Smarter Money Management
Perhaps you are someone who feels like you generally have your financial ducks in a row, but still feel a sense that you aren’t quite doing as well as you can. This can often come up as a lack of financial satisfaction even though you feel you “should” be happy. The magic of the internet and technology have brought us many amazing things over the past few years, but they have also turned us into highly comparative beings, which can lead to these feelings of lacking.
So, what do you do to combat these feelings? Well, you can definitely start by experimenting with the following actions and ideas:
1. Stop comparing yourself to others, live the life you want to live. As mentioned above, one of the greatest sources of financial pain and feeling of lacking can come when comparing ourselves to others. So stop doing it. You don’t have to keep up with the Jones’, or Smith’s, or whovever lives next door to you. You have to be happy in what you are doing and with how you are spending your money. Cutting back on your social media time can be a big help to reduce the stress caused by constant comparison, so replace that time with a more productive activity instead. Learn a language, develop a new skill or find a new hobby. In all honestly, we’re just not that into knitting but some people RAVE about it.
2. Have a monthly money meeting with yourself (include your spouse/partner if you have one). Whether you are single or in a relationship, we believe it is important to have some regular real talk about your finances. Take a look at your numbers, give some thought to what big expenses you have coming up, and talk through any financial challenges you are currently facing. By shinging some light on your money and developing a plan you will greatly reduce the uncertainty and stress you may have about your finances. Also, in the case of significant others, getting on the same page financially will almost certainly increase the quality of your overall relationship. If the subject matter is already a tense and you believe this might start WW III, take the meeting to a neutral territory like a local coffee shop.
3. Use a 30-day list to prevent buyers remorse and only buy what you really need. A common feeling among those who are doing relatively well financially is that they are still spending money on things which really don’t improve their lives in a meaningful way. We live in a world of instant gratification and it can be really hard to resist the temptation in the moment and keep your future self happy. A great tool to avoid succumbing to those impulse buys is a simple 30-day list, which is exactly what it sounds like. Whenever you have a desire to buy that new gadget, shirt or any other non-necessary item, write it on a list and mark the date you thought about it. No cheating. If you still want it in 30-days, then you are free to make the purchase; however, for most, the impulse will pass and your bank account will thank you. This rule should also be applied to tattoos, but extend it to 720 days. You’ll thank us.
Hopefully the above strategies make some sense and will be of use to you as you strive to continually level up your financial game. Money is a tool, and proper control and use of that tool can really help improve happiness in our lives.
If you’d like some additional support with making a change, please setup an initial connection meeting with us and learn more about how Finovo can help you get better control of your finances.