4. The hamster wheel is turning fast.
If the idea of a solid night’s sleep is a distant memory held off by constant ca-ching of your internal cash register reconciling expenses, income and money challenges, it’s probably a high-wire sign.
The way out: Committing to an action plan and making progress toward it may improve your sleep pattern and yield some big zzzs. Signing up for your employer’s retirement plan, setting up automatic transfers to a savings account, or starting an automatic investment plan can eliminate the need for a conscious decision to set aside some money.
5. Tempers are flaring.
If you and your significant other avoid money conversations because they erupt into arguments, you may be stretched too thin.
The way out: Change the way you talk money with your partner. Don’t wait until there’s a crisis to discuss finances and spending. Morning huddles, evening financial recaps and off-site money conferences (OK, they’re really money date nights) can help you paddle in the same direction and calm the waters for your relationship.
6. You’re keeping secrets.
Money is a team game, and part of being a team is engaging in full and fair disclosure. If you’re hiding bills or other financial details from your partner, it’s likely because you’re walking the wire. If everything were OK, you wouldn’t hide it, right?
The way out: Establish some ground rules to avoid conflict and promote harmony. I’ve worked with couples where a small slice of each person’s paycheck went into a separate “fun money” account, where no spousal approvals are required.
7. You’re leaving money on the table.
If your day-to-day cash shortages lead you to turn your back on an employer’s offer of matching contributions to your retirement, you’re clearly pulling a high-wire balancing act.
The way out: Just do it. Find that 5 percent of your paycheck, or whatever the required percentage is, to get the full match from your employer. If that’s impossible for you right now, at least contribute something so you can get started. A 24-year-old earning $36,000 who misses out on just a single year of a 5 percent match is giving up $50,000 at age 67. And that’s only calculating the employer’s match. Add the employee’s 5 percent contribution, and it’s a six-figure difference.
In each of these cases, the way down from the high wire requires a commitment to change. Your financial revolution begins with an honest assessment of where you stand and the dedication to move forward.
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