Financial confidence keeps you financially stress free and young (at heart!)
Financial stress impacts your self-worth, your relationships and your career. It is linked to depression, sleep problems and more significantly according to scientific studies, it contributes to biological ageing!
This means being on top of your finances. Knowing exactly what is in your bank balance, how much debt you owe and where you are spending your money.
This may be stating the obvious but you will be surprised how many people use the ostrich approach and operate on having a vague idea of what is coming in and going out and what has stayed behind.
Financial confidence comes from being a leader of your money
Start by having a detailed plan for where it should go and how much is available for you to spend on the things that are meaningful to you.
– Necessities, 55% including; the roof over your head, utilities and groceries
– Savings, 20%
– Self-development, 10%
– Fun, 10%
– Contribution to society, 5%
You will be amazed at how empowered you will feel when you no longer have the guilt and fear each time you see that bill in the mail or want to spoil yourself with a bit of retail therapy. You will have already planned for it and know it is not going to result in you spending money you don’t have.
Financial confidence means living up to your highest potential
Your biggest asset is you. Financial confidence gives you the security to try new things, to challenge yourself, to continue to learn, to travel to exotic places. All from a position of knowing you can take care of yourself.
Nothing makes you feel as trapped, overwhelmed and confused as money stress. This is not supportive of living up to your highest potential. Being in control of your money puts you in the driver’s seat moving towards your abundant life.
Financial confidence leads to financial freedom
A direct side effect of financial confidence is the achievement of your goals. You operate from a place of certainty. You are focused on your goals and you take massive action to get there. You trust yourself to act without second guessing and worrying about the outcome because you have your financial house in order.
You are comfortable talking about money and you engage with mentors, advisors and friends to discuss strategies and generate new ideas. Your positive actions generate more positive results and then as planned you arrive at your financial freedom destination!
What actions can you take today to give yourself some financial self-care?