The economy is down and those day-to-day financial decisions that use to be so easy seem to have suddenly taken on more urgency and importance. Making a choice is about being responsible for and living with the outcome of your decision. Many of us fear the repercussions of our choices, especially when it comes to our finances. Here are a few decision-making tips:

1. Find out what the experts are doing.
Do your research. Read the latest financial advice online, in the most recent books and the money journals. What are the “experts” doing with their money? Seek out a mentor or role model. There are a lot of people giving advice so sift and sort through the information until you find the best solutions for your financial circumstances.

2. Ask questions.
The reason most people fail to take action is they don’t know how to gather the information they need to make an informed decision. Consult a financial advisor with a list of questions and listen carefully to the answers. What are your choices and options?

3. Set a deadline for making a decision.
Give yourself a timeframe for gathering and listening to advice. Make a date on which you’ll make your financial decision and stick to that date. Setting a target date will help to focus your time and energy on fact finding, sorting through the information and coming to a conclusion.

4. Learn to distinguish between the small risks and the large ones.
Weigh the outcome of your financial decisions based on the worse-case scenario factor. If the worst-case scenario were to happen, would you be able to live with the outcome?

5. Don’t make important decisions out of frustration or desperation.
Emotions can often cloud the decision making process. Slow down, step back and breathe. Give yourself time to weigh options and list the pros and cons of those outcomes. Take a long walk or decide you need to sleep on it. Clear your head and think logically. Seek out a sounding board – someone who doesn’t have a vested interest in the outcome of your decision. Don’t be hasty.

6. Focus on how your decision will affect your future goals.
If you’re clear about what’s important in your life now and in the future, you’ll do the right thing. The key to good choices and correct decisions is to be clear about your goals and that means knowing what you want and why you want it.

7. Trust yourself to do the right thing.
Self-confidence can make the difference between a good decision and a great one. When you’re prepared, you’ll have more confidence in your decision-making ability.


“Whatever you do, you need courage. Whatever course you decide upon, there is always someone to tell you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to the end, requires some of the same courage which a soldier needs."
Ralph Waldo Emerson

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