The mind is mysterious yet quite powerful. It controls our imagination and judgments. It’s responsible for our perception and emotions. So why does the thought of money have so much control over such powerful piece of human property? When we look at money, our mindset has us thinking in one of two ways: hoarding it or spending it.
Your Money Matters
When we start to hoard money, it’s less about saving for your financial goals and milestones. This action becomes more about rarely or never making purchases because you’re concerned about where and when your next dollar will come. Hoarding is the result of anxiety, paranoia, and financial instability. It’s perfectly acceptable to become financially aware of saving money. In reality, if you are maintaining your funds properly, you’re behaving responsibly.
Spending, on the other hand, is something everyone has to do. You have bills and loan payments, debt to reduce, and essential items you need to stock up your home. The issue of spending comes when you are doing it beyond your means. You eat out more than you cook at home, buy things you want on impulse and join costly activities without considering how it might affect your finances in the long term. Because overspending can become an expensive habit, financial carelessness ultimately creates personal hardships. You wrack up more debt while trying to pay off previous debts.
As with all aspects of life, fortunately, not everyone falls into the extremes of either side. That means that we’re all hoarding and overspending at some point throughout our lives. That makes it that much more important to start creating a budget and making financial goals. With that said, you cannot start any of this without having the right mindset when it comes to money. You’ll need to apply a few tactics to strengthen your financial growth. (See also: 15 Simple Ways to Manage Expenses and Save Money)
Relax Your Mind
Both hoarding and overspending are usually the consequence of the stresses in our lives. People can be worried about their unstable job or that an emergency expense will arise. Then again, we will overspend in hopes to stifle our daily stresses. It’s a cycle that can quickly become never-ending if you don’t take a moment for yourself to breathe and relax. Don’t be consumed by thinking money is your escape. Consider going for a walk, sitting at the park, or doing breathing exercises during a short meditation session.
Think Logically, Not Emotionally
In concert with financial anxiety is our general emotional state. Whether you’re feeling positive or negative, we often make purchasing decisions based on those feelings at that moment. ‘Never go to the grocery store hungry’ is an apt cliché for these instances of impulse buying. That is why creating a financial plan is so important. It’s something you can examine and adhere to, no matter how you’re feeling that day.(See Also: Why Not Having a Budget Plan Can Hurt You)
Take Positive Actions
Your money does not need to feel like a burden or a chore. It certainly shouldn’t be the cause of what keeps you up at night, what gives you anxiety or what destroys relationships. You will have a positive and beneficial relationship with money when you begin to align your mindset to that belief. Finances become problematic when all our spending or saving is reactionary. To combat this problem, start by being in control and taking action. Enrolling in local financial courses, creating a budget, and setting long-term goals can help you build a positive mindset. (See Also: 12 Frugal Living Tips to Help You Save Money)
Let Us Help You
You should not have to stress when you could be saving and achieving your financial goals. Your focus should be about being proactive, not reactive. Realize the true potential of your money mindset by taking advantage of our simple dashboard and easy to set up budget plans. Our goal at BudgetPolitan is to help you obtain the true financial freedom that leads to financial success.