10 Ways to feel more in control of your money

7/04/2016


Times are tough all around. The rand is seriously affected by all the political and economical turmoil that's happening currently. And in the process, we as consumers are hit with a number of inflation busting price increases.

Every time I do grocery shopping, I am shocked at how much prices keep going up. Even an item on "sale" feels like robbery.

Still, burying our heads in the sand and hoping for the best is not the solution. We have to be proactive because having security around your finances is less stressful, not only for your health but in your personal relationships too!

If you are feeling overwhelmed financially, there are things you can do to help stomp out the flow of insanity and get things moving back in the right direction. Kathleen Hall - founder and CEO of Mindful Living Network shares these tips:

1. Ground yourself in the concept of mindful money. You become aware of your financial status and your feelings of lack of control and face them straight on.

2. Your money beliefs. Begin with developing respect for money and by believing that your money creates choices, power, freedom and happiness in your life.

3. Be optimistic about your outcomes. You can do it. Don't be stressed and pessimistic. Begin with baby steps. Have someone who can encourage you such as a spouse, family member, friend or financial counselor. Feel in control; this is an adventure and is like going to school learning about finance, which will completely effect your life and the lives of those you love.

4. Find a financial counselor. They will set everything up so you can see it clearly. They will help you create a plan. They will educate you. They will be your cheerleader. You are accountable to more than your spouse or partner; you are responsible to an outside person that you can't manipulate, control or not be accountable to. If you cannot afford a financial counselor, many financial institutions, schools, houses of worship and community centers provide financial education these days. You can also take courses online.

5. Regular finance meetings. Make an appointment each week on your calendar to talk about finances and do your financial work. This is best done with your partner or spouse.

6. Financial worry. Flooding can be a big issue in finances. Don't think about your finances all the time. It will rob you of the joy and love in your life. Choose a time and an amount of time you will think or worry about your finances, and that is it! You must be disciplined about not obsessively worrying about your finances. You will become a bore, sour, and no fun to be around.

7. Stress-management practices. Finances can be extremely stressful. Take a course or learn stress reduction practices. Take a course in mindfulness at some institution, from a professional or online. Financial stress can cause mental and physical illness. Research shows this, and you do not want to be ill and incur more financial hardship because of medical expenses.

8. Family. Have your entire family take courses or learn about finance. You don't want your children to be ignorant, fearful or have negative feelings about money. Your children will be happier, more successful and be in control when they learn about money.

9. Honesty. Be honest with your entire family about your financial situation. Keep everyone on team finance. Too many parents keep their finances from their children and then they do not understand why their parents are acting so withdrawn, nervous, angry or depressed. Have family weekly meetings to talk about everything in your family, but make sure family finances are one of them. Your children need to know that proms, cars, insurance and school cost money. Many kids are old enough to get a part-time job to contribute to the family. Baked goods, doing lawn care, babysitting or elder sitting, washing cars and tutoring are some jobs young people can do.

10. Spiritual practice. It is healthy and gives you strength, resilience and rootedness if you have some faith in something that will sustain you through the ups and downs of your financial health. You will always have hope and confidence to carry on.

These tips were first shared on Mint.com


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