Your Money Mindset and How To Change For The Better

2 min. read By eCompareMo on

All people have different views about handling finances. Some are big spenders, some are super savers.. For those who think that “money is just money; what’s important is that I live the moment,” you should realize the difference between a good and bad money mindset.

Do have a bad money mindset?

Trapped in a financial cycle. You are too comfortable of your current financial status. Either you live with making ends meet, or you are not bothered at all incurring debts from time to time. Basically, you are living day-to-day stuck in a loop without thinking about fixing your financial status or making a financial leap.

Paycheck-to-paycheck alleyway. Your paycheck only last for a day or two because you give zero care about tomorrow so you don’t save for your future needs at all. This apparently leaves you struggling to survive until your next payout.

Living on or above your means. Your income is just as equal to the lifestyle you choose, leaving no room for savings nor emergency fund. You sometimes upgrade your standard of living impulsively or if swayed by certain instances.

Being adamant to change. Staying stagnant and disregarding any opportunity to make a progress is like creating your own treacherous path to a major pitfall. You are clueless about money in general. Because you live paycheck-to-paycheck, you have no grip of your cash flow.

In constant battle with yourself. If you are always in doubt of yourself, you cannot move forward. If you do not look out for your finances, and strike carefree all the time, you are susceptible to scams, shady lenders, and other scam artists.

(Check Out: 7 Cardinal Virtues Of Money Management)

What does it take to have a good money mindset?

You plan for long term. You do your job well and save today because you believe that your future is anchored on the present. You consider your every decision the building blocks of your security.

You claim that you will be wealthy soon. Money is out there waiting to be earned. Once you’ve set yourself to the path of getting rich or stable at least, positive things will follow.

You know the value of what you spend. Earning cash requires utilization of skillset plus hard work – and you consider that truth every time you spend. Your mind also automatically converts a price of an item into your money’s value be if you invest it for the future.

You think that procrastination and excuses are for underdogs. You are never in the grey area, because you either do it or you don’t. But if you want things to happen, you take action to actually make it happen. You know that dreams have expirations and you keep in the right pace especially with financial goals.

You formulate viable solutions and execute with accuracy. You skip complaining and address the problem immediately. You recognize the root cause of your financial problem and you come up with the right solutions.

Changing the way you think about money is an essential matter to consider. Realize that money get harder to earn as time passes and its value fluctuates too. The key is to always think ahead.

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eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.