Flipping the Cash Script

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Money Is Literally The Centre Of Everything.

It controls access, dreams, ambitions and success. Call it evil if you will, but money is directly related to how much freedom you have as you navigate through your life. Lack of finances undoubtedly causes feelings of anxiety and resentment for most. An associate professor based at Harvard University named Michael Norton asserts that our thoughts regarding money are more often than not weighing heavily on the negative. In his research, he found that most people who were asked the question, do you think money will make you happier? Responded with an emphatic Yes which is a flawed belief. He explains that when pressed to recall the moments that gave them the most happiness, people often realize that money had little to do with their joy.

Norton propagated the value of smart spending and the fact that how people use the money in hand is directly proportional to how they feel. The emphasis here is not so much on what you have, but how exactly you spend it. Little changes in expenditure here and there and you will be well on your way back to increased financial satisfaction.

Cultivate a New Habit

Financial advisors will tell you that the first step to recovery in financial planning is an honest review of your current habits so that you can find and eliminate the problem. After this, begin with new positive habits such as writing and sticking to a monthly spending plan, keeping receipts to track expenses and establishing a long term expense sheet, or ensuring that your bank account has enough to clear costs associated with it, closing dormant bank accounts, and gradually increasing savings each month. The primary objective is to keep these changes positive. Do not get stressed or overwhelmed. Keep everything realistic. For instance, don’t set a savings target you know you cannot achieve; it is better to put away a little amount that you won’t withdraw before month end than a bigger amount. Get help if possible, but it must be someone objective and non-judgmental or they can ruin the experience for you.

Make Money Fun

Start thinking about finances in a fun way. Make a list of all the things that give you pleasure and excitement, such as coffee from a certain place, Saturday brunch with your partner, the smell of new shoes, or the feeling of putting on a new dress. Think about these feelings when getting down to the gritty work of checking your monthly bank statements to track what was bought and why. Monthly reviews allow you to find unnecessary expenses faster. But it is important that you start viewing money as a necessary tool for development rather than the bane of your existence. Remember that you often get the most happiness not when you purchase an item or object but when you are in a rewarding experience. This means road trip with friends over a new handbag.

Spread the Cash

Resist the urge to listen to the impulsive voice when you are out shopping. The first purchase is the hardest so it is better to limit your buys in one single location. If you buy more than three items, it is easier to deny what is happening because the momentum of consumerism takes over. A few days later, you will wonder how you bought all those lipsticks when you only liked one of them. You are less likely to overspend if you shop in different locations.

Sometimes, Choose Quality over Quantity

Is it better to have many small treats or wait it out for a big haul? Well, there are moments when it makes more sense to go for quantity, especially if you get them at a wholesale value. But sometimes, quality is better; saving long term for a week-long trip outside the country versus spending money on a budget weekend stay. It is easy to focus on the enjoyment we get from shiny new things but we do forget how quickly that enjoyment can wane. In the same spirit, give more than you take. Studies have found that philanthropic people who donate to charities or disadvantaged minorities tend to be happier compared to wealthy people who throw their money into profitable causes. The kickback from spending money on others – laughter, hugs and happy tears – make you feel good about yourself while fostering your relationships too. However, you should only do this if have cash to spare. Spending money you dont have will only make you resentful.

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