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“If you can’t master how to think about money, you’ll never master how to spend it,” says Kiplinger. However, it also turns out that for many people, “the beliefs, values, and attitudes we have about money” are “one of the least understood aspects of our money.”
This may be part of the reason why “even when we start with the best of intentions, we often end up making the same mistakes” when it comes to money. wall street journal He explained. But there is hope. According to the magazine, it’s possible to change ingrained ways of thinking about money with “a little brain training and some guardrails.”
1. Pinpoint the motivation behind your financial decisions
According to Kiplinger, “The first step to improving the way you think about money is to identify the healthy beliefs you want to keep and the unhealthy beliefs that no longer serve you.” Behind each money decision You may be able to explore this by unpacking your reasons, considering how the decision made you feel, and whether it aligns with your values.
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And don’t be discouraged if this process of gaining greater recognition doesn’t always go smoothly.around smart girl finance“Improving your mindset is not a one-and-done thing”—instead, “just like a muscle in your body, you have to work hard to maintain it on an ongoing basis. Then, deterioration begins.”
2. Make spending a little easier
Or, as the Journal puts it, it will “hurt spending.” The newspaper quoted Scott Rick, an associate professor of marketing at the University of Michigan’s Ross School of Business, as saying, “People can spend less by being more aware of when money is leaving their wallets. ” is reported.
There are various tactics that can be employed to increase this awareness. For one, it allows you to “erase your saved credit card information from websites and apps,” so you don’t have to re-enter all your information every time you go to buy something, the Journal emphasizes. According to Rick, another of his tips is to receive a physical receipt when shopping in person. This “makes it easier to register how much you’re currently spending.”
3. Set aside time to deal with your money
If you want to hide from working on financial tasks or kick it out onto the street for a rainy day, tear off the bandaid. According to the magazine, one thing that can really help your financial mindset (and overall financial well-being) is to schedule a day dedicated to your financial well-being. “That day, you might work on things like canceling subscriptions you no longer use or closing accounts that are accruing fees.”
While this may sound like a really disappointing way to spend your day, you can find more manageable and enjoyable ways to spend your day. For example, on days when you’re financially healthy, you might treat yourself to a coffee, “take a quick walk, or find something that calms your nerves,” says financial therapist Bari Tessler. told this magazine.
Or, Tesler continues, “If you feel like you’re overwhelmed with financial chores all day long, take 15 minutes a day to cross one item off your to-do list.”
4. Have fun
When it comes to rethinking the way you think about money, it’s not all about pain for gain. Learning how to enjoy your hard-earned money responsibly can also be helpful, especially given that many people’s financial mindset is clouded by guilt, fear, and anxiety. As Rick emphasizes in this paper, “don’t beat yourself up over these little things that may actually be important to your mental health,” whether it’s a latte or another type of snack.
And while you’re at it, try to cultivate gratitude for what you have (including those small rewards mentioned above). As Clever Girl Finance explains, “Gratitude also leads to a feeling of satisfaction in life, which is key to wealth building, because when you’re happy with what you have, you’re less likely to spend money.” , the desire to continue using it will diminish.”
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