Feeling uncomfortable talking about money?
Struggling to manage your money and making ends meet?
Or maybe getting an anxiety attack whenever a text from your bank pops up on your screen?
A recent study has shown that millennials, stripped from financial education at school, often lack financial literacy which in turn affects their money confidence. So what can you do about it? First and foremost, take the steps towards improving your relationship with money and making financial decisions that will better your confidence around money.
Educate yourself 🎓
We recently posted on our blog about how to become more money savvy. Investing in financial literacy and developing the right money management skills is the key to success when it comes to building up your financial confidence. There are so many free sources available online and it only takes a few minutes a day to improve your financial situation. Set yourself a goal of learning one new thing each day and you will see how quickly you will expand your financial knowledge. One step at a time.
Identify your limiting beliefs about money 😰
Our beliefs about money are often formed in our childhood and we tend to carry them into our adulthood. We hear our parents and peers talking about money and see money being used and referred to in different situations which have a long-term impact on us. Have you ever wondered if your relationship with money has been impacted by past experiences and limiting beliefs? Maybe it’s time to address these now to create a better relationship with money and develop financial confidence.
Stay on top 🗻 of your spending
If you feel like looking at your bank account just scares you, then try to tackle it by monitoring your spending. Tracking where your money is going will not only help you get better at money management but will also give you a great overview of which of your spending habits you could adjust. You can keep notes, use a simple spreadsheet or use a financial tracking app. Bankiom will also soon allow you to monitor your spendings from all your accounts, so why not download our app now.
Create an emergency fund 🚨
We know. We mention it time and again but having financial security in case of emergency is such bliss and will help you boost your confidence. Life is so unpredictable and putting just a fraction of your salary away each month will allow you to focus your energy and efforts on other things should an emergency arise.
Resist impulse shopping 🛍
We are all guilty of impulse spending. Whether it’s a sale sign smiling at all or an irresistible latte peeking from a poster – we’ve all been guilty of giving in and following our temptations. There are few solutions you could start implementing to get better:
- Avoid temptation spots. If you know you always fancy a frappe when you pass by Starbucks, change your route
- Clear your cookies. Your browsers store all the information that helps marketers reach you. Clear your cookies and browse in incognito mode to avoid the ads.
- You can also install AdBlocker extension on your browser however this might impact your browsing experience
- Implement a 72-hour rule. If you want to buy something, add it to your list and wait for 72-hours before you make the purchase decision.
Use the right tools 🛠
With so many apps and tools available everywhere, managing your money is getting a lot easier. So do a little bit of research and find the best tools that will help you to:
- Have a full overview of your financial accounts in one place
- Analyse where your money is going and how you can optimise your spending
- Create a budget and save for your goals and dreams
- Create financial confidence.
Psst – Bankiom can do it all 👆 and much more!
You can work on your confidence by implementing habits that will fuel it. Each of these habits will contribute to getting you closer to your goal so start adopting them and watch how they improve your financial future.