Research shows that your level of earnings doesn’t determine your level of financial success. What’s more important is living well below your means and regularly setting aside savings and investments.

This means having a budget. Have you put one together yet? If you haven’t, you’ll never be financially successful. Many today think “that if I only earn more, I’ll be financially successful”. This is not true.

Farmer who forgot to sow

I like to tell a story of a farmer and his mate. The farmer and his mate were walking on the farmer’s property. The farmer said to his friend “look at these fields, what a blessing they are – vast and fertile” and the farmers mate agreed, “yes they are – you are truly blessed mate”. The farmer went on to say “I feel this year will be a bumper crop, one of the best yet”… his mate paused for a minute and said “so… what have you planted this season?” Much to his surprise, the farmer answered “nothing, I haven’t planted a thing”.

What do you think the farmers mate thought? Do you think he thought the farmer had got a little too much sun and had lost the plot.

I tell you this story because it’s my experience that too many people I meet are exactly like the farmer. They are expecting a bumper financial ‘crop’ sometime in the future but are not planting any seeds – they are not saving and investing for the future.

What about you? Have you set up a budget and included “seeds” of investing in it?

Creating a budget as a couple

Another tip… if you have set up a budget and you are a couple, have you done it together? It is important that you budget together, because “a house divided can’t stand”. If one of you sets the budget yet the other completely disregards it then there will be trouble ahead. There is no chance that financial peace will enter the home.

In my experience most households have a financial nerd and a financial free spirit. Many find this combination brings about tension – but it doesn’t have to be that way. In fact, if approached correctly it can bring balance.

The financial nerd should put the budget together and then give it to the financial free spirit to review and adjust it. Nerds – you need to give the free spirit the freedom to adjust it within reason. Free spirits -you need to respect the nerds and ensure that bills can still be paid.

Doing this together can bring about financial peace and help both spouses to achieve their desired outcomes.

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