Managing your finances successfully is a full-time commitment. Studies have shown that those with a positive attitude and relationship with their finances tend to be happier and lead successful lives, as opposed to those individuals who did not.
Whether you are positive about your finances, or feel like you need to get a handle on them, this post is for everyone who needs some pointers on cultivating a great relationship with their money matters.
#1 Create a Calendar
If you are one of those people who tend to forget when bills are due to be paid, this hack will get you out of that trap in no-time. Set reminders on your device and ensure all your payments are done when they are due. This only takes a couple of minutes, while making the actual payments will also not take up a lot of your time.
#2 Dedicate One Minute a Day to Finances
Cultivating a healthy relationship and positive view on your money matters means you’ll have to tend to it like you would a garden. Check in at least once a day to know exactly where your finances are standing and take note of your spending habits and any income too. In doing so, you are dedicating your time to ensure your finances are on track, every day.
#3 Create a Vision Board
We all have financial goals, whether they are big or small. Whether you want to go to Bali, or buy a house, or maybe pay for that massive wedding, a financial vision board will keep you motivated. Include specifics of your financial goals, with images and specifics. This is a sure way to improve your spending habits while cultivating a positive relationship with your finances, and reaching your goals.
#4 Make More Attainable Financial Goals
Sure, everyone has those biggies, like buying a house, but it may be difficult to focus on these long-term goals and you may lose interest if the goal seems unattainable. To prevent that you wander off and start overspending, create smaller, more attainable financial goals. For instance, stop buying soda while at work. Enrol for a course on something you’ve always wanted to learn.
#5 Splurge on Experiences, Not on Things
While a lot of people love buying stuff like clothes, accessories or gadgets, why not opt for going to that show with a couple of friends instead? Studies have shown that people who spend their money on experiences like overseas trips or live concerts are in general happier than those who buy objects. This means you get way more value for your money at the end of the day.
#6 Draw up a Budget and Stick to It
Lastly, but most importantly, it is important to have a budget. More important however is the dedication to stick to it and not to overspend. Be sure to include all your expenses and your income and keep track of how you spend your money during a month. Your budget will change over time, but so you’re your spending habits.
And that’s it! If you can follow these six tips, you should be able to cultivate a positive and healthy relationship with your finances in no-time. Just stick to it and don’t be too hard on yourself. Just like any lifestyle adjustment, it might take some time for you to adjust. We wish you the best of luck!