By Tochi
When many people think about money, they are usually caught up in how to make more of it, and whilst that’s important because we all need money to survive I believe that more attention needs to be given to money management instead. I think that persons will achieve more if they are able to utilize and maximize what is earned.
One of the best wellness quotes for me is the serenity prayer, it is so powerful because it provides the wisdom that is required to live your life from a position of control, isn’t that what wellness is all about?
“God, grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference.”
There were periods in my life when my income remained steady, no increment, and I remember that I was constantly thinking and seeking more ways to increase my money and that sometimes overwhelmed me with stressed.
Although I agree with the idea that one must always seek to attain a higher level in anything one does, but it is also important to accept things as they are in the current situation especially the things that are not in your control to change.
At the Excited Living Company, we believe that individuals will enjoy financial wellness if they are able to make, keep, and grow their money. So in this article, I will share a few suggestions that will help you make judicious use of what you earn and that will enable you to attain your financial wellness.
Practice Delayed Gratification: Build your discipline to say NO to the things that could give you immediate pleasures but cause you to sacrifice important future goals. Ask yourself: “Do I need an extra top/shoes?” “Can I wait a few months for a trip rather than borrow and put myself in debt?” “Should I say NO to drinks every Friday night and put my money towards a course?”
Questions like these will help you make decisions that will create a life of money discipline.
Embrace A Minimalist Lifestyle: A few years ago, I cleaned out my closet because I had to create more space for my books so I figured I could get a couple of shelves if I organized my clothes. It was a success I achieved my goal, but something else happened to me on that day. I was hit with the realization that I had been wasteful with some of my money; there were clothes in the wardrobe that I hadn’t worn for about six months and the thought that crossed my mind was: “What else could I have spent those monies on that would have created more value in my life.” It was on that day I got inducted into the minimalist lifestyle, a lifestyle with less emphasis on material possessions and more on creating memorable experiences.
Now, I would rather invest in a course, a seminar, travel, a retreat and before shopping, I always look through my wardrobe so I only buy the items I need rather than shop blindly and feed into consumerism. I must say I deeply enjoy the personal autonomy of this lifestyle because let’s face it, more people are heading to the opposite direction.
Live On A Sensible Budget: I have heard about the 50/30/20 rule, I think it makes a lot of sense and can easily be adopted. Spend 50% on your needs (rent, utilities, groceries, etc); spend 30% on wants (clothes, a new hairdo, cinema tickets, travel, etc); save 20% or use it to pay off your debt. This is not a bad rule but I have realized that one size doesn’t fit all, the classification of needs Vs wants differs from one individual to another, so I think the best suggestion here is to live within your means.
Make sure the monies leaving the account is lower than what is coming in, and also make sure you have a “piggybank” where you put away a sensible percentage as savings or investment. The idea is to keep your expenses as low as possible and avoid being thrown into debt by spreading your income too thin.
Learn About Money: Financial literacy is important. I think when you desire financial freedom you will need to delve deeper into understanding money. I remember receiving a book that shared a concept I fell in love with. “Follow the money” is paying attention to where money flows and making financial decisions to align with the movement of money so you can benefit from its overflow. How would you know about money if you are not tuned to the frequency?
Follow financial experts online, attend financial empowerment programmes and get the knowledge you need to get your personal finance in order.
I saw an advert once with the title: “Where is your money”? I pondered on that question for a while and I was satisfied with my own response because thankfully I began this journey to financial wellness a few years ago.
So let me ask you the same question “where is all your money”?
