Money is stressful. Itâs easy to feel guilty about not saving enough, not earning enough and spending on things we believe we shouldnât be.For many of us, the idea of opening our personal banking app is enough to fill us with dread.
So why does money elicit so many negative feelings? Why do we always want more and how can something so material cause so much distress?
The root cause of money-related stress varies but usually has something to do with security. We need money to survive and have a family, so itâs normal to want to save up for that. However, stress kicks in when we feel guilty about our spending habits and give ourselves a hard time for not being able to keep up with lifestyles on our social media feeds.
We unfortunately canât do much about the fact that you need money to survive but the good news is that we can help you to relieve some of the stressâââtry the tips below!
1. Make a list of priorities
What makes you happy? Is it travelling? Going out for meals? Buying the latest designer item or tech gadget? Whatever it is, make a list of your spending priorities and (mentally) go back to it every time youâre about to spend.
It may well be that buying the latest drone is a priority and thatâs greatâââbut knowing your priorities will help you rationalise big purchases and feel less guilty.
2. Track your spending
Try tracking your spending for two weeks. You may be surprised to find that your spending is not aligned with your priorities.
Realising what you spend more than you would like to on certain âlow priorityâ items will really help you to make small savings in those areas. Choosing the tube over Uber is much more motivating if you know the direct impact on your commuting budget!
3. Donât give in to FOMO
Weâve all been thereâââyouâre invited to a dinner/holiday that you donât really want to attend but go to anyway because youâre worried youâll miss out.
Every time youâre giving into FOMO, youâre taking your hard-earned money away from things you actually enjoy (check your list of priorities!). So, do yourself a favour and ask: âDo I really want this or am I just afraid of missing out?â. Not only will you feel less guilty about spending, youâll also have more to spend (or save!) on things you love.
4. Dig a little deeper
Have you noticed that you spend more when youâre feeling low? Buying something is a short-lived way of feeling better, and only causes more guilt and stress in the long run.
Ask yourself the question: How am I feeling? Do you feel like youâre not good enough? Are you feeling inadequate? The moment you understand that, you can start doing something about it.
Sometimes we need help to understand and deal with our feelings. Talking therapy is a really effective way to do that, but itâs not always easy to find the right person and timeââânot to mention it can be expensive! On YourMind, you can Skype with a highly-qualified therapist from a carefully curated selection. Not only can you do so where you want, but itâs also affordable and wonât set you back on your saving goal! You can book today here.
5. Save small amounts regularly
Itâs common belief that saving involves huge sacrifice. Although this may be true if you want a Lamborghini tomorrow, it doesnât always have to be the case. Saving small amounts every few days can go a long way!
Itâs not always easy to do this, and we all need a little help from our friends from time to time. And what better friend to help you save than a non-judgmental robot? Enter Plumâââyour virtual savings assistant that analyses your spending habits and automatically saves small amounts for you.
Knowing that youâre saving in the background will relieve some stress, and seeing how far small but regular steps can take you will motivate you to save even more!
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