When it comes to emotions and money, self-control and discipline is much needed all the time. You see, you can sometimes think that you need that particular item and later learn that you only wanted it. in other instances, you may feel that you are entitled to that designer handbag which is not in your budget just because you worked hard. That new car you have been lusting after is in your focus despite the fact that the car you currently drive is paid for and running great. Your friends are taking vacays to the islands and you want to go badly so you skip one bill and put it off until next month (knowing that interest charges will double on that bill). The paralyzing fear of not having enough to pay next month's bills...
The above scenarios are ways in which our emotions can rule over how much money you spend, save or don't save as well as your fears and expectations of how money rules your life. Below shows the fears of Americans surrounding emotions and money:
The above scenarios are ways in which our emotions can rule over how much money you spend, save or don't save as well as your fears and expectations of how money rules your life. Below shows the fears of Americans surrounding emotions and money:
Courtesy of Eventbrite
Lets find ways in dealing with emotions in order to deal with money effectively. The following suggestions can help:
1.) Know where you stand in your money situation regardless of the fears or apprehensions. This way, you can begin to take action on it.
2.) Do not compare your situation with others. They are not you and you must take responsibility for your actions.
3.) Create a budget and stick to it. You will see where your money is going without guessing. Set up a payment plan and make sacrifices in order to meet your debt free goals.
4.) Do not be embarrassed by your situation; you created it and you can fix it. Seek counseling in order to help you get on the right track with your emotions.
5.) Distinguish a need from a want. Really analyze the difference between the two. If the particular thing you want does not fit in the budget, let it go. Concentrate on your needs first and foremost, like shelter, food and clothing.
Put first things first when dealing with money. Yes, we need it to live but it does not have to be a depressing subject. Tell me what you think about emotions and money in the comments and be sure to subscribe in the right hand column. Until next time....
Be Frugal and Proud,
Dot
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