Change your relationship with money this year

Change your relationship with money this year
Preeti Mundhra
Head of Marketing
05 April 2021

2.5 mins read

Whether you’re spending too much or too little, being more aware of your financial habits and getting the support of the right people can go a long way in creating that much needed balance in your budget and a stronger relationship with your money.

Though it does suit some personalities to track what goes in and out of their bank accounts and wallets, it’s certainly not for everyone. I’m often torn between my self-earned sense of entitlement to spend the money I’ve worked so hard to earn, and the inner voice that says I must try to save more. So can you find that perfect balance? Here are a few things to think about:

 

Now, never, or later?

Let’s face it. We’re almost always showered with ways to spend our money and they’re usually dressed up to look as attractive as possible. Most of them create a sense of urgency and appeal to our primal fears of missing out. Do we have to always give in to the urge? Don’t make a purchase instantly, give yourself time to think if you really need it (You may try deep breathing for 20 seconds, or count backwards from 50 or do 10 burpees while you’re thinking). You’ll be surprised by how often you can end up saying NO! Being aware of what actually does add value to your life and what doesn’t, will help you make more sustainable choices.

 

Start the year with the end in mind

New Year, new decade, new you, right? But how do you want to end it? Remember, a goal without a plan is just a wish. Decide what you want to achieve personally, physically, and financially this year and set daily, weekly and monthly goals aimed at your end plan. But also, be realistic with yourself and what you can achieve so you don’t set yourself up for any disappointments. A chain of little wins will give you the confidence to save up for your bigger plans.

 

Involve the right people

Once you’ve set your goals, don’t just keep it to yourself. Let’s agree, we all need a little nudge or a reminder from our loved ones from time to time. Involve and discuss your plans and goals with your family and close friends so they can help you along the way if you were to lose track or motivation at some point. Celebrate your little successes with them and find the courage to discuss your challenges.  

 

Don’t leave it to chance

When everything else is in your life is going digital, you can’t leave critical money decisions to post-it notes or just good memory. Right from setting up automatic rules for saving, to being able to track where and how much you spend, to maintaining a good Credit Score, and earning the right returns on your money; you should make use of apps and tools that help you stay on track with your goals.

Remember, changing your relationship with money is a process and does not happen overnight. Take your time to learn about your habits and spending patterns, what works and what needs changing, before you set realistic goals for yourself.

Liv. Bank, your digital financial buddy is an easy and convenient banking app that can help you reach your goals faster. You can track your spending and understand where your money is going, create as many Goal Accounts as you want and save whichever way you want with auto-rules, get your credit score in an instant, pay bills with a click, and much, much more.

Pssst, all of this while earning up to 1.5% interest per year on your savings! You can download the Liv. app from the Apple or Google Play Store  and open an account instantly with your Emirates ID.

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