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Accountability is important for achieving success in every aspect of life, but when it comes to financial success, it is crucial. Here’s a look at why that is and how you can unlock financial success through accountability.
Accountability is recognising and accepting that you are responsible for the choices and actions that contribute towards your success. 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 a lack of financial success!
Are you 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 what you choose to do with your money and for the financial actions you have not taken.
Try this accountability challenge:
It is vital to take stock of your financial responsibilities to improve your financial life. Here are four ways to get started:
Review 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 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 it’s buying your own home or car, travelling or starting a business.
Only you can take responsibility for your financial success, but your financial coach is available to guide and assist you with every step! Contact your financial coach for guidance to achieve your financial goals. It is free and available for you to use.
For more financial advice, read these helpful articles:
- How to commit to your financial goals
- Work smarter with your money
- Prepare (your finances) for the unexpected
The information is shared on condition that readers will make their own determination, including seeking advice from a finance professional. E&OE.