Cash in the High Stakes Moment

My husband commented that I should check my tires since one in particular seemed a little deflated.  I never look at my tires -never thought to – unless of course one goes flat on the way to a really important meeting while I’m in my best suit. Then I’d notice.

The mundane chore was fit into my schedule a week later when I got around to it.  The exercise shocked me. 

If You Don’t Look, You Don’t See

Visually assessing my car before I get into it was never a discipline I’d learned.  All my tires were below the desired inflation level and the one was at least 1/3 less than what it should be!  I started thinking about the implications of this:

• An off-balance set of wheels means lack of control if braking hard
• I was literally asking for a flat tire
• The expensive rims could be dented or warped
• The ride would be uncomfortable

Frog Boiling in Water

I drove away with inflated tires, and felt like I was floating.  What a difference!  Over time, I had become used to the slow deflation of my tires and deterioration of ride. It wasn’t until I fixed the problem that I understood how dangerous and uncomfortable the car was.  Now I look at my car more frequently because I’ve learned the risks, and felt the benefits.

The Quick & Dirty

Here’s a loose but simple way of avoiding some high stakes moments. The best way is to stay on top of your cash in and cash out every month, but if you don’t want to do that, try these tips:

* Get your credit score report quarterly. The three big ones must give you one credit report per year, so stagger them. Experian, Equifax, TransUnion. If you’re below 750, it’s a warning sign. Find out why.

* Has your credit card balance gone up or down in the last 6 months? If it’s going up, eventually you hit a ceiling. Don’t wait for it to happen. Your expenses are too high.

* Do you overdraw your account? If yes, then your expenses are too high, or you’re not prepared for those surprise expenses that come periodically, like taxes or car insurance paid once a year. Put them in your calendar, or add them all up, divide by 12, and put away that much in a separate savings account.

If you’re hitting a high stakes moment, and don’t know how to get out of it, contact me.

Carrie Rattle is a Financial Therapist and the CEO at BehavioralCents. She is an executive veteran of the financial services industry and works with professional women on their mind and money behaviors to help them build an equal voice in the world. Thoughts always welcome: carrierattle@behavioralcents.com.