Now that we are half way through the year, I thought this is a good time to discuss, review, rekindle and reconcile our relationship with money if we haven’t yet. Yes, this is not to exaggerate things or turn you to one hella penny pincher , but to create friendly resolutions and improve our money handling issues by using a simple math (i.e. 1234).
Financial planning and budgeting is not rocket science, but a tough decision that one needs to make to reduce the unnecessary tension and stress anytime emergency pops up. In here, we will talk about how we can achieve our financial goals without turning to a stingy (of course no one likes to be one) before the year ends.
- Practice self-control
We all need everything (all the money, all the blink and flashy stuff), but every glitter is not a gold- meaning all that we desire to accumulate have sometimes no adding value to our lives, but they are only there to increase our ego and clutter our lives so, challenge yourself to exercise some self-control anytime you are tempted to make random purchase and don’t tell me you can’t because YOU CAN.
Yes, every one of us has a different vision in life. Mine is totally different from yours so do other people, because our needs and wants don’t match. Therefore, before you decide to budget or start feeling sorry for your spending behavior just ask yourself why you doing this- Is it for you or you’re keeping up with the hype? At the end of this, what do you want to achieve? Where do you see yourself in the next 6 month? Do you understand the importance of Time Value of Money? Then see yourself in the future and come back to reality and do all the necessary today to experience the blissful life you have created for yourself because self-fulfillment is achieved through becoming everything you are capable of becoming now.
- Get a money buddy
Good friends are what you need in life after your family (if you have one). They are everything, so choose wisely. Having a buddy who has the same life purpose as you are is a blessing from God, because they want for you what they want for themselves, they will encourage you, grow with you and support you when you slip or cheat. Get one or two of those and help each other build a great future.
- Emergency-expense fund
This is a great tool to use, and it teaches you to prioritize what to spend on and it prepares you for the rainy days. If you run low before time, you know you can’t spend no more and if in case you didn’t spend all, you carry it forward (simple math) top up the difference and in that way you can save. This great tool is double-edged sword because many people fail their budgeting goal because, they keep spending even after they run short because self-control is not in place.
- Quality specification
The one thing I want to share with you is “CHEAP IS EXPENSIVE” yes, my truth. No, I am not saying go shop at high-end stores or don’t bargain, but also don’t buy cheap things because, buying good quality product oftentimes proved to be more economical than low-cost substitutes. I am a huge fan of window shopping and I compare prices, but also I am not excessive buyer just because things are cheap now days (I used to be one).
When you feel the urge to buy something that is not in your list of purchases just pause. Go home and wait for two or four weeks and if the urge is still there? Then go fulfill that need because wants don’t get past a week. Congratulations you just practiced your-self-discipline; pat yourself on the back because it takes a courage and strength to do that.
APPRECIATE YOUR STRUGGLE
In this busy-materialistic-mean world we are living in, it is very easy to feel depressed, unhappy and unfulfilled just because you don’t have all that you wanted to have. But that shouldn’t last long. Yes, this world is mean, and material obsession is true, but you don’t have to follow the norm. You can have all the happiness and fulfillment through your own way so, create your own sub-world and live the life you want. Please appreciate yourself more.
As I said, everyone has reasons why they need to improve their relationship with money and mine was my lack of DISCIPLINE. I have tried many tools including all these above, and I am yet to perfect them all but, I have improved my spending behavior big time. I have learnt how to differentiate between my needs and wants (I needed this). I have come to understand how emotional spender I was and I have learnt that there are many ways to spice my life and feel happy without spending a dime.
Tell me how is your relationship with money?