Developing the Right Money Management Mentality

The economy is down. That’s not a secret. In fact, unless you’re old enough to have lived through the Great Depression then the economy is the worst it has ever been in your lifetime. Some of the factors are out of our control. But some of them aren’t. Now, more than ever, it is important to get on top of your finances and set good goals that will ensure you have enough to meet your needs and live the life you want to live.

Financial well-being is connected to so much more than your level of income. There is a reason that most lottery winners end up broke within one year of winning millions of dollars. Financial well-being stems from a healthy financial mindset. That type of mentality is not always an easy thing to acquire, especially if you’ve spent years developing unhealthy spending and money management habits.

Start by taking a realistic look at your current situation. Be honest with yourself. We live in a society in which it has become easy to live beyond our means. We all know that it isn’t hard to fool those around us by exhibiting the external aspects of wealth but it is also surprisingly easy to fool ourselves. If you aren’t in a good place financially, admit it and then resolve to make necessary changes.

After acknowledging your current situation you will want to set realistic goals. Start with long-term goals and then ascertain what smaller goals need to be met in order to reach the bigger ones. It is a good idea to involve someone else in this process because it incorporates an additional level of accountability as well as good external motivation. While sharing your plan with a spouse, friend or family member is better than keeping it to yourself, you may want to seriously consider seeking financial coaching from a professional.

Spending money in order to save money seems counterintuitive but many are well worth the investment because they will get you on track much more quickly than you ever could alone. There are a lot of options out there so do your homework. You may want to meet with someone in person but there are also some good options online. Services such as noomii.com can be extremely helpful without being extremely costly.

 

It is often said that those things that are easily gained are easily lost. This certainly seems to be the case with money. It won’t be easy to change an unhealthy financial mentality but it can be done. People do it everyday and so can you.

 

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Sanjeeb was born with six toes on each foot. The extra toes were removed before he was a year old, robbing him of any super-powers and ending his crime fighting careers before it even began. Unable to battle the forces of evil, he instead work as a professional in Digital Marketing arena, currently living in Kolkata, India. Founded sanjeebpanda.com with the purpose to share his experience and interesting tech news. Connect with him on
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