Fact check: are you fed up with advisers’ suggestions that you should cut a shilling here and there in your spending plan? Does this approach to financial freedom leave you more annoyed than energized?
Great news! myMoney POT advocates for a freedom-based approach to financial freedom. Don’t you agree that spending your money shouldn’t evoke feelings of guilt and regrets? This article shares three tips to adopt as you figure out how best to master your money.
1. Value-based spending plan
Start by defining your core values. When you fuse this approach with your spending plan, you get clarity on how you use your money. It also tells you what to pay attention to and what to discard.
2. Educate and watch your emotions
Start paying attention to how you feel when you are making payments. Is the emotion positive or negative? That should be the only important point to note. Make sure you avoid further judgement – it works wonders to sit down and document the feelings on paper. Re-read what you have written in your spending plan to examine if there are any effects on your core values.
3. Simplify your spending plan
‘Simplicity is the ultimate sophistication.’ Slow down, be calm and avoid the temptation to pass judgement. If all your spending plans align with your core values, it will not adversely affect your emotions, keep it that way, and celebrate.
Take Away...
How we relate to personal money is deeply entrenched in the conditioning we attained as we were growing up. This conditioning surfaces in our habits and spending plans. You would be amazed to learn that learning corrective measures to personal finance struggles has so little to do with money but much more to do with habits. Habits are the entry point; they can also shape your money journey! As suggested elsewhere, if budgeting annoys you, try planning.
Try out myMoney POT’s money mastery concepts today.
