A Little Accountability Goes a Long Way
One of my clients was having a heck of a time. Over and over and over again, it seemed like circumstances were stackedagainst them. A misfortune here, some bad luck there. As they described it, this was a recurring theme for the entirety oftheir adult lives. Simply put, they were the victims of bad luck and unfortunate circumstances.
However, there seemed to be a continuous theme for each of these seasons of life: them. At some point, as circumstances continue to repeat themselves, we need to look in the mirror and ask ourselves if perhaps we're part of the problem. In this couple's situation, it was obvious to me (but not to them) that perhaps their decisions (or lack thereof) were fueling the madness.
At the heart and soul of the issues, there wasn't much accountability around their finances. Everything felt reactive and chaotic, shooting from the hip. You don't need to be a subject-matter expert to know that's a terrible way to approach money.
The solution? Create accountability from the rubble of chaos. To their credit, they were willing to entertain my ideas for a while. Here's how we intentionally created accountability in an arena where it had not previously existed:
At the end of each month, they would write down the balances of all their financial accounts and debts. How much did they have, and how much did they owe? Every single month.
Every single month, they negotiated a budget and endeavored to follow it. Not a sucky budget where they weren't allowed to spend on things they cared about, but a budget that specifically gave them margin to do what they felt was important to them.
They got rid of the credit cards and streamlined everything to only their joint checking account. Every dollar came into that account, and every dollar left from that account. No side quests.
Speaking of every dollar, every single dollar of income, regardless of the source, was included in the plan. Thisincluded gifts, bonuses, tax refunds, etc.
Each month, they reviewed how they did. They were forced to inspect their mistakes and recognize their wins. They had to actually see the consequences of their decisions, for better or worse.
This actually happened seven years ago. That couple who had spent decades dealing with bad luck and misfortune has since transformed themselves into a family that seems to have a lot more good luck and positive fortune. They no longer have debt. They know exactly what's happening with the finances. They are pursuing their aspirations.....and making progress! They don't fight about money anymore. They are living such an amazing life!
This isn't a story about my coaching. This is a story about the power of taking accountability and deciding enough is enough. It's a story about redemption, second chances, and the power of discipline. It's a story about two grown adults who shed generations of financial and behavioral baggage. A little accountability goes a long way!
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