Money is believed to be worth more than just a means to an end. No wonder our behavior is difficult to explain by the value of money. Many people continue to make money as if what they have earned is never enough. Such is the power, so that money can be one of the main causes of the emergence of stress. Therefore it is very necessary the ability to manage finances well in order to avoid stress.
Research shows there is a link between financial health and psychological health. It is as if the two complement each other so that it is not certain which is the cause and which is the effect. Some experts believe that someone who is often worried about financial problems can increase stress and risk the emergence of psychological health problems. While some other experts argue that psychological health problems that interfere with financial management can result in a decrease in self-control and trigger more spending. Even further, psychological health can interfere with work performance which ultimately reduces income and increases the difficulty of paying routine bills.
Apart from the endless debate, it is like discussing what came first between chicken and eggs, self-control and financial management do indeed take a separate portion in our minds. Brain work can not be considered light when we think about paying for daily groceries, home payments, monthly bills, or savings. It takes a lot of brain power that is mobilized only specifically to make financial decisions. This kind of decision, big or small, requires determination or willpower. But just like muscle endurance, determination can experience fatigue and lose strength if we work hard.
A study found that weak determination makes us less able to control spending. Thus, people who are determined to be weak due to being too often forced to control themselves, are more likely to spend more money and buy additional items that are not emergency or important, compared to those who do not focus on their determination. The solution is only one, we must be able to set the determination and self-control in order to maintain health, both financially and mentally.
The following steps can be taken in an effort to build self-control to control income, storage and expenditure.
Change your money deposit system at the bank from now on
Arrange investment or savings accounts that withdraw funds automatically from your salary. This way, you don't need to worry and instead spend on unnecessary things when your salary is in your hands. Research shows that an effective way to save more money is to place your money in an account that requires you to wait some time or reach a certain target amount before the funds can be withdrawn.
Make priority in solving problems
Avoid thinking about various financial problems at one time. Scale priorities and focus on solving one problem first. Research shows that determination or willpower can be easily drained if we take too many decisions at once.
Withhold expenditure for expenditure outside the budget
To help you manage expenses, as much as possible avoid activities in the shopping center area. If you really have a meeting or there is a need to go to the mall, try to only bring cash according to the budget needed. Leave debit and credit cards at home to avoid impulsive shopping opportunities.
No matter which comes first, between financial problems and psychological health problems, solving them together can be the right solution. If your finances are healthy, it's easier for you to improve your psychological health. And vice versa, when your psychology is in good health, it's easier for you to manage finances for the better.
If you are someone who has no problems with financial and psychological health, it is still a good thing to pay attention to financial and psychological health.
A financial expert teaches the most effective way to get happiness from money is to share it for the good of others. Starting from buying a small gift for relatives to contribute to something bigger for the community. This form of gift can be voluntary as a charitable donation, or not voluntarily when paying taxes, investments, or others. Whatever it may be, the brain shows the same response in the area of the dopamine reward system. The benefactors who have proven this include Bill Gates, Andrew Carnegie, and Mark Zuckenberg. In addition, try to be optimistic in managing money. Optimists tend to be more resilient, have a stronger immune system, and live a long life.
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