A positive mindset is a highly underestimated asset when handling personal finances. It is essential to have it for your confidence to face challenges, take action and learn so you can equip your money mindset.
For example, feeling like you’re in a debt trap could invoke disappointment or shame if you thought you were good with money. As a result, you can start thinking negatively and act on your thoughts.
In such a situation, some people might feel shame. They may want to seem like they’re not struggling financially if their friends want to spend money and have a good time. They might end up borrowing unsustainably and getting into more debt for the fun.
On the other hand, if they accept that they are struggling to be debt free and think about their responsibility in being so, they won’t have a hard time letting their friends know.
Perhaps you own a business making great sales and stable profits levels. If one client comes to your offices and complains about your service and even posts their grievance online, what do you do? With a negative attitude, a business owner may think this disgruntled customer is just a glitch in the system. “After all, we have thousands of other satisfied customers,” They might think. Suddenly this customer’s comment sparks the internet. Your business pages are ablaze with more complaints. Your clients stop buying from you. Potential clients get scared off. Suddenly, your sales register the loss.
With a positive mindset and attitude, you would choose to handle the client’s needs to the fullest to maintain your quality service. They even advocate for you to potential clients for reliability and quality.
Your first salary, pay bonus, promotion or unexpected cashflow increase can be quite exciting. Most people are happy. Some feel quite overwhelmed if they’re not used to having and handling large sums as their own. There are many cases where people have even won lotteries but because of their money mindset and poor money management, they ended up right where they are.
What you would want to do in such situations is to let yourself know that money is a tool. Use it instead of hoarding it so it can serve you and even earn interest through investments. Be content so that you don’t have to start looking for more without even managing what you already have. This is how some people fall for investment scams. Think long-term so that your spending decisions are based on the positive outcome you want your money now to have in the future.
You’re allowed to be in that space without knowing how everything works. So don’t worry about not being good at handling money. Encourage yourself to learn along the way.
We all love spending on what we want and the things we need. Parting with your hard-earned money can be difficult when it comes to bills and expenses. How do you talk to yourself whenever you pay for necessary expenses?
Distinguishing your wants from needs is important. It lets you understand the reality that we can’t always have what we want. That helps you forego buying what you want now so you can achieve your saving or debt-free goals until a time of prosperity.
Always have an open mind to learn what you don’t know. This can help you make the decision to learn about money and manage it better. It can help you find better ways of increasing your cash flow and living within your means so that you feel less of a pinch. Always take the responsibility to set priorities so that you can eliminate financial leaks.
Speak to yourself in a way that you appreciate yourself. Self-appreciation is essential in managing your money. But make sure you draw a fine line between that and overindulgence. Instead of thinking you deserve to spend everything because you earned it. This only justifies poor spending habits that lead you to financial distress. Start thinking about how you can save for your future needs and financial goals.
Accept that you do not know everything. It’s okay to feel inexperienced in making certain financial decisions like taking your first car loan or investing in equities. Don’t be too hard on yourself when you make a financial loss or mistake. Instead, find out what you need to learn. Identify any areas you need to improve on and what habits you need to stop. Put some ideas on hold. This will help you focus on your financial goals.
Always remember that everyone is on a different stage in their financial journey. Don’t worry about not achieving as many goals as your friends have. Appreciate being where you are as you work towards where you want to be. This creates a positive mindset where you can learn from friends, accept the reality that your path is different and still work on your relations.
The financial decisions we make put us in different situations. What actions we choose to take highly affect our feelings and thoughts. How we feel in these situations shapes our money habits and attitudes.
Our thoughts in different financial situations shape what choices we make and our actions. In the end, how people think about themselves when they struggle can make them choose financial decisions that may make the situation worse or better.
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