Finance

Five ways gratitude can help your finances

3 Mins read

Your reaction to every situation in life makes the difference. Are you looking at the glass half empty or half full? When challenges arise with your finances, do you throw in the towel and slip into negativity and depression? That wouldn’t solve any problem. It’s time for a makeover, dear reader.

Research has shown that consciously practising gratitude can reduce feelings of financial stress and anxiety. In fact, studies have found that a single act of thoughtful gratitude produces an immediate 10% increase in happiness and a 35% reduction in depressive symptoms. Numbers don’t lie.

Find out 5 ways you can improve your finances through the simple act of gratitude. Let’s dive in!

1. Keep a journal: Having a journal is like having a portable friend with whom you can tell all your secrets with no judgment. With a journal, right before you receive money, you can write down all that you need and follow your scale of preference. You can know what is actually required and what you only want due to known or unknown pressure.

2. Zero Competition: This should be your mantra. Always remember you do not compete with anyone. Instant gratification is mostly done as a result of peer pressure or societal pressure, which would make you think you are lagging on some things. This feeling is what makes you think you must have a pair of shoes in every colour possible even though you go out once every 2 weeks. Crazy right? But your mind won’t remember this when your money is with you. So one thing you should always remind yourself of is – ‘I am Me. I am not competing with anyone‘. You can repeat the words as many times as you wish till you are sure it’s permanently at the back of your palm.

3. Pause and think: Sometimes, the rush to spend comes on you when you don’t pause and think. It’s like once you receive that alert, all that is running through your mind is just how to spend it and buy all that you see and want. Don’t fall into the trap! Pause and think. Pick up your journal and note what you truly need before you start acting on impulse and fall into the trap.

You can also apply The Rule of 72. The Rule of 72 simply states that when you want to purchase something that isn’t budgeted, you should wait for 72 hours to ascertain if you really need it. Impulsive spending often hinges on emotions, which are transient. To consistently build your finances, you have to be disciplined to spend less and earn more. You have to be intentional about what you buy. Read more on How to Put your finances in order.

4. Be accountable and disciplined: There is nothing that beats being responsible and true to yourself. With this, achieving your financial goal would be as simple as ABC. An excellent way you can hold yourself accountable is by automating your savings on the HerVest app. Through the automated savings feature, you can schedule a date to have a specific amount debited from your HerVest Purse or bank account towards a goal on your savings plan. Let’s say you have created A master’s degree fund on your HerVest savings plan; you can automate debit transfers from your bank account or HerVest purse towards funding this plan. E.g. Remove 100,000 from my account towards my Master’s Degree Plan on the 28th day of every month.

By doing this, you are sure your money is serving an achievable goal, and you have to be less worried as every nitty-bitty of temptation is being removed.

5. Have a support group: Friends are gold. And specifically, good friends are priceless. When you have good friends who always remind you of what is needed and offer a supporting hand to you, it hinders all the feelings of instant gratification. You can talk about how you feel toward money to them and together develop how to curb the nasty habit.

Are you looking for a community of women smashing their money goals effortlessly? Then you should join HerVest. Start by downloading the HerVest app and following us @hervestng across all social platforms. Here, you can access personal finance resources to manage your money effortlessly.

The evidence is clear – practising gratitude can positively transform your finances and your life in general. So, how will you start practising financial gratitude? Let us know in the comments!

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