On The Street On The Air | Kaya 959
By: Natasha Archary
Most financial decisions we make is motivated by what other people will perceive about our lifestyle. In Maslow’s hierarchy of needs, social belonging ranks highly for self-esteem and being accepted by close friends and family.
This often leads people to make bad financial decisions which are costly in the long run and can lead to debt, losing assets and an endless loop of financial difficulty.
Feel Good with Andy Maqondwana asked listeners to share some of the regrettable financial decisions they made.
You have to make the effort to understand how much money goes into and leaves your bank account every month.
Managing your personal finances should be treated in the same way one would manage a business.
By tracking spending and income, but also understand your financial patterns and behaviour.
Pay attention to these trends which can help you to stop making bad financial decisions.
Directly translated: “What would people say?”
Our cars, clothes, apartments, cell phones, branded clothing, where we shop, etc are often driven from the validation we seek from people.
Forgetting that at the end of the day, the bills end up with you and not other people. If you’re constantly buying things or spending money to impress other people, you will be cash-strapped.
Log on to Instagram and you’re often met with pictures of people who all seem like they’re living their best lives.
You may feel pressured to do the same or even feel inadequate because your present life may not measure up.
Add to this our need for instant gratification and we’re potentially headed for financial disaster. What we often fail to see is that success does not happen overnight. It takes hard work. Stop measuring your life and financial ability against photographs that don’t tell you the full story.
Also read: 4 powerful tips to help couples master their finances
This phrase is commonly used to put one in their own path. The same applies with finances. The best decision you could make about your life is to be fair to yourself with your finances.
Set realistic financial goals that align with where and who you are. Don’t compete and certainly, don’t compare. It often looks easy on the outside, but everyone faces struggles and challenges. The best you can do is deal with yours without the added pressure that you need to keep up with the “Jones”.
Many of us may have grown up with no financial education. We will have modelled a relationship with money from our parents. Acknowledge that negative financial behaviour can be changed, that our parents would have had their own journeys with money and may have made some mistakes.
Read financial literature and educate yourself. You also have the option of seeking financial advice from credible and regulated sources.
What informs the need to buy what you want? Have you ever stopped to consider why you’re buying what you’re buying?
What are the influences in your life? Does what you want add value to your life? Can you live without it? Would you be upset if people did not acknowledge what you have acquired?
Answering these questions can help determine your financial drivers and whether they serve you or not.
Do not spend money you do not have
Whether it’s money you are owed, or money you’re spending on credit, if you do not have it allocated to you budget or have not received it yet, do not spend it.
Money taken on credit will need to be paid back in interest and if you’re spending something you don’t have currently why would this make financial sense?
Saying No does not make you a bad person
It may be your family that is financially abusing you, your friends who use and rely on you to finance their lifestyle, or people sending you invitations to places and events that you cannot afford.
Whatever it is, saying no or that you don’t have the budget for it, does not make you a bad person. It just means that you are prioritising you, your finances and your financial security.
Being realistic about finances and understanding that our finances are our responsibility and no one else’s, means that we can start making financial decisions that help us grow and learn instead of creating loss and burden.
Also read: Dual to single income households – Surviving on the bare minimum
Written by: Natasha
Andy Maqondwana bad financial decisions Cash In Cash Out. Credit Feel Good financial literacy Home loan Credit Score Money lessons Relationship with Money
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