Change your relationship with money this decade

Whether you’re spending too much or too little, being more aware of your financial habits can go a long way when it comes to balancing one’s budget.

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. We all know how hard we’re working to earn that money, does that not mean that we earned the right to spend it and get some joy out of it? Absolutely! But how can you find that perfect balance and create a stronger relationship with your finances? Here are a few things to think about:

Objective spending decisions

Anytime, anywhere, we are showered with ways to spend our money, and they’re usually dressed up to look as attractive as possible. All of which are there to appeal to our emotions because when we make a decision to buy something, it’s usually influenced by one of the more primal brain areas. Thus, being aware of what actually does add to your life and what doesn’t, will help you address your spending decisions a lot more objectively. Don’t make a purchase instantly, give yourself time to think if you really need it. You’ll notice that most of the times, you might end up not going through with the purchase because you’ll be more objective with the buy.

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 in 2020 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. Being too ambitious can actually affect us negatively in more ways than we think. It’s always better to overachieve than to underachieve.

Involve the right people

Once you’ve set your goals for the year, you’ll have a better understanding of what you want and how you want to achieve it. But let’s agree, we all need a little nudge or a reminder from our loved ones sometimes. Involve and discuss your plans and goals with your family and friends, they’ll help you along the way if you were to lose track or motivation at some point. This is also a good time to speak up if there are any financial problems you’re facing.

Check your AECB credit score

There are many reasons why you should make it a yearly habit to check your AECB Credit Score. Think of credit scores as decision-making tools for lenders, it helps them work out how likely you are to repay your loan. Hence, once your goals are set for the year and you’ve laid out a plan to accomplish them, it’s a good time to see how creditworthy you are and look for ways to improve your credit score. People with a higher score are more likely to be offered more benefits and get their loan/ credit application approved quicker.

Remember, changing your relationship with money is a process and does not happen overnight. Take your time to learn your habits and spending patterns 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 2% interest. Start this decade right and get your Liv. app now.