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Your money and you
Part two in a five-part series on personal finance basics
BY LANA SANICHAR
MONEY IS a very emotional topic. We often
approach the conversation with fear, frustration
and anxiety. So it should not be a surprise that
our money mindset is a powerful thing. How we
feel about money drives every single financial
decision that we make on a daily basis.
You’re probably asking, “What does mindset
have to do with money?” The answer: quite a bit.
Most people believe that personal finance is simple math. What they earn minus their expenses is
just the way it is. But it’s not really. Your mindset
affects how you earn, save and grow your money.
Someone who approaches their money and
their finances from a place of abundance is
thankful for what they have, believes they can
have more of it and sees opportunities to grow it.
Recognizing the signs
Here are some beliefs and actions you may
have already taken to approach everyday finan-
cial decisions from a place of abundance. You:
• Have forgiven yourself for past financial
• Appreciate what you already have.
• Don’t compare your financial situation to
• Set goals and strive to meet them.
• Focus on the big picture as you navigate
individual, daily financial decisions.
• Manage your bills in an organized manner.
• See opportunities to grow your earning
Although recognizing these signs is a great
step, creating great financial habits will propel
your relationship with money forward into one
The following suggestions are just a few simple places to start to create great money habits.
Starting small will help pave the way for bigger
Set up a “money date” with yourself or your
significant other. Every couple of months, my
husband and I set aside an evening with a glass of
wine and our bills. Besides tracking our spending, we discuss any past and/or future financial
transactions to ensure that we are on track
toward our goals. We address any debt, savings or
upcoming large purchases.
Keep an eye on your bills. Go through your
bills to ensure that you have not been overcharged on anything and to look for services that
you no longer use. Automate everything. With
our busy lifestyles, it is easy to forget bills that
Interest charges. Avoid interest at all costs by
paying off statements. If you make only minimum payments, it could take upward of ;; years
to pay off your credit cards, depending on your
balance. That’s a lot of interest.
Negotiate services. Negotiate on the services
that you use. I especially target services like telecom, television and gym memberships. If you
contact the loyalty department of your service
providers, they may provide a discount on your
current plans. I’ve done this many times with my
mobile phone, home phone and television packages. It can save a lot over the period of a year.
Remember: Money can create a lot of undue
stress and fear, but it doesn’t have to. Recognizing
how you identify with money, acquiring a bit of
knowledge, forming good habits and setting
goals will help you overcome your fear to create a
healthy relationship with your finances. C
Lana Sanichar is president and editor-in-chief of
Canadian MoneySaver magazine and co-host of
The MoneySaver Podcast.
Stay tuned for the next topic:
Ways to maximize your income. $