When it comes to finances, many of us feel stuck. We do what we can but aren’t certain of ways to improve. It’s understandable, but when you change nothing, nothing will change.
This isn’t to say save all of your money or spend all of your money, but there are ways to both save and spend more wisely. Here are some tips from a financial advisor to make you feel more financially secure.
1. Invest in Yourself
While investing in yourself can mean going to school and getting a degree, it also means more than that. Any money you spend, save, or make, has one common denominator: you. When you save for school, what you’re really investing in is your future.
There are also many other ways to invest in yourself and your future. Maybe this looks like managing your time better and being aware of what thoughts you’re trying to drown out when you fall asleep in front of the TV. Developing a self-care routine is one of the best ways to invest in yourself.
For some, maybe this looks like picking up a hobby. Investing in a hobby is something that pays off in many ways. If you’ve always wanted to play the guitar, don’t be afraid to buy a used one and take some free courses online. You’ll be learning a new skill and doing something you enjoy. Learning any new skill is an important investment to make in yourself. Feeling excited about something can generate more motivation in other aspects of your life as well.
Investing in yourself also means taking care of your general health. This can start in small ways, like carrying a water bottle around more often or stretching when you have a spare couple of minutes. Having optimal health is an important factor in reaching any goal.
2. Be Intentional and Grow
Think about your goals more often. These goals could be short-term or long-term but think about what you’re really working for and what you want to get out of this life. If you aren’t doing that, you are not working for yourself.
This isn’t as easy as it sounds. In fact, it’s much easier to become a slave to your own routines and numb your mind throughout the day. Instead, try setting intentions and goals. If New Year’s resolutions don’t work for you, try a daily resolution. Setting goals, both in and out of the workplace, gives you a mindset that can sustain the discipline to reach said goals.
By doing this, you will grow as a person. Emotional growth is arguably the most important type, as it is what leads to every other growth. Financial growth, and relational growth, all start with you deciding who and where you want to be.
3. Learn What Makes You Tick
Again, if you don’t know what you’re working for, you’re not working for yourself. Learn what exactly incites emotional reactions out of you. If a song on the radio is getting annoying, try listening to a station you’ve never heard before. If you come across a random piece of information that excites you, write it down and learn more later.
Learning in general is one of the best things you can do for yourself. And learning about yourself can give you more leeway than a lot of other people have. By understanding yourself, you understand others better. This creates community and makes networking a breeze.
In addition, you will learn the specifics of what you want more of and what you want less of out of life. Doing this will give you more determination with work, both for income and for your mentality.
4. Make Saving a Habit
If you aren’t already doing so, saving money can make a substantial difference in your life. In the obvious way, that you’ll have a cushion to fall back on when needed, but it will also give you a greater sense of control and responsibility.
Not everyone can afford to save the recommended 20% of their income, and that number sure can get discouraging. But that doesn’t mean you have to. Putting a small bit away every paycheck, even if it doesn’t seem like much, will add up. This also means holding back on impulsive purchases.
Everyone needs a reward now and then, but again, that small bit you spent on a dessert might end up being more than a small bit if you aren’t careful. Be as intentional with your saving as you are with your spending.
Final Thoughts
Financial growth means a lot more than saving more and spending less. That isn’t always doable for the average person, anyway. Any sort of growth starts with growth and openness in your mindset, and Select Wealth Managers know that.