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Money Mindset

Money might not be everything, but it is essential for living day-to-day life and meeting your basic needs. Your mindset towards money drives how you make financial decisions, overcome monetary challenges, and achieve your goals. Maintaining a positive money mindset could be the key to your success.

Why does mindset matter?

What you desire and whether or not you attain it is greatly determined by your Perspective. Mindset has the ability to affect your thoughts, emotions, views, and actions in any given circumstance. It can be the difference between failure and success.

There are two types of mindsets, fixed mindsets and growth mindsets, each of which has a major impact on your day-to-day decisions and future. Those who maintain a positive growth mindset believe they can develop and strengthen their abilities and lives with hard work and commitment. They also recognise and accept that failure is a part of success and is necessary to learn and grow. Oppositely, those with fixed or negative mindsets limit themselves with their belief that talent, intelligence, and other abilities are innate and cannot be learned. They are less likely to achieve their goals and succeed as they see failure as a permanent result and typically choose easier routes to avoid it.

Research and experts suggest that mindset, positive and negative, not only affects us psychologically but physically too. Those who adopt a more upbeat attitude in life are found to be healthier, more resilient, and tend to live longer.  Additionally, positive thinking promotes feelings of happiness and increases general life satisfaction.

What is a positive money mindset?

A money mindset refers to your inner attitude, beliefs, and relationship with money and finances. Money mentality and what you believe you can and cannot accomplish with money greatly impacts your financial confidence and thinking. It affects your ability to generate wealth, handle debt, and how you save, spend, share, budget, and invest. Having a positive money mindset means maintaining an optimistic view of life's financial obstacles and money in general. It entails being enthusiastic, driven, and open to new experiences and challenges. A positive money mindset highlights greater awareness and pleasure while thinking about money, rather than only financial success, wealth, and prosperity. Saving with a positive attitude is preferred to a continual sense of restraint and sacrifice.

Steps you can take to improve your money mindset

Think Positive

Adopting a positive outlook on life can lead to tremendous success. You have the ability to influence your actions and choices, which have the potential to gradually alter your future. It is crucial to keep in mind that even if development is slow, little milestones add up.

You can improve your positive thinking by:

  • Making a conscious effort to shift negative thoughts to more positive ones

  • Practising gratitude

  • Starting out each day with positive affirmations

  • Capitalising positive moments

  • Accepting the situation you are in and focus in on the good

  • Cease downplaying your achievements and success

Set Financial Goals

Setting monetary goals, big and small, to work towards can set you up for financial success in the future. When setting goals, think about what matters to you most, where and who you want to be, and the life you want to live. Insure that the goals you set are specific, measurable, achievable, relevant, and timely.

Some examples include:

  • Paying off credit cards or loans

  • Build up savings

  • Start investing

  • Strive for homeownership

  • Improve credit score

  • Build an emergency fund

  • Save for retirement

After setting your goals, think about how you will achieve them and the steps you need to take to do so.

Forgive Past Mistakes

Any financial mistakes you've made in the past are now history. True, you may still be dealing with the effects of your misjudgments, but you don't have to keep condemning yourself.  Many people learn by making mistakes along the way. Forgiving yourself and taking responsibility for your faults and learning from them are what's important.  

Form Good Habits

Understanding your current spending habits and creating new ones is important when achieving a positive money mindset. Schedule time to look at your finances, budget, and spending patterns. Draw attention to the areas that require development and give yourself praise for any advancements.

Some money habits to adopt are:

  • Starting every week/month with a budget

  • Checking your account balance

  • Understand your needs and wants

  • Automate your savings

  • Pay your bills on time

  • Allocate funds to savings and investments

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