Alright, so now we are at the tail end of the coronavirus pandemic. Things are starting to look semi-normal, with relaxations around protocols and restaurants opening up. But are you still suffering from money woes as a result of what the economy has and is still going through?
We here at Visia try to look at things in a ‘glass half full’ way! Here are our 5 positive actions we believe you can take RIGHT NOW to boost your financial morale.
Stop staying ‘I’m broke’! If you are constantly reaffirming this belief you are only getting in your own way. Instead, tell yourself that you are ‘working on your finances’ or are ‘putting new goals in place’. This affirms a positive action rather than staying complacent.
Become mindful of your spending
It is important to NOT live paycheck to paycheck. The broke mindset can often stem from this cycle and the first step to break away from it is to become aware of it. We recommend keeping track of your weekly spending. Ask yourself, where is your money going and what are the essentials? With this knowledge you can then create a spending plan. More often than not, money could be slipping through the cracks without your knowledge. When creating a spending plan, compare your expenses to your income. Then you can start to navigate some changes.
Devise a budgeting plan and stick to it
Nothing feels more like a reality than writing things down and creating a concrete strategic plan. Now that you know that you need to break out of your ‘I’m broke’ mentality, it is time to work on it. You have identified your spending habits and now you are ready to create your budget. This will help keep you accountable and instil a bit of discipline into your money management.
Have a ‘treat yourself’ account
Allocating a separate account to treat yourself every so often will help motivate you to stick to your new plan. We all need to let our hair down! We recommend creating mini goals within your budget and spending plan and celebrating small milestones. Having little treats along the way will encourage you to succeed. It will also help create a positive thought pattern that this journey from a broke mindset to a wealthy mindset comes with several treasures.
Speak to a financial planner
We cannot stress this one enough. Having someone keeping you accountable, working on your goals, understanding your vision and being there every step of the way is just what the doctor ordered. When working with a Perth financial planner, you get to work with someone who makes it their priority to see you succeed. The experience is holistic, beyond just charts, statistics and numbers; a financial planner will help you change your mindset and help you break out of old habits.
What is next?
No matter where you are in your financial journey, Visia is here to help you. This is why we invite you to chat to one of us. At Visia, we are here to support our clients through the good and bad times. Get chatting to us today on email@example.com
Disclaimer: Kora Drage and Visia Financial Services (ASIC No. 442129) are Authorised Representatives of Sentry Advice Pty Ltd (AFSL 227748). The information contained in this article may contain general advice. It is of a general nature only and does not constitute personal advice. You should not act on any information without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances. Any views and opinions provided in this article may not reflect the views and opinions of Sentry Advice Pty Ltd.