Find financial wisdom in the story of your money

Apr 28, 2024 | Insights

Develop financial wisdom to rewrite your financial story so your future defines you, not your past
You need courage (and alittle help) to become vulnerable and tell your honest story about money. However, telling the true story of your money is the route to financial wisdom. A false money story does nothing for your financial wisdom or provides the power to create meaningful change.

Many years ago, I got into a financial mess. For some time, I avoided taking action to resolve it. Eventually, I was forced to sit down and work out my figures, calculate key ratios, and recognise the true story of my finances, free from self-preserving assumptions and confabulations (aka lies).

I did not call it financial wisdom at the time, but this is what it was, a combination of detailed figures, an understanding of what they meant and wisdom from dealing with the pain by writing my true financial story.

Financial wisdom is found in your spending.

In my experience, people need help to form a realistic assessment of their expenses. This is because expenses are a mirror of life. The money flowing out of your account tells how you live, which is often uncomfortable.

For my client Drew, that was too painful a story to face. Accounting for her spending, analysing it and categorising it brought home the reality of her story. It needed deep compassion and support to look at her life before she could look at her money. For Drew, money was a mirror of her soul and brought home that she existed instead of thriving.

It should come as no surprise that very few people can immediately provide an accurate statement of their income and expenditures. It will also not surprise you to hear that most people underestimate their expenditures and overestimate their income.

Take courage

You will need to be courageous and live in chaos as you wrestle with your story and figures. Start by developing factual financial statements. Refrain from making assumptions about your spending, especially regarding cash (if you still use cash). It is easy to “forget” the small expenditures, but these can mount up and leave you out by as much as 20% if you “forget” too much.

What matters now is what you do with the figures and the story. When you have accurate and truthful financial statements, look at the story they tell you. This is messy, but it is where the magic happens. Do not be defined by the past and the mistakes you have made. Instead, be defined by your financial wisdom and the story you want to create for your future self.

The future, not the past, will define you, so take possession of your figures and story and rewrite them with financial wisdom.

Photo attribution


Photo by Hannah Olinger on Unsplash


Audio link


Taking it further


Use these templates to help you make a start. It will take a bit of work, but the outcome will be a sense of peace and calm from knowing where you stand. Even if it is bad, you can make informed decisions and draw up a plan to deal with the situation.

Family financial statements template:

Family key ratios template:


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My name is Jeremy Deedes. I am a coach with a background in business development, financial planning, and life coaching. I was the first person in the UK to qualify as a Registered Financial Life Planner, and I specialise in helping clients appreciate how their ideas and beliefs about money influence their every decision.

I created my unique FUTURE process, a combination of life coaching and financial planning, to help independent consultants in their 40s and 50s write a new life story through a better relationship with money and reorganise their money to achieve personal and financial freedom. In so doing, they achieve calm by making sense of their money, confidence from clear goals and plans, and a new clarity of purpose.

Discover your money maturity score by taking the Money Maturity Quiz at It’s free, takes only a few minutes, and you will get your score and recommendations by email immediately.

Then, use the link below to schedule a free 20-minute call with me so we can start you on the path to understanding your money and creating a new story to tell your family and friends.

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