As the years go on, more and more individuals lack some basic knowledge about finances. This information gap includes the concepts of living according to your means, getting the lowest interest loan available, paying a rent or mortgage which falls within your budget, etc. The concern that arises from these knowledge deficits is finding the motivation and willpower to practice these basics in our day-to-day lives. Managing your finances takes awareness and discipline. It would be helpful to have knowledge of proper financial management when you are first starting out on your own. However, it is never too late to implement these concepts into your life and set out on the path towards financial success.
Here listed are some ideas that may change your perspective on how to save and spend money:
View Money as a Means to an End
Some people view money as the key to gaining social status. In some cases, being able to buy an expensive home or a luxurious car may, in fact, boost your ranking in this (absurd) social hierarchy. Others are motivated by financial independence or saving for an earlier retirement. Whatever your motivation may be, viewing money as a means to your personal ends can be very powerful. When you have money driving you, it can be a powerful motivator.
If you lost your job tomorrow and have no savings due to frivolous spending, you may need to borrow money to survive the loss. The financial burden that comes with interest rates can be devasting. If you change your perspective to view money as a means to an end, you will be able to prioritize saving for emergencies, luxuries, or financial independence. Money is not just about spending right now, it’s about having money saved in case of an emergency. Being financially independent, or having buying power, will give you the willpower and motivation to earn and save money.
Save to Save not to Spend Later
Saving money has always been an ideal goal for most people. This practice should be something that continues even when once you have met your initial savings goals. The habit of living inside your means should be lifelong and carried throughout all your financial goals.
Though some savings should be geared towards specific purchases or set aside for emergencies, once they are accomplished, save for the purpose of saving, not spending, there should be some amount of your savings which is for the distant future and not for spending on current expenditures. Changing your perspective on savings can help build a healthy bank account when you retire, hopefully, earlier than planned.
Financial Health in Check
Often, we have people in our lives that are financially secure and others who are not doing so well. Be mindful of where you get financial advice or cues from. In some cases, we have friends or family that model great financial health, and we can learn a lot from their example and advice. Even those in our lives with poor financial health can be an example of what not to do. The best way to keep your financial health in check is to seek out a financial adviser or other professional sources of information. Prioritizing strong finances is crucial to maintaining them.
If followed, these three concepts will change your perspective on money and help you to become more financially independent. The idea is that if you treat money as a means to an end, save to save and not spend, and keep your financial health in check. This will lead to financial freedom and less stress when it comes to money.

