Debt, no matter how big or small can have a massive impact on your mental health. There is no doubt, that money and mental health go hand in hand. From impulse buying to takeaways, the list is endless.
Yet, how do you manage both and still form a better relationship with money?
Galahd & Co have produced this great post on 6 financial questions to ask yourself before making that purchase.
The one question that sticks out for me is, will I still want this purchase in 24 hours time? It makes me think, how many times have we thought that we “needed” something when we didn’t. A new dog lead, organisation trays for our work draws or even other random bits. They don’t cost much individually but soon start to ramp up the debt when all added together.
I think because you may not be organised and in control of debt, my mind tries to organise everything else. But by making these purchases, you are on a merry-go-round. Then when you get off, you can sometimes feel a bit overwhelmed and dizzy. Starting to fall back into old habits and routines.
So how do you break the cycle?
- Write down your finance goals – Do you have a savings goal in mind or are you even trying to clear debts? Having this goal as a constant reminder will help you focus a little better.
- Budget – If you know you are going to have treats or little splurges, budget them into your finance. This way, you can still have the treat without breaking your goals.
- Can you save money? – If you are going to make the purchase as it is needed or wanted. Are you making the most of the cashback on offer or discounts available? I remind everyone about cash back sites all the time!
Life is for living, even when you are trying to stick to a financial goal. It is all about finding that balance between reaching those goals and still enjoying life whilst you can. No one can tell you the best balance for this, but you. Over time, you need to just think where you want to get to and make sure you stay on track.
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