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Money Mindset Influences: What You Didn’t Know!

Money Mindset Influences: What You Didn’t Know!

Your success depends on your mindset .Let this sink into your mind for a moment. If you let your mindset run your show, you’re pursuing the surest route to long-term suffering!

The reality is: every decision you make is influenced by your mindset. Your mindset—good or bad—pilots what you do, whom you associate with, where you go, how you solve issues, how you view life, how you vote, and what you want to hear or watch.

Think it this way- the currency notes you brag of or spend sleepless nights looking for is nothing but a printed paper. It has no value at all other than the assigned value. Period! So why would you want to compare your personal worth to a printed paper with no value?

Sadly, millions of people have adopted this ill and feeble money mindset. If you value yourself, change your mindset. Here is how you can go about it:

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1. Never entrust your financial decisions to others.

Money management tools like Quicken is informative and beneficial, but it’s vital to believe in your own ideas and take a complete control over your financial decisions .Any financial advice from somebody else is often not as secure as executing your own productive ideas. If you have been dreaming about a certain business idea, rise up. Implement it. Go out there and act swiftly. Draft a business plan. Never allow limiting beliefs about your abilities throttle your money making creativity. Remember, you can achieve even if you aren’t an expert at something!

2. Dare more.

Never operate from scarcity Instead, catapult yourself into the abundance. Reject the normalcy/regular and predictable life. Instead, release yourself into the world of inconvenience and opposition. The safety of normal is the enemy of success.

Try and try. A mindset of hoarding resources is the surest route to creating scarcity. Jump into the ring. Punch yourself into the championship of financial success instead of wallowing in the stands with your negative mindset that is governed and driven by the outcomes of other people’s financial games. 

3. Save. But enjoy your life and money!

Yes, you can plan for your retirement .But this is not as powerful as living in the present while being aware of the future. Postponing enjoying life is similar to pushing away the present prosperity. You’ll be doing yourself a great disservice if you decide to delay enjoying life until your circumstances improve. A financial mindset that is pillared around postponement is likely to link your emotional happiness to the financial future.

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4. Money won’t solve everything.

Get this into your mind and peel off that mindset from your life once and for all. Money is not the only ingredient as far as financial happiness is concerned. Maintain a clear emotional-money separation. Money won’t transform your life into a more meaningful one. Neither will it improve your relationships with the loved ones. Simply put; money will only solve financial problems. Simple!

5. Burry that limiting financial belief!

Never believe that money is the root of evil. Believing in this myth is likely to block your prosperity. There is no harm to living modestly, but there’s nothing gracious about being broke. Embracing a positive mindset that enables you to be respectful of, but psychologically detached from real money will go a long way in helping you to make wise and better decisions as far as your financial life is concerned.

6. Chart your own path.

Don’t be afraid. You’re the driver of your own destiny .Remember; scarcity is a product of negative mindset influence. Human creativity, from science, can solve any problem including financial ones. Embrace positive but different thinking to that of the struggling masses. Then wait for the results!

7. Treat yourself better.

Practical spending is important and prudent. But it’s vital that you enjoy the fruits of your hard work. Buy something that makes you feel good. This will encourage a positive financial mindset and give you the urge to even work harder.

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8. Don’t be a slave of money.

Being too obsessive of large amounts of money can cultivate unhealthy responses such as greed and untruthfulness. Whether you have a little or a lot, this kind of obsession can make you a slave of money.

If you form a positive mindset that views money as just a tool and desist cultivating an emotional attachment to it, you’re in control. You’ll never be a slave. Remember, money is just a printed paper and has no intrinsic value whatsoever. You, unlike money, is extremely precious. The more you let the world know that you’re valuable, the more you gain self-esteem and abundance.

What you need to know?

As far as money is concerned, your mindset has a great bearing on the level of care, the degree of stewardship, and the extent to which you value it. Positive financial mindset results into a protected financial stability dominated by good savings, sound financial management, and careful planning. On the other hand, a negative mindset is the root cause of appalling debts and unsupportable lifestyles.

Carefully evaluate practical examples around you and rethink about your financial life by answering the following questions:

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  • What is your money/financial mindset?
  • Where do you fall- a saver / spender?
  • Is money the sources of conflict in your relationship or you’re having an exclusive control over it?
  • Are you worried about money or you are much secured with the path you’re taking?
  • Do you evade tackling money issues or you always try to pursue the answers?
  • Does your mindset often result in a restful night sleep or they are always dominated by worries and fear of your unpaid bills?

Mindset is like software!

If you have already invested in how your financial life is proceeding, congratulations. But if yours is characterized by challenges and constant worries that often lead to stress as well as unhappiness, something is amiss and you need a quick fix immediately.

Remember, the mindset is like software. Your mindset dictates which route to take work every morning, whether you feel like going to the gym or cling to your blanket. Your mindset, just like computer software, can be altered, adjusted, programmed and reprogrammed, or replaced with money mindset 2.0, 2.1, or 3.0. The will, effort, awareness, and desire to make your life better need mindful, intentional, and positive upgrades.

However, the main problem is when you don’t believe that you can change. Mindset upgrades are not magic and don’t happen automatically. It takes will, determination, positive attitude, and action to effect real changes.

How to get clarity about your mindset?

To get a clear picture of your money mindset, ask yourself the following questions:

  • Is your current lifestyle getting closer or further away from your dream future life?
  • Does your decision support your long-term financial happiness?
  • Is your spending operating in the “autopilot”?
  • How do you feel about your money life: good or bad?

If the answers to the above questions make you feel that all is not well in terms of where you want to be, then until you outgrow this negative money mindset, you’re still in the kindergarten of financial freedom and vast money mindset. The difference is not in your abilities, it’s in your mindset.

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Rahis Saifi

Entrepreneur

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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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