Values Do you know your values and how they relate to money?
It’s important for people to understand their financial values and their relationship with money. If you value freedom and spontaneity, you may be more apt to spend cash often. If you value security, you are likely an avid saver. Or perhaps you value both freedom and security and must find a balance between them.
That balance can be difficult to find. For example, you might pursue a goal of saving $200 per month, thus saving $1,200 within six months. However, if your spending exceeds these savings and you have a credit card bill of $3,000 that must be paid, balancing saving and spending may be tough.
It’s important to be aware of and respect your financial values so that you can paint a picture of your priorities and meet your long-term goals.
Go ahead and take time to write out and develop your values, because they should drive your financial decisions.
It’s important to set a budget for your spending. You can often get stressed when you aren’t saving enough.
Most people aren’t just one or the other. Some people get stressed when they aren’t saving enough. The best thing is to strike the right balance between how much you save and how much you spend. Most importantly, recognize that putting away savings each month is critical to get you on track with your financial well-being, regardless of your financial situation.
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