Fainting goats and your finances
by Michelle Kuehner
If you have never seen one in person, do a quick internet search for fainting goats. You will find a plethora of videos that will, surely, put a smile on your face.
Tennessee fainting goats (also termed myotonic, stiff-legged, anxious, or wooden-leg goats) are noted for falling over. They are typically regarded as funny due to their unusual and unexpected reaction to fear or excitement. When startled, the goats fall due to muscle stiffness. Tennessee fainting goats suffer from myotonia congenita, a hereditary muscle condition. When muscles are engaged, like when running away from a threat, relaxation is delayed, which causes the muscles to become rigid, preventing the animal from moving.
As I watched a few of these movies, I realized how their furry comical fainting bouts remind me of people discussing money issues. While I have never had someone flop onto the floor and stop moving while telling me about their financial habits, I do frequently see a paralysis look on their faces.
People are hesitant to discuss their finances because of the personal vulnerabilities linked with money. Finances are deeply tied to our sense of security, self-esteem, and social standing. Discussing money can make some people feel vulnerable and scrutinized, particularly if they struggle to handle their finances efficiently. Fear of disclosing debt, poor spending habits, or financial blunders can cause humiliation and embarrassment.
Many households are growing more open to discussing money issues, even engaging their children in conversation. Financial education is especially important for our younger generations, as technology has made it incredibly easy to make purchases without reaching for your wallet. Simply tap your phone or smartwatch and you're on your way.
Here are some suggestions to protect your finances from taking a nosedive:
Remove saved credit card information- While convenient, it makes clicking the purchase button a little too effortless. Disable the autofill feature, which stores your payment details. You'd be shocked how a few steps to grab your wallet can change your mind.
Establish a cooling off period- Remove immediate gratification from the equation when deciding whether to make a purchase. Wait three days for smaller purchases and allow seven days for larger amounts. When you return to your shopping cart, you may discover that you have already changed your mind about that "must have" item.
Use a prepaid card- Consider making use of a prepaid card when you are out shopping. After loading the amount that you have planned for, you will restrict your spending to that amount.
Grocery pickup- When it comes to groceries, using the pickup service guarantees you won't go over your budget. A benefit of shopping online is that it eliminates unintended items from making their way into your shopping cart.
Automate savings- Create an automatic savings plan by transferring a certain amount of your paycheck to a separate account. If eligible, open a Roth account, which can serve as a hybrid retirement/emergency fund. You can access the contributions without penalty or taxation.
Unlike our lovable, fainting companions, you will assure the stability of your finances simply by adopting a few basic habits.
Michelle Kuehner, ChFC®, CEP®, CRPC®, CEPF®, ADPA® is the President of Personal Money Planning, LLC, a Wichita Falls retirement planning and investment management firm.
