Managing money effectively is about more than just saving – it’s about balance. This month, Pria Masson explores how to cultivate mindful financial habits, set meaningful goals and maintain a healthy relationship with money.

In my previous column, I urged you to look at where you sit on the spending-saving scale and to notice your patterns. This month let’s talk about how to get to wherever you want to be in relation to spending and saving.

Irrespective of your financial situation, we all interact with money and very few of us have a healthy interaction. By that I mean, very few people are satisfied with their level of savings or their quality of expenditures. But how does one get to a place where there is more contentment in relation to money? The answer lies in an old mantra – habits and consistency pave the path to change. So, let’s hack your money mindset this month.

Goals are for everyone
If you are a person who says I don’t have a financial goal or I don’t want to set one, and, if that is true, this article would not have caught your eye. So, since you’re here, goals are for you. 
You very likely have some unmet financial need and to be on a healthy financial path, a goal is non-negotiable. Acknowledge the need, set the goal.

Rituals that work well
Companies usually have quarterly budget meetings. We all know the reason why – to take stock of where plans and reality sit and to take measures to get things to be where they need to be. Treat your personal finances with the same respect. Plan and keep checking in on the plan just like you would for other personal rituals such as making sure you check in with a doctor, getting your car checked regularly etc. That doesn’t mean you live life like a company – it means you factor in the main stuff that you know, account for some overheads and then keep a track to make sure you’re not too far from your goal.

Bills, credit cards and all the money you owe
We all have electricity, rent, etc. to be paid, and like we all know, there are non-negotiable expenses. Most of us use credit cards to make many of these expenses. Overdue charges on these credit card bills are in the range of 2 percent on an average. Don’t let the small number fool you because it translates to a whopping ~26 percent annually. You may change your mind. So, how do you make sure you do not allow an overdue snowball to form? Simple hack – automate credit card bill payments if you’re using credit cards for the points you earn and convenience. Set up specific payments if you’re using them to pay for things you do not have money for. Automate as much as possible so that you have no decisions to make when bills are due, and you can plan appropriately.

Anything in excess, even seemingly good things, can sometimes set us on an unhealthy path. We all need a little bit of crazy in our lives. So, while you can use the many apps available to watch your spending, while you can track and plan judiciously, don’t forget that you have a life to live – and money pays for that life. Save as you need to but spend as you need to as well. When the two are in balance, you will likely experience limited guilt and interact with money for what it is – a means to the many options of living a wholesome life. Remember: Mindful spending, prudent saving.

Pria is an experienced business consultant who works as a business coach and advisor helping clients improve their relationship with money. She also helps with strategy, business plans and idea assessments.

@guide_my_idea 
www.priamasson.com
 

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