For many busy professionals and entrepreneurs, true barriers to healing their relationship with money are like an underwater part of an iceberg: deep-seated, intrinsically wired responses that bring nothing but short-term gratification.
Accepting that financial management as a sub-set of personal development can be the easiest place to start: yes, the outcomes we set and expect when planning a monthly budget are logical, but the habits and behaviors that either help or hinder these results are emotional at their core.
Every modern tool is at your fingertips. Use them!
Yes! Remember the old way of budgeting, you know, writing down all of your expenses and
trying to back track all of your purchases. Also, remember trying to figure out where to begin your budget? The old way takes way too long and there is no guarantee that you can remember every purchase you make. Well luckily, we have apps for that.
Apps like Mint, YNAB, etc. are here to help you manage and save your money. So now
after downloading one of these apps, you can manage your money at your convenience and since it’s on your phone; it automatically tracks your purchases, so you don’t have to!
Master the environment, or it will master you
‘’Take a shopping center: we like to think we are planning our lives and weekends around these locations. In fact, shopping centers are a laboratory for passive buying behavior’’.
-Dr. Rebecca Rupp
In other words, you need to know your territory. If you are going to the shopping mall, go with a list of things that you intend to buy and stick to it. This helps to stick to your budget and helps to ensure that you leave with the items you needed. But let’s be realistic, who doesn’t love a good sale?
Most people do.
Before engaging in passive buying, ask yourself: is this sale a benefit to my overall well-being? The sale may look like a great deal during that split-second decision making process, but does it
work for you? If the answer is yes, then indulge. However, if the answer is no, then refrain from engaging in passive buying. Asking these questions allows for a true analysis for what is necessary to maintain an effective budget.
Fear or anxiety? Reframing strategically means opportunity
Having anxiety over your finances? Don’t worry, you are not alone. Many people struggle to deal with and overcome their fears when it comes to their finances. Picture the reality of America today: 69% of U.S. adults have under $1,000 in savings . In addition, 34% do not have a savings account.
But, in your own life, you have the power to turn this around.
First, map out your budget and make it a habit to stick to it. Managing your money plays a major role in financial success. Also, why not consider another gig that can help you increase your income? In this increasingly digital economy, relying on one source of income may be something you can re-address. By increasing your income, and better managing the income you already have, that means more funds left over for your “rainy day fund” when starting on your saving journey.
Rip off the Band-Aid. It’s time to start healing
So now it’s time to heal. You’ve spent enough time worrying and fretting over a temporary
situation that you have the control to fix . Feelings of overwhelm and confusion are often the root cause of financial anxiety. So first take the steps to make the stress go away. Get organized and get some clarity. Clean the wound.
There are plenty of resources you can use. From my free budgeting tool to working with a
financial advisor online, the support you are seeking is literally at your fingertips. Hiring a
financial advisor will help you learn new ways to build and secure your finances. Get yourself a financial coach and start mending your relationship with money. Additionally, you can set goals for a time period and plan your finances for the future so that you won’t have to worry about it.
Setting up a solid structure for your finances is what will keep your money anxiety at bay. You may still be meeting your financial goals one milestone at at time, but having a sense of accomplishment as your companion instead of stress will make your journey to financial
freedom a whole lot more pleasant.