Let’s talk personal finance and savings

[March 7, 2021, post by Heather Marie Brown]

Who else out there has struggled with saving and spending? 😅🙋🏾‍♀️🙋🏼‍♀️

Even only just writing about finance feels like “um, hard pass”. But it’s exactly this resistance that can become an opportunity to address our often shadowy relationship with saving and spending. Sounds deep, right?

Well, it kind of is … There are so many emotions tied to “can I save, how do I save, and what am I actually doing with anything I manage to save?” 🗯

There’s the anxiety of maybe not having enough for the future and we may feel guilty for spending, even if it’s on things like self-care.

So, what are some first steps toward forging a new relationship with our finances?

For those of us who don’t have a fat paycheck, it can be tricky to set aside cash every month. But even if it’s 50 or 100€ a month (or whatever you can manage), it boosts confidence and that sense of “at least I’m trying”. Making any effort can really relieve some stress 😇

It’s also a matter of changing our mindset to one that focuses on the positive aspects of saving, without putting too much pressure on ourselves. It’s all about balance and acknowledging what we have, not what’s lacking. (Abundance mindset!)

Questioning purchases can be a great way to cut down on consumerism, but we also need to be kind to ourselves in the process. We can look at it as a personal challenge to refrain from buying a lot, and when we do splurge on higher quality things, we often appreciate them far more 💎

We can ask ourselves “how many times do I see myself using this?” It’s just as simple as making one less purchase that month. When we check back a few weeks later and ask ourselves “do I REALLY regret not buying that?” we can get a better idea of our priorities when it comes to money.

Some things to consider when it comes to saving — in a nutshell:

• Just do it, no matter how much it is that you can set aside every month. Celebrate the fact that you can put even the smallest amount of money away instead of beating yourself up that it’s “not enough”.
• Change your attitude toward saving: focus on the positive; visualize that money growing and focus on what’s there, instead of what isn’t. Think about what your savings could enable (sabbatical, education, purchases, trips, investments).
• Question purchases, but with compassion. Don’t totally give up spending on yourself if it will bring you a high non-monetary return. Consider the difference between purchases and investments (another pair of jeans vs. that design course).

So, what do we do when we have savings; where does it go and what are our plans for that cash money in the future? That — and more on personal finance — coming soon! 🔥