5 Questions That Will Boost Your Finances
Whether you’re an old hat at the financial game or have just decided to get on top of your financial situation, it never hurts to sit back and review where you at. There are so many distractions and tasks in life, it’s easy just to hit autopilot and go on as we have gone on before, but that approach can stymie our attempts to get our finances ship-shape. Here are five questions to ask ourselves to keep our finances on track. Inspired by Money Girl.
Do I Have The Right Mindset?
The way we feel about money goes a long way towards our financial security. If you feel like money is something you are constantly at war with, and always scraping together, your financial approach might end up being harried and a bit reckless. If money is something you are comfortable with and can treat with some kind of equanimity, your financial decisions might be more considered and long-term. The amount of money you earn isn’t the decider in how much financial security you have; your mindset is the decider. Living within our incomes is as much about our headspace as it is our pay packet.
Do I Have The Right Focus?
Does your money go where you want it to go? Great finance is, at the end of the day, about whether your money is going towards supporting your values and goals. It’s easy to laugh off that statement, and suggest that goals can be a huge wardrobe of shoes. Sure, but most of the time our values are deeper than that. Giving our kids somewhere safe to grow up. Funding our retirement so we can enjoy those years with the ones we love. Think about what you want, really want, and start putting your money in that direction.
Am I Using The Right Tools?
Every once in a while, check in with your range of tools. Are they getting the most of out of your money? Bank accounts, super funds, investment portfolios, job packages, savings plans; all the tools we have set up in our lives to work our finances. Ensure you have tools that match your values and are helping you get closer to achieving your goals.
Do I Take The Right Actions?
So often in life, it’s not the situation that counts but how we react to it. Exactly the same scenario can happen to two people and the consequence can be hugely different because of their reactions. How do we react to money? Are we living paycheck to paycheck, or are we achieving saving goals? Do we bury our heads in the sand, or approach our finances head on?Do we miss out on opportunities because we are too frightened of risk, or do we risk too much? Work out your triggers, your strengths and your weaknesses. Understanding your own financial profile will help you to make more rational money decisions.
Do I Get The Right Help?
Asking for help is a hugely important step, but it’s important to ask the right people. Our needs and goals change over our lifetimes, so too must the people who can best assist us. There is an army of people who can help you out, so do you research and find people who understand both your values and your financial profile. Your finances will benefit greatly from getting help from the right people.
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