There are many financial factors out of your control right now like the rising cost of living, persistent supply chain shortages and so on. But, what is in your control is how you go about managing, and thinking of, your personal finances.
There are many financial factors out of your control right now: rising cost of living, persistent supply chain shortages, interest rate increases, a cooling housing market and so on.in your control is how you go about managing, and thinking of, your personal finances.
Think about it like this: if you feel financially empowered, you will be predisposed to making better choices when it comes to the investments you select. If you truly believe your skills and talents are valuable, you will be more likely to pursue higher income-earning avenues or choose to invest in your education, which could lead to greater income. If you have strong mindfulness about your needs versus wants, you are more likely to overcome impulse spending urges that often lead to debt.
If a stronger financial state of mind is what you want for your life, and your family, focus on a few of these mindful money practices.This practice starts with being aware of your spending habits and then choosing to allocate your hard-earned money toward things that help to improve your life and happiness. It means saying goodbye to simply grabbing just anything off the shelf, and taking a literal step back to examine the price, whether the item is necessary and comparing alternatives.
Here’s an important factoid to keep in mind; stores are designed to try and activate your impulsive tendencies. The music, the smells, the layout — it’s all in an effort to encourage spending. An interesting study commissioned by Interac revealed that listening to mindful music when shopping, rather than the latest pop tune the store is playing, can bring a very healthy financial consciousness to the shopping process, and reduce impulsive spending.
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