How to Take Ownership of Your Money [Keys to Financial Success]

Want some introspection?

There are two big changes that took place within me in order for me to begin to have success in my personal finances.

The first was taking ownership.

I’ve found that I can create change more easily in my life when I first take ownership for my situation. Somewhere along the way I realized it was me, and only me, who was going to get me headed in the right direction: out of debt, accumulating savings, and into a home of my own.

No one is coming to help.

For you to truly take ownership of your own situation you need to look at your own bad debt or lack of savings and tell yourself that it’s YOU, and only you, who is responsible for moving you back towards a positive situation. Avoid looking to others: parents, future spouse, the Government, or even your future self.

Relying on one of these to bail you out may work for a while, but you’ll never learn to thrive and grow unless you’re taking ownership.

I've found that I can create change more easily in my life when I first take ownership for my situation. Somewhere along the way I realized it was me, and only me, who was going to get me headed in the right direction.

Here are three specific ways to help you take ownership:

1. Stop Relying on Someone Else and Decide to Make a Change

In my college and early post-collegiate days I was relying too much on my “future self” to help me out of my current situation. I was going deeper into debt, telling myself I’ll be able to pay all of this back when I’m making a bigger salary. Foolish.

One day, probably while listening to some Dave Ramsey, I told myself enough is enough. For me, this was just another way of saying “grow up, PT”. It’s time you decided for yourself to make a change. Make today the day you grow up.

2. Develop Your Own Methods

My bill tracker tool, automated savings, this Blog are all personalized methods for getting me where I want to be. What are your methods? Whether it’s how you pay bills, spend less, or track your goals, come up with your own specific methods for creating success.

I’ve given you a few examples, but in the long-run, the methods that make the most sense to you and that are easiest to you (i.e. “ownership”) have the most chance of success. As long as you are working from a solid framework, your own methods of getting there are fine.

3. Play to Your Strengths

To own your situation, it helps to start with the areas you’re comfortable with. Work on those areas while you learn more about the others.

If you have a spouse, use a tag team approach. Mrs. PT and I know what our strengths are and we encourage each other in them. She’s great at living the frugal lifestyle (it comes natural to her), while I’m more naturally skilled with setting up and tracking our savings and retirement funds.

If you don’t have a partner yet, seek assistance from a trusted advisor on the areas in which you’re a bit deficient.

Are you taking ownership of your finances?

Read Part 2: Being Intentional

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Last Edited: June 27, 2017 @ 2:39 pmThe content of is for general information purposes only and does not constitute professional advice. Visitors to should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!