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5 Easy Tips to Improve Your Financial Wellbeing

As a coach, I see financial wellbeing as important because of impact that poor financial wellbeing can have. It causes stress and pressure, as well as issues with overall wellbeing, self-esteem and even relationships. It can also be a barrier to accomplishing certain life and business goals.

Over the years, I have found five tried and tested principles that can make a difference to our financial health:

  1. USE MONEY BUT DO NOT LOVE IT. Money is simply a tool; it is not meant to be loved. When we love money or are obsessed with it, we’ll do absolutely anything to get it. This is why we need to recognise that money is a servant, not a master and learn to treat it as such.
  2. PLAN YOUR SPENDING. Every time we spend, we are making a financial decision. When we plan our spending wisely, we reduce our risk of impulse buying while still being able to treat ourselves occasionally.
  3. PAY YOURSELF FIRST. We need to decide to save and invest a specific amount of our income regularly no matter how little. In fact, automate it. There is one exception though – if you have debt, eliminate that first before you save and invest.
  4. BE GENEROUS WITH MONEY. Money is a tool we can use to make things happen for us and for others so let’s not wait till we’re ‘rolling in it’ to be generous. Generosity is an attitude of the heart: if we cannot be generous when we have £10, we will not be generous when we have £10,000.
  5. PRACTISE CONTENTMENT. Contentment is a choice to appreciate and enjoy what we already have. Content people do not have everything but they do make the most of everything they have. We need to recognise that more stuff does not necessarily equal better because ‘more’ comes with its own problems. ‘More’ has to be maintained, protected and looked after/insured; this can mean spending even more money or giving up more of our time. Let’s consider our aspirations and make sure we they are balanced.

Which tip resonates with you the most and why? Let me know in the comments section.

PS: Always seek advice from a financial adviser regarding investments and never invest what you cannot afford to lose.

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