Does earning a six figure income plus guarantee financial happiness? Apparently not so, as it seems the more money you earn the more lavish or ‘over the top’ your spending habit becomes. So what is the secret to financial happiness? Well, it may sound boring or a bit like ‘I told you so’ but being organised and having good money management skills can help to reduce financial stresses and put a smile of relief and happiness back on your face!
So here are some simple and good old fashioned tips on how to be financially happy!
Don’t place yourself in a chaotic situation where you have bills or statements flying in everywhere and you lose track of what needs to be paid and by when. Best to get organised to avoid late bill payment fees. Get a filing system set up or better yet use an app or an online calendar to schedule a Bill Due Date event with reminders set, to alert you of when the bills are due.
Being organised will make you feel better, avoid paying unnecessary fees and start to develop an interest in your finances.
Track your financial habits
You may be surprised to learn about your financial habits. It might be a positive surprise or it may turn out to be a nasty shock. But perhaps a wake up call is what you need to get you sitting upright and pay attention to your financial habits.
These days banks provide apps that enable you to track and understand your spending habit and trends. The more you know about your finances the more control you have to help you make smarter financial decisions.
Learn to identify your spending triggers and start building more positive financial habits.
Now that you have identified what you spend your money on, is it time to test your self-control and stop making impulse led purchases?
According to research, impulsive buyers lack self-discipline and buy things on a whim even when they are already overloaded with debt. It seems they cannot break out of a vicious cycle of overspending, accruing unnecessary additional debt, collecting more clutter or unused items, having frequent family arguments which eventually leads to stress, low self-esteem and unhappiness.
If you don’t want to sabotage your own prosperity then lose the ‘I want it now syndrome’. Stop spending beyond your means and start prioritising your spending needs!
As a university professor of Human Behaviour explains ‘small acts of self control build over time’ so it’s recommended to take baby steps first rather than jump into the deep end and sink with frustration and too hard attitude. As your self-control gradually builds up in one area this according to researchers can spread to improve other parts of your life.
Don’t just read, act now. The longer you put it off the harder it gets to find the time and the motivation to make a change. Every day you think about ‘I need to get on top of things’ is precious time lost so have the courage to take back your financial happiness and peace, now not later!
Do you need some helpful money management tips? Our professional advisers would be happy to point some out.
Talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.
The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.
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