Small steps you can take to transform your money mindset.
When it comes to achieving your financial goals, improving your money mindset might make all the difference. Here are some helpful tips to help you improve yours.
Money can cause anxiety, worry, and restriction. It may also be a lovely instrument for solving issues, living generously, and making a difference in the world. How you think about money depends on the value you put on money and the role it plays in your life. How much money we have in our bank account matters but it shouldn’t be the only winning factor in your life or something you should only be chasing after.
If money is important to you and holds up a higher value in your life and you are still struggling chances are you are not approaching the idea of earning, saving, spending, and sharing very well in your life. Side note you don’t have to be very good at handling money, you just have to teach yourself the fundamentals of finance so you can plan your income and pay close attention to your spending and investing habits.
Here are a couple of things to think about.
- Where is your money coming from and what are you income sources. If you are working one job that you rely but you are seeing that your lifestyle is getting expensive day by day then either you should be cutting down on some of your spending habits (perhaps less online shopping) or you should be looking for new income sources, maybe consider a side hustle.
- Start investing or start a saving account, even if you are depositing $50 a month, it’s still better than your money sitting in your chequing account and not growing. Remember our goal is long-term investment, the longer your money sits in your investing or saving account the better. If you want to learn more about investing or saving, there are plenty of videos on YouTube and books you can check out.
- If you are big on online shopping and not using online browser extension or cash back websites like Rakuten that can help you save some money then you are missing out. If you are going to spend, might as well get couple of bucks off your total.
- Keep a growth mindset in general. Meaning always look for ways to learn new things especially finace or money related, it doesn’t have to feel like a chore but rather a natural interest. Having interest in money is not a crime and no it doesn’t make you a money hungry person. You are just looking out for yourself and taking care of youself. Remove the toxicity out of it. Your relationship with your finace should be healthy and not something to be ashamed about.
- Take care of your urgent and most important expenses first. If you have to choose between a vacation and paying off your mortgage, please be smart enough to pay off your debts first. FOMO is real but so is debt. Also there is a very slim chance people you’re partying with will come and pay off your debts unless you know for sure. Understand your priorities.
- Get a biggy bank, yes you read it right. This technique will help you to see how much you can save even if you are putting away a few dollars once in a while or a spare change, especially for people who use cash. By end of the year you can check how much you saved.
You have the ability to change your money beliefs. Create an abundance attitude to shift from a scarcity perspective to one of giving, which helps everyone. It only takes a few consistent habits to have the correct money beliefs!
