While it may feel as if the only way to achieve financial success—or even stability—is with an advanced degree in mathematics, economics, or investing, the truth is you can be a money pro with these non-financial skills.
Awareness of motivators, habits, and fears gives you the power to make better decisions when spending money. What triggers your impulse purchase? Why do you break your budget? Do you have an emotional reaction to advertising or life events?
This is the mental muscle that helps you put an impulse purchase back on the shelf or decide to skip the food-delivery service. Coupled with self-awareness, self-control enables you to avoid spending temptations and not compromise when it comes to saving.
Getting creative with ways to save more, spend less, reward yourself, and stay motivated will prevent your budget from feeling like a financial straight jacket. You may even discover new talents and hobbies along the way! It’s all about using your imagination and thinking outside your wallet to meet your needs and wants.
It’s easiest to make small, repeated strategic money decisions when you keep the end goal in mind. The big picture should remind you of what you value most important whether it is being debt-free, traveling, affording a graduate degree—and keeping it in mind will allow you to see how you are progressing to achieve it.
If time feels like one of the biggest hurdles to achieving financial security, then think of patience as your secret weapon. Patience allows you to delay gratification to see an end-goal achieved, it allows you to see success in small decisions, and it prevents you from exposing your financial assets to unnecessary risk.
Ask For Help And Use Resources
It may sound counterintuitive or taboo, but talking openly about finances with partners, peers, mentors, advisors, and professionals, is one of the best ways to gain and share knowledge. Take advantage of resources and information you already have access to. This includes reaching out to your bank or credit union and sharing your dreams and goals for financial success. They can help you reach them.
Category: Financial Literacy & Safety