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10 winning savings attitudes

Tags financial-planning
Category managing-your-money personal-finance

Winning attitude

Winning is an attitude. Do you have a winning savings attitude?

Life is full of winners and losers. Background and financial wealth don't always indicate who will fall into which camp. We’ve all heard of the silver spoon child who fails in life and the wrong-side-of-the-tracks child who succeeds.

Money isn't really what separates financial winners and losers. It's more often the six inches of real estate between their ears. Some people simply have the right mix of mental fortitude to get ahead. One person with the same opportunities in life will transcend their background and succeed financially – whatever that means to them. Another won't.

And those people who harness the grey matter emotionally as well as intellectually will have a better financial future than those who make excuses. It's all about emotional intelligence more than book and numbers learning. I've given this some thought and come up with 10 winning attitudes I see in people who have good financial well-being. These aren't 'things to do', rather 'ways to think' around your finances. They are:

  1. "I view money as a resource". Repeat after me: "money is something I can tame and use to my advantage. Because it is a scarce resource that is in limited supply, I will manage it carefully (i.e. budget)".
  2. "I am in control". Those who are in control don't get themselves into tricky situations, such as overdrawing their account and having to pay dishonour or unarranged overdraft fees, opening the door to a debt collector, or running out of money before the end of the month.
  3. "I am able to change my ways". Having the ability to reflect on personal actions can really make people successful in a myriad of ways. It's all about self-awareness.
  4. "I want to change". Reflecting and accepting the need for change is one thing. Wanting to make those changes is the next hurdle. Writing down a blueprint for change is taking it one step further.
  5. "I plan and have goals". Whether you need to get out of debt, save for retirement, or another goal, a written plan sets out how you will achieve XY or Z. That plan includes big and small steps you need to take to get from your starting point to where you want to be.
  6. "I take action". Instead of dwelling on my mis-fortune, you take micro steps to change your situation. That may be creating a budget, cutting one unnecessary expense out, setting up automatic payments into savings, and so on. It's not sitting back and doing nothing.
  7. "I am honest with myself and others". It's very easy to be dishonest with ourselves and those around us. Honesty allows change. Dishonesty makes us to continue doing whatever it is that holds us back.
  8. "I accept responsibility". When something goes wrong it's not someone else's fault. I reflect on what I could have done better. I learn from my mistakes and move forward.
  9. "I am happy". Humans do all sorts of crazy things because they are unhappy. Being happy in yourself is a great precursor to doing well financially. That's not to say all happy people are well off. But they're less likely to sabotage their financial futures.
  10. "I enjoy". Good money managers actually know how to enjoy their money. They plan, budget and save, and enjoy the allotted luxuries, which can be anything from a café visit to an annual holiday. They know that by limiting their luxuries, they will get more happiness out of the ones they do.

Related videos:

  1. MoneyTV Lisa Dudson Attitudes towards Money
  2. TED: The Power of Belief
  3. What makes a good life? Lessons from the longest study on happiness.