Finances have been under the microscope in recent months, especially in light of the rising unemployment and dramatic losses to national income as a result. In such times it is important to maintain a positive mindset to help you through so that any looming financial issues don’t escalate and cause more harm in the future. Improving your mindset can be hard but with some positive steps, you might not only be able to improve your future mental wellbeing, but also that bank balance.
Forgive yourself
Forgive yourself for any financial mistakes you’ve made, as very few people can claim that they have never missed a payment or wasted money on something. These mistakes happen, and it is vital to understand how to bounce back by using them as learning experiences. Learning from mistakes is essential in helping you to grow as a person and seeing how a mistake might have been made so that you can avoid repeating it in the future, thus, stabilising your finances.
You can only be you
Stop comparing yourself to other people as every situation is different. Just because a friend or colleague seems to have their life together does not necessarily mean that they do. It’s impossible to know all the intimate details of someone else’s life or finances; so it is more important to focus on yourself. Self-comparison only serves as a distraction from your own finances and ambitions.
Why not try setting some attainable targets as a confidence booster? Work towards them, and then once you have achieved them, you could try being even more ambitious. For example, to start small, you could just plan to have a certain amount in your saving by the end of the month, e.g. £20. It might not seem like a lot, but the more often you manage to do it, the more {savings/money} you end up with. This simple habit also serves as an encouragement for you can be sensible spending. As your situation improves, increase the target.
Budget, Budget, Budget
Coming up with a budget plan to help establish your monthly expenses can be a great benefit for creating a positive mindset. Just having a firm idea as to what your money is being spent on, relieves stress. Budgeting helps you to identify spending patterns, and it gives you the power to manage your situation better.
Methods such as the 50/30/20 rule (50% bill/ 30% wants/ 20% savings) can give you more power over your finances. Using these methods, you can ensure that there is money there for a rainy day, especially if you continue to keep the 50% separate from everything else. Maybe you can use multiple savings accounts or minimum term ISAs to increase your potential earnings. Speak to a financial adviser or even just pop into your local bank and they should point you in the right direction.
All of these things can help to contribute to improving your peace of mind, and in turn, create a more positive outlook and lifestyle. For instance, you may have the spare capital to pursue hobbies or even to go on holiday.
Think ahead
Targets allow you to plan for the future, and reaching them can fill you with a sense of achievement. Why not try creating a plan to get where you want to be financially. Set targets for your finances (e.g. ‘I want to have the deposit for a flat in 6 months’). Don’t look at things and say ‘I could never afford that’. Start small and gradually start to push yourself further as you hit targets. Instead of focusing on the end goal, think positively and focus on how you can get there. Concentrate on the ways that you can use careful money management and sensible planning to reach your goals.
Finally, always be grateful for what you do have. Some people don’t have the most basic of needs, so having some money and a roof over your head aren’t to be taken for granted. Never forget that.
Written by Scott Fitzgerald
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