The Financial Mindset is a predetermined set of beliefs about money. Although you cannot verbalize what your mindset is, it still exists. We all have this set of beliefs within us! It is important to note that your financial mindset affects the energy you give off and the energy you receive.
With a new decade, it is high time to refresh your finances with your financial resolutions or goals. Laying out your new financial resolutions or goals can help shift your mindset and give you new ways to perceive your life in general.
CRAFT A VISION BOARD
Start the year right by creating a vision board with your 2020 financial goals. Much has been said about creating a life you want to indulge in through visualization. You attract what you set your mind into. So, put several images of the things or milestones you want to achieve this year.
There are no wrong answers! Whether you want to have your own car or keys to your new flat, you can put all these on the board. Find inspiration on how to make one in Pinterest or in this Money Digest article.
ASK WHAT YOU CAN OFFER
In a world where people are so used to taking, aim to be the one who gives. Ask yourself some wealth-creating questions such as “What unique product can you offer?” or “Which service can your peers benefit from?” This trait is seen in many millionaires and entrepreneurs. Search yourself to know how to add value in other people’s lives. This will enable you to make money in the process.
You may not be able to answer these questions right now, but the important thing is to put your mind in a resourceful and open state.
DEVELOP A REALISTIC BUDGET
How many of you have created a budget based on your average earnings per year? This may seem as a premium plan to have, but you are not creating a realistic budget. Realistic budgeting goes beyond creating an Excel sheet and figuring out how much to allocate for every category. It enables you to look at how much money you have right now.
Based on your current funds, you will be able to create a realistic budget for the month. When you blow a category up due to overspending, you must not quit. You need to have an emergency fund for that. Only budget and consume the money you have right now.
TRACK YOUR SPENDING
It is common to have a financial resolution whereby you want to save more money. In order to do that, most people start by tracking their spending. See where you can cut back and where you can make room for more savings. It is a tedious task at first! However, you can re-frame your mind by attaching your Psychological wellbeing in the mix.
To help you with your frugal mindset, you must experiences purchasing differently. Track your spending and write down how you felt after the purchase. Do you feel happy or guilty? Where you shopping while you are bored or angry? Emotions play a huge part in managing and spending your money.
It is crucial for you to be aware of your spending patterns and triggers. Mindfulness of situations that trap you to spend can enable you to change your financial life. Bring value and joy to your finances through healthier spending patterns.
Your mind is a powerful tool, which creates your reality. It dictates what you believe is possible and leads you to it. This is why it is important that you feed your mind with optimism grounded in your current circumstance. Consume books such as Think and Grow Rich from Napoleon Hill or podcasts from trusted financial advisers.
Feed your mind with a grow mindset to indulge on a better financial year ahead!