If your new year’s resolutions include saving money, chances are that you know the basics of money saving like cutting down purchases and creating budgets. However, some of us may feel guilty and anxious when we don’t stick to these budgets we set for ourselves.
Regardless of the level of experience you have, managing your money is a challenge and a common psychological challenge when it comes to this is low self-esteem. The key challenge to overcome is to find a way in managing your money that not only allows you to save but also boosts your self-esteem.
Self-compassion is a form of optimism that allows you to be less critical of yourself and allow yourself to face setbacks. This is a key skill set in managing your money successfully. Here are a few ways you can practice managing your money whilst being kind to yourself:
Don’t compare yourself to others
We live in a competitive society where we – as hard as we try not to – compare what we can afford to what others can. The problem lies where when everybody is constantly comparing themselves to others, it is impossible for everyone to be ‘the best’.
If you feel this way, start by changing your approach by looking at the source of where self-judgment begins. Don’t depend on external factors like what you see on social media to make your purchasing choices. Instead, make your judgments objectively.
Make a list of your past financial goals that you’ve achieved
By making a list of your past financial achievements, you challenge the negative thoughts with facts that deny those thoughts. Past financial achievements – no matter how small they may be – are proof that you have what it takes to manage your money better.
Writing the list in a journal and looking at those achievements from time-to-time will act as a reminder that you are capable of achieving your goals.
Don’t be afraid to ask for advice
It is normal for some of us to feel uncomfortable when talking about money to other people – even the people closest to you. However, when you finally muster the courage to ask for advice about the way you manage your money, you may discover ways that can help you stick to your budget better. For instance, your friends might know the best spots for cheap eats or your family members might know better where to shop for a certain item. The people around you are there to help you achieve your financial goals.
