Like a lot of things in 2021, celebrating Chinese New Year will be different. Many of us are still in lockdown mode, and the future is riddled in uncertainty. As if the festive seasons aren’t stressful enough!
(Image via Says)
There are a lot of things that we can’t control right now – we need to shift our focus on what we can control. More than ever, our physical, emotional, mental and financial wellness is critical.
According to wellness expert Deepak Chopra, “the amount of money you have has actually very little to do with whether you’re financially secure or not financially secure”. Someone could have fifty thousand ringgit and feel financially secure, while someone else could have a million ringgit and still not feel financially secure.
Being financially secure is when you don’t have to worry about money – you can pay your bills on time, you can afford to stay safe and healthy, and you don’t fear you’ll run out of money.
To welcome in the prosperity 2021 still has to offer, here are 5 secrets to unlocking your own financial wellness:
1.‘Financial Wellness’ Is Better Than ‘Wealth’
Repeat after me: your net worth does NOT define your self worth!
The problem with chasing wealth is that you can get addicted to chasing an arbitrary amount of money. Money can open the doors to happiness – security, safety, healthier options – but it isn’t happiness in itself.
Instead of focusing on just a number like “I want to be a millionaire!”, take action to understand your financial situation better. How much do you need to pay off your debts over an achievable amount of time? What are your monthly contributions to your retirement fund? Are you saving consistently?
Tackling these questions can make you more mindful and confident about your finances.
2. No Spending Day
Having one day out of the week where you don’t spend any money. Use your creativity – doing a Youtube workout, Skyping a friend and concocting a meal from what’s in the freezer are all free and fun!
Plus, having one no spend day will make you more mindful about spending, and will remind you to find happiness in the non-material things.
3. Automate Your Savings
Before you spend a single ringgit, put away money into your savings. Start with 10% of your income, or even less if you can’t afford it yet – the important thing is to just start.
You can do this by opening a savings account or through the HeyAlfred app.
When you automate your savings you don’t have to go through the effort of manually doing it every month. And when you have savings set aside, you will feel more secure and confident about your financial wellness.
4. Have Honest Conversations About Money
Talking about the latest gossip is so passé. Talk about money instead.
There is so much stigma surrounding money, but talking about it can reduce financial stress. Even if you’ve made bad decisions, bringing it up with those close to you* can help solve those problems and create a way forward.
*Important Disclaimer: this does not apply to nosy relatives who ask things like “Girl ah, how much do you earn?” / “Why you notchet buy house I thought lawyer earn big money?”
5. Give More Money
Giving to others is always going to bring a sense of happiness and fulfillment. Sharing your wealth -no matter how small- will make you feel abundant and drives a sense of purpose. The best thing is, the universe always rewards us back when we learn to give.