059: Is managing finances an “Art” or “Science”?

I came across an interesting article on CNN money site, titled “Forget the Numbers Game, there is an Art to Managing your Money”.

Author and financial therapist Bari Tessler, in her book, “The Art of Money”,  talks about how behind every budget spreadsheet there is layer upon layer of volatile factors, including emotions, family histories, habits and dreams.

Behavioral finance has been a topic of interest for some time, as I see this in practice with my clients on daily basis how we all make irrational decisions when it comes to investing, spending, saving.

Bari also supports the idea of “Money Dates”, which allows us to check in with ourselves on regular basis where we stand compared to our financial goals.

I’ve always knew that there was a precise science of managing finances (It’s what I studied in school), but as I began practicing my craft, I realized that every client was different, they came from different backgrounds even though they were asking the same financial questions.

What do you think? Is there more “Science or Art” to managing your finances?

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