Mindsets Manage Your Finances

Mindsets Manage Your Finances Having a good financial condition will certainly have a good effect on almost all aspects of our lives. However, in some circumstances it is we ourselves who make our financial condition a mess. In fact, if you have a good mindset. The money will be channeled to the things we really need. Then, how to form the right mindset in terms of money management? Here’s the review

1. Control your emotions and hone your logic

The main problem in financial management is the role of emotion over logic. Most of us are more concerned with ego and excessive desires that will greatly affect our financial condition. For example. We want to buy the latest gadget.  The goal is just to look cool among other friends. So even if we don’t have enough money. We will always find a way to make it enough, either through credit or debt. After that, the monthly income will always be cut by installments that are not really necessary.

2. List of needs and wants

When shopping, we often get confused between needs or wants when choosing a product to buy. To overcome this, it’s better if we make two lists containing our needs and desires and don’t forget to add an estimated price for each item to be purchased. It is also considered effective when shopping because everything will be controlled both the goods purchased and the total price to be paid.

3. Fix bad habits

There are some habits that can have a negative impact if not corrected immediately. For example, when we are unconsciously wasteful in the use of electricity at home and then confused about the rising electricity bill and when we trace it it turns out that because we often turn on the television without watching it or the fan is running 24 hours without stopping even when the weather is cold.

When someone suggests changing it, our subconscious immediately denies it with the reason “But it’s usually like this, it doesn’t matter, right?” Well, this is the problem, when we are aware of where we went wrong but don’t want to try to change it.

4. Don’t forget the emergency fund

In everyday life, of course, we will find things that are beyond our control. Well, to overcome this we can start setting aside money for our emergency fund so that when unexpected things happen, we can handle it without having to owe here and there. Set aside from the money you earn and save consistently for an emergency fund.

5. Stop comparing yourself to others

By starting to stop comparing ourselves with others and realizing that people’s financial conditions are different, we will automatically tend to be grateful for what we have and be able to manage what we already have.

6. Caring for others

One of the signs of well-organized finances is the constant presence of money spent helping others in need. Set aside at least a few percent of your income for those in need. Because we will not always be in the position we are in now, use them as a reminder for us not to use money carelessly. To form a good mindset to manage finances is not easy at first. You can start with the easiest way you can do. Remember, sorting out wants and needs can be difficult at first.

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