There’s no denying the fact that the global pandemic has put countless people in a financial bind, stuck in between layoffs and unsure jobs, and dealing with quite the economic mess to clean up after. And even though it’s been close to a year and a half since Covid-19 was declared a global pandemic, strict budgets and smart money management have become staples in most people’s daily lives because most of us have yet to see full economic recovery.
However, one common misconception regarding money management that we often see tossed around is the idea that it prevents people from having any fun when, in fact, it’s the one thing that’s enabling you to do any other activities in the first place. And so, to help quell this wrong statement and help bust this myth that’s been going around, we’ll be discussing just why money management is the saving grace that keeps us sane.
Don’t Mistake Unnecessary Costs For Sources Of Happiness!
Look, if you’ve been missing the opportunity to spend lavishly and not care about what you have in your virtual shopping cart, then what you have in mind is the farthest thing from happiness; those are unnecessary expenses tricking you with feel-good hormones. And if you used to have a bad case of the shopaholic in you, then you could just be experiencing some withdrawals because you can’t seem to scratch the itch of spending and shopping now and then.
- Investing Time And Resources Fruitful Hobbies: Of course, money management isn’t just about cutting back on all your expenditures; it’s also about putting your money and resources to good use. And if you’ve meant to invest in a fishing hobby or buy some new woodworking gear, then feel free to invest in things that are fruitful and will last you a long time.
- Finding Fun In Activities That Don’t Cost Much: Another way money management teaches you about the finer things in life is that plenty of exciting activities can offer just as much fun at a zero price tag. For example, trying out a new exercise routine to offset your stationary time is not only fun but also gets you moving around the house, all of which won’t cost you a single dime.
No One’s Telling You Not To Touch Your Savings And Investments
Although common principle does support the idea of keeping your expenditures limited to needs alone, that doesn’t necessarily mean all forms of spending and touching your savings and investments are off the table. This is your finances that we’re talking about and how you choose to spend and go about your money is still up to you to decide.
- Everybody Deserves A Pat On The Back Now And Then: One way of having fun with your money is knowing that your hard work and discipline deserves some personal recognition once in a while. So, if you can confirm with confidence that you’ve been following your budgets and dwindling the expenses over the past few weeks, then don’t shy away from one happy purchase like a gadget or game you’ve wanted to buy.
- Your Earnings Will Be For Naught If You Don’t Spend Them: Yes, letting your principal stay, weather the storm, and catch the next wave of growth are all smart investing strategies, but let’s not forget that you’re supposed to send these earnings as well. So, if you’ve been on the streak of a strong bullish trend for your savings and portfolio, don’t hesitate to allocate some of the dividends for fun little adventures like meeting up with friends or getting that custom-design Artbroz shirt for once.
It’s All About Achieving That Balance And Peace Of Mind
Last but not least, let us remind you that smart and sustainable management is achieved through balance and peace of mind, and you can’t expect to reach those goals if you’re super stingy with your cash. Of course, some outliers and people don’t mind being super frugal, but that doesn’t mean you should mimic the same because our spending habits and financial tolerances are unique.
- Start Small And Work Your Way Up: We know how tempting it can be to jump into the money management train and straight-up challenge yourself with the strictest budget known to man. However, while the enthusiasm does deserve credit, it’s always much better to start small and slowly work your way up. As a result, you reduce the risk of giving in to the pressure and find the experience enjoyable.
- Don’t Fight The Uphill Battle Alone: While personal finances often mean our wallets, you don’t have to fight the uphill battle of money management by yourself. Feel free to look for an accountability partner among your friends and family to help push each other because a bit of companionship does help with the struggles you’ll face along the way. Just remember not to force anyone, though, because that’s not cool!
Money Management Should Be Fun And Don’t Let Anyone Say Otherwise!
Overall, it’s about time we say goodbye to these misconceptions that money management prevents fun because that’s not the truth. All these budgets and tips are for your benefit, and that also means enabling you to have fun even when times don’t seem like the brightest.