your financial life.
Here are four keys to get started:
- Review for your expenses – Draw up a budget so you know exactly where your hard-earned money goes. Then eliminate unnecessary expenses.
- Take responsibility for your debt – Check your credit report and take responsibility for maintaining a good credit history. Make a list of the outstanding amounts and the interest payable and take action to reduce this debt.
- Prepare for the unforeseen events – Take responsibility for possible unexpected events by having an emergency fund and the right insurance, such as short-term, life, medical, disability and income protection.
- Take charge of your future – Make provision for your retirement and start saving for your future goals, whether buying your own home or car, travelling or starting a business.
“Until you take ownership for your life, you will always be chasing happiness.” – Sean Stephenson
Only you can take accountability for your financial success, but your financial coach is available to guide and assist you with every step!
Simply contact your financial coach here for amazing support, from budgeting to paying off your debt, getting the right cover and planning for the future, so you can begin to enjoy the financial success that financial accountability brings.