What beliefs or outdated mindset do you currently have that stops you from giving yourself (and your dear ones) a better financial life?
Perhaps you have been taught a few things when you were younger that does not count or is not relevant anymore. Don’t you think the sooner you start to make a money-altering mind shift, the sooner you can start growing your financials to where you have envisioned it to be?
“As a society, we have to make a drastic mind shift when it comes to finances and when keeping those mini-economies of ours ‘alive’,” says Carla Oberholzer (debt adviser at DebtSafe). Oberholzer highlights that you and other South Africans have to, in some cases, forget a few irrelevant things that you have been previously told or taught.
Here are a few misconceptions, thoughts and realities that you can slowly but surely start to change, especially when it comes to helping your financial goals and situation(s) along:
The best way you can show love involves buying materialistic items/things/gifts
Really? Do you continue to value life as an ‘old money thinker’ and feel that you have to spend money to reflect love and thankfulness? Just don’t. Why would you want to action gestures that can leave no sentiment or value AND ruin your pocket? Gifts are nice, but it is nicer to be kind with hearty, it-doesn’t-cost-an-arm-or-leg deeds.
Only a father/single parent can be the breadwinner/bring some moolah home
Economic times are getting tougher by the minute (not to even mention dealing with the aftereffects of the COVID-19 crisis). So, you and all the members of your household can indeed try to contribute or help with the financials where and when possible. Don’t think just because a few taxes have not been raised during the #budget2020 speech, or that your ‘new normal’ looks kind of okay, that all is now fine. And, that there is no need to back your loved-ones (financially). You and your dear ones can all contribute to various goals, whether it is to save money for a much needed emergency fund, sharing your side hustle income or helping to cut on grocery expenses.
You only live once – so live for the NOW
That little instant gratification voice in your head can become all too real. But does it really have to? Why do you want to keep up with all your ‘I want it all and I want it now’ desires or your neighbours, the Joneses? Rather encourage your frugal self along and set action to your medium- (owning a car) or long-term goals (owning a house). And, what about your loved ones’ dreams (for example, tertiary education)? If you only live for the present, how will you handle future hard times that come knocking or, hopes/dreams (like a well-deserved retirement) that you want to come true?
Shop ‘til you drop will always be the trend
There is one crucial detail that you have to keep in mind – that clothing account or credit card that you have is NOT YOUR MONEY. It is the creditor or bank’s money that you have to, in the end, pay back again (WITH INTEREST). So, by swiping those cards of yours might have been custom in the past and was trendy a couple of years ago, but THINGS HAVE CHANGED. In all seriousness – excessive debt is not your friend. Try your best to stay within budget, don’t buy what you want or don’t need. And most of all, take control of your money by keeping your DEBT to the bare minimum.
Perhaps after reading these misconceptions, you have realised that you are in way more debt than you should be or you are already behind with payments? Yes, it is unfortunate but, you can FIX your situation. So, make it happen – consult a financial expert like your banker, a personal financial planner or debt counsellor (for example, if you see you are going to lose some/all of your assets soon).
Remember, it is not what you think, know or have been taught. But, what you can do NOW that will work best for YOUR financial situation and future dreams to come. So make that money-altering mind shift to grow your financials and make your hopes come true. The sooner you start with your ‘money psychology’ and ‘frugal mannerisms’ the better it is for the overall you, your pocket and your future reality.