'Making Money' to 'Feeling good about money'- An emphasis

In partnership with

In a world where making money seems to be the primary goal, we often forget the importance of feeling good about money. But fear not, because, in this newsletter, we're going to shift our focus and explore practical tips to help you manage financial anxiety, practice mindful spending, and ultimately achieve a healthier relationship with your finances. Welcome to ThriftyOwl.Club, where we explore financial mindsets and hacks, helping you enhance your financial acumen one hoot at a time!

Make Your Money a Multitasker.

With Betterment's expert-built ETF portfolios, you’re automatically diversified across thousands of stocks and bonds at once. These expert-built portfolios are designed to help reduce risk, regardless of what’s happening in the market.

Learn more.

Let's talk more about money. To be precise, let's talk about 'feeling good about money.'

No, not the endless scroll of "get rich quick" schemes or the pressure to keep up with the latest #financialgoals on social media. Today, we're shifting gears to focus on financial wellness, a concept that goes beyond the mere accumulation of rupees. It's about feeling secure, empowered, and in control of your finances.

Think of it this way: Imagine a life where money isn't a constant source of stress. You can sleep soundly knowing you have a buffer for emergencies, you're making progress towards your goals (that dream vacation to Goa!), and your hard-earned cash is being spent consciously. Sounds pretty good, right?

Here's the thing: achieving financial wellness in today's economy, with its rising costs and ever-changing job market, can feel overwhelming. We've got some actionable tips to help you navigate the world of personal finance and develop a healthy relationship with your money.

Understanding Financial Anxiety

Let's start by addressing the elephant in the room: financial anxiety. It's a common feeling, especially among millennials, given the economic uncertainties and rising living costs. But the first step to overcoming it is understanding its root causes. Whether it's student loans, credit card debt, or the pressure to keep up with societal expectations, identifying what triggers your financial anxiety is crucial.

Once you've pinpointed the triggers, it's time to take proactive steps to manage them. This could involve creating a budget, consolidating debts, or seeking professional help if needed. Remember, you're not alone in this journey, and there are plenty of resources available to support you.

Taming the Financial Anxiety 

Let's be honest, financial anxiety is a real thing, especially for millennials juggling student loans, rent hikes, and that ever-present urge to explore the world (on a budget, of course). But here's the good news: knowledge is power.

• Face the Facts: The first step is to understand your current financial situation. Track your income and expenses for a month. There are plenty of free apps and budgeting tools available to help you get started. Seeing your money on paper can be a real eye-opener.

• Prioritize, Prioritize, Prioritize: Needs come before wants. List down your essential expenses - rent, utilities, groceries - and allocate funds accordingly. Then, factor in savings goals and leave some room for guilt-free fun (think movie night with friends, not that impulse online shopping spree!).

• Embrace the Power of "No": It's okay to decline social outings that stretch your budget thin. Learn to differentiate between needs and desires. Remember, a healthy financial life allows you to truly enjoy the things that matter most in the long run.

Practicing Mindful Spending

Now, let's talk about mindful spending. In a consumer-driven society, it's easy to fall into the trap of mindless consumption, leading to unnecessary expenses and financial strain. But by practicing mindful spending, you can regain control of your finances and align your spending with your values and priorities.

Start by tracking your expenses and identifying areas where you can cut back without sacrificing your happiness. This could mean cooking at home more often, cancelling unused subscriptions, or opting for affordable alternatives. 

Additionally, before making a purchase, ask yourself if it aligns with your long-term goals and if it brings you genuine joy. By adopting this mindset, you'll not only save money but also cultivate a sense of fulfillment and purpose in your financial decisions.

Mindful Spending

We all have that friend who seems to magically accumulate the latest gadgets and designer clothes. But here's the secret: mindful spending is key.

• The "Wait 24 Hours" Rule: Before hitting "buy" on that trendy new kurta, take a beat. Wait 24 hours. The urge might just pass, saving you some serious cash.

• Unsubscribe from Temptation: Those tempting email notifications and social media ads? Unsubscribe! Out of sight, out of mind (and out of your wallet).

• Embrace Experiences Over Things: Consider replacing impulse purchases with enriching experiences. A weekend getaway with friends or a cooking class could create lasting memories, unlike that new phone case that will be outdated next month.

Building a Healthy Relationship with Money

Financial wellness isn't just about numbers; it's about your mindset. Here's how to cultivate a positive relationship with your money.

• Challenge Money Myths: Ditch the idea that you need a six-figure salary to be financially secure. Start small, set realistic goals, and celebrate your achievements along the way.

• Gratitude is Key: Take a moment each day to appreciate what you have, financially and otherwise. Gratitude can shift your focus from what you lack to the abundance already in your life.

Financial wellness is a journey, not a destination. There will be bumps along the road, but with these tips and a positive mindset, you can build a healthy relationship with money and achieve your financial goals. So ditch the anxiety and embrace the feeling of being good about your rupees!

Recommended Reads:

• Delayed Gratification vs. Instant Rewards

• Navigate Risk, Align with Goals, and Achieve Stability

• Hustle Smarter, Not Harder: Financial Hacks for Millennials