Keep Watching Your Money Matters
Money is not a fruit from tree, one need to work hard to earn it. The nonchalant and pessimists will sound like the spiritual leaders by reminding you that money cannot bring happiness and peace. However, you need to earn enough money to get tired of it!
Given such importance of money, it makes sense that you develop mindfulness to gain better control of your financial life. If money matters go astray, it is hard to be focused. I had a huge debt to my name a few years ago and it was completely a frustrating situation for me. Life seemed to be getting dragged without iota of happiness and financial situation was becoming worse. I thought it could never be manageable.
And without being focused, how can you have a positive frame of mind ? Things were getting beyond my control and negativities crowded and crippled me in such a way that I almost lost love for life.
I managed to get things back to the right track. However, it is always better to take some proactive measures so that you never land in a chaotic situation. Being mindful about money, you can avoid depression, anxiety, crappy and scared later in your life.
Note it down
There are so many things you do every day and it’s impossible to remember all of them. But when it comes to spending, you should keep a record of everything. Note down the items and price every time you make a purchase.
You can use money management software or website to set up alert as soon as you are overspending. It can also make you aware of if and when your checking account is low and there are too many ATM fees in your name. Needless to say, such features will help you save more.
The first step of growing aware of your money matter is how much you are spending and for what purpose. After you start keeping a close tab on your every purchase, you will grow confident. Tracking expenses on a regular basis is a good habit and contributes to solid financial health over time.
List your priorities
If you are not a miser, spending money is no big deal for you. However, if you are not aware of alternative use of your spending, you will not be able to manage things like an expert. I will clarify it with a simple example. Being a big foodie, I used to spend $200 every month to dine out. It was a not big figure for me. However, what I completely overlooked is that could have gone towards meeting my debts.
Nowadays, when my debts are cleared, I skip one month or two to save the bill in order to make a trip or buy an expensive thing. You see that setting up your financial goals is important. At the same point of time, the goals must be realistic. If you have a low income ceiling but you want to use big brands, there will no prize to guess that you will soon land into crisis.
Set your goal but within your means. Staying pragmatic is important in life. If you want more, you have to earn more – it’s as simple as that.
Wait & watch before you buy
Sounding like a hoax? Well, let me explain it. I will now put it straight – don’t be an impulsive purchaser. Got it now? Before buying anything, wait for a few days. A waiting period is an effective yardstick to determine if you really need a particular thing or not.
With online purchase being a rising rage, everything is available just by a few flicks of mouse. So, a one-week waiting period will not make you a loser. If the item is expensive, extend the waiting period. If you want to buy something just because it looks tempting, you will lose interest if there is a time gap. Thus, you can save money.
Take note of what you have
If you don’t know what you already have, how to prepare a list of necessities? Knowing what you have is a good way to put an end to aimless spending. If you love jewelleries, throw a look at your stock. If you are passionate about books like me, glance at your collection to find out what you are yet to read. If you take pride in your collection of music CDs, take a note of what you have bought to decide what more you need to spend on. Obviously, the list will be literally endless but you have to decide what you want now.
Having a fair hang of what you have in stock will save you from going for more. It’s an act of mindfulness. Thoughts come first and faster. You must be clear and sane in analysis of your current situation. It will help you take the right decision and bring necessary changes in your financial thoughts. Motivation guides action and you need to mindful of both for financial stability and security.
Do you find this article helpful ? Or you have other ideas to develop alertness regarding money matter ? Leave your comments in the specified box.
Author : Tina Roth is a personal finance blogger. With her she strives to educate individuals to make sound financially decisions and making wise choices about money saving tips, credit & debt, investing, insurance, spending, and more.