Managing your money well comes down to a combination of technical know-how, and a belief that it is possible to achieve. So let’s talk about some of the attitudes that can shift your mindset.
1. “I can fix it, or I will find out how”.
We often lose money when we give up on the things we already have. Our lawnmower breaks down and instead of taking time to fix it we just scrap it and buy a new one. Our television’s screen is a little scratched and we don’t even consider replacing it (and we’re not sure how you even do that – right?)
One way to keep your budget in check is changing your attitude about what’s broken and subsequently what lengths you’re willing to go to fix the problem. We’ve been programmed to replace items rather than repair them and switching this mindset can save you money. Plus you can learn how to fix anything on YouTube!
2. “I can wait for the right (time/moment/item/price)”.
Waiting truly can be the hardest part, can’t it? Whether you’re buying a car, a home, or prolonging a purchase in favor of a little more savings, patience really is a financial virtue.
Being able to wait until you have more cash available, or the right deal comes up could save you thousands over the course of your life. Conversely, refusing to wait and giving into impulse can be very costly.
3. “I know everything has value and I will find out what it is”.
The old adage that one person’s trash is another person’s treasure is spot on! (Thanks for making this phrase so catchy, Macklemore!) Instead of throwing old items away, check to see if you can resell them. My wife makes thousands of dollars a year selling used clothing on an app called Poshmark, and she started out selling the old clothing from her closet. I always encourage people to decrease the amount of stuff they have in their home but unless you’re giving your things away to a great organization or family, why not try making a little extra money from them.
4. “I believe my financial situation can improve”.
This past year has been hard, the pandemic has been a challenge for all of us but there is always opportunity. If you don’t like what your financial picture looks like the best piece of advice I can offer is to find people doing what you’d like to be doing – getting out of debt, saving money, reinventing themselves- and find out how they did it. How are they doing it? What can I do to move in that direction? There is always someone who’s been there and usually, those people are willing to help.
If you need help, our Financial Coaches would love to talk with you about your situation and help you put a plan together to improve it! Make an appointment online today.
Budgeting tip: did you know our online banking platform has a FREE money management tool?
With this Money Management tool you can:
- Add or edit your budget categories
- See progress in your budget categories — like paying down loans or checking on the progress of your savings plan and/or retirement accounts
- See your overall net worth month by month
- Set goals and review projections to see when you’ll meet them
- Add accounts from other financial institutions to review your entire global budget in one convenient spot
Get more control, greater transparency, and see a view of your entire financial picture. Log in to online banking to set up your budget today!