Are you money minded? It isn’t necessary to be obsessed with money, because that provides its own set of problems. But being money minded in constructive ways is good financially. Here are some reasons why you should be money minded.
What Does It Mean To Be Money Minded?
According to the dictionary, someone who is money minded is not only interested in money, but good at making and managing it. Money is one of those things we all need to survive. So making and managing money effectively can only help us make the most of our financial futures.
Reasons To Be Money Minded
People who really think about their money and how to better manage it are people who benefit in a lot of ways, some of them unexpected. Here are some examples:
- Someone who bikes to work to save money on transportation costs also benefits in other ways. He is more physically fit, more alert and engaged at work, and also improves the environment.
- A person who takes on DIY projects at home not only makes their money go farther, but they get the sense of accomplishment from a job well done.
- Money minded people know exactly where their money goes, and how to get more from it.
- Money is much less likely to manage you if you are manage it first!
How To Be More Mindful Of Your Money
There are some easy ways to be more conscious of your money and where it goes.
- Instead of mindlessly swiping that credit or debit card, try using cash only for a week or two. This is definitely an eye-opening experience if mindlessness has been a problem for you.
- Consider lowering your credit card limits. It can help you think more about how much you use your card. If it’s a big problem, cut your cards up or put them away somewhere not readily available.
- Track your real expenditures for a month or two to see where your money really goes, what you could potentially cut, and how you could save more.
- Only borrow money when you absolutely have to. Borrow only for those large purchases such as your first home or your education.
- Open a savings account specifically for something fun–a vacation or a new toy. See how fast you can save, and then see how accomplished you feel when you get there!
With these easy tips, you can become more money minded and set yourself on a course to financial freedom.
Additional Info: Forbes