March’s money tip is to know your why. By this, I mean getting very clear about your reasons for enhancing how you USE (understand, spend and earn) money.

Rather than having a vague notion that you should become more financially literate, consider what impact this might have on your life. 

Will greater financial literacy support you to optimise your income and expenditure, better manage your debt, make a more informed investment decision? And what, in turn, will that mean for your sense of freedom and security?

Instead of the inner critic gnawing at you to be more financially responsible or to get out there and boost your income levels, imagine what spending more mindfully and earning more confidently will do for you, your lifestyle and your values.

In blunt terms, ask yourself why bother and get very clear on your reasons.

Your why might be –

• Providing more adequately for yourself or your family now and in the future
• Feeling at ease when you spend money on things that bring you joy
• Greater choice as to what type of work you do, when and for how long you do it
• Being free to pursue your passions, hobbies and interests
• Maintaining your standard of living into retirement

Be as specific and detailed as you can. 

Your why will give you clarity around the steps you need to take to enhance your financial well-being as well as how best to go about it in a way that is aligned with your vision and values. 

Your why will keep you focused and motivated to achieve your financial goals even in the face of obstacles and challenges.

And if your personal finance why can align and support your bigger why or purpose, then that is where the real magic happens. 

To learn more about your bigger why or purpose, I recommend this article by Margie Warrell, Simon Sinek's Ted Talk 'How Great Leaders Inspire Action' or the transformative read that is 'Man's Search for Meaning' by Viktor Frankl.

Understanding what is driving your current or past behaviour when it comes to money, will also support you on the path towards a better relationship with money.

Our latest blog article ‘Spender or Saver?’ examines the role of personal traits in financial decision making and provides a useful framework for harmonising the four key elements of financial well-being.

Our next group workshop will take place on March 25^th. The workshop builds upon the theme of conscious money management and will provide participants with a framework for sound financial decision making by examining your why, your values and your emotional states when it comes to money.

Further details and Eventbrite booking link to follow soon.