Affirmations, Regrets, & Dessert

"Like all regrets, our money ones share a defining quality: They tend to stick with us and make us wonder about what might have been. That makes them dangerous, because often we have trouble moving past them."  Chris Taylor

Affirmations - Your Mindset Matters

Leslie Boden - Director MMC

"When things get tough, the tough go shopping" - how many of us have heard some version of this in our lives?  By changing our narrative or affirmations you can actually rewire your brain.

Seriously, creating affirmations can change your mindset and help you turn a thought into actual action. Ask any of our "Money Mindset Makeover Workshop" participants. Over 86% of them will attest you can shift your mindset. 

The key to any shift is practice.  Want to give it a try?  Grab a few post-it notes and try some of these on for size or create your own.  You might be surprised at the transformation of your mindset after practicing a few daily affirmations.  

"I deserve a prosperous life."

"I control money, money doesn’t control me."

"I believe in my ability to earn more money."

"I choose to spend my money wisely."

"Finding ways to have fun in a frugal way is enjoyable."

"I have the discipline to make hard financial choices"

You can never have too much positive thinking.

I'd like to hear about your Affirmations, feel free to email me at: moneymanagementfisc@gmail.com​

How to harness the power of money regrets

 By Chris Taylor - Reuters 

Are you haunted by a money regret?

If it is any consolation, it seems like a lot of us are. For his new book “The Power of Regret,” author Daniel Pink asked about the things we regret the most – in a poll of almost 4,500 Americans, and a World Regret Survey that drew more than 16,000 responses from 105 countries.

The topics of regret are all over the map, from bullying someone in school to not spending more time with family. But for 14% of Americans, the regret relates to money.

“Small money choices, made early, can accumulate over time into a really bad situation,” Pink says. “It sneaks up on people.”

Indeed, when we asked readers on social media about money regrets, we heard a wide range of responses, but a few key themes stood out. Here’s a sample:

“I wish I bought even $1 worth of Bitcoin when I first heard about it.”

“I wish I understood the idea of compound interest, in relation to saving when I was younger.”

“Spending so much money on really expensive shoes.”

“Not putting aside a tiny amount each month.”

“Student loan debt.”

“Not maximizing my 401(k).”

“Investing in GameStop, thinking it would explode.”

When personal finance site Bankrate crunched the numbers in a survey last year, three specific regrets topped the charts: “Too little emergency savings” at 20%; “Too little retirement savings” at 19%; and “Too much credit card debt” at 18%. Only 15% of people said “none.”

“It’s not great to get stuck in that shame cycle,” says Bari Tessler, a financial therapist and author of “The Art of Money.” “I’m a big fan of having compassion for yourself, because we were doing the best we could with the skills we had at the time.”

Instead of ruminating about dumb money decisions – and we have all made them – look at them as learning opportunities.

In that way a financial regret can be like a “knock at the door,” says Pink: If your brain wishes you had taken a different action in the past, at least you can use that knowledge to make better decisions in future.

So if you did not manage to save anything in your twenties, at least you can try to put away more right now. “It’s like the old proverb: The best time to plant a tree was 20 years ago, and the second-best time is today,” Pink says. The same holds true for something like starting your own company. You may wish you had struck out on your own as an entrepreneur 20 years ago, for example. If so, what precisely is stopping you today?

Most importantly, do not subscribe to the “No Regrets” philosophy that is so pervasive in modern culture, Pink says. Instead, use those money regrets to spur you to positive change. "In the middle of our lives is where regret can be especially potent," Pink says. "At 20 years old, there is not much to look back on. At 90, there is not a whole lot to look forward to. But in the middle of your career, you can look both backward and forward – and draw lessons from those regrets." (Editing by Lauren Young and Karishma Singh)

But what if we all took a step back and reconsidered our priorities? What if we focused less on buying things we don't need and more on developing meaningful relationships and enjoying the simple pleasures in life?

Here are some tips on how to stop being materialistic to help you discover the joy in simplicity.

Am I materialistic? What does being materialistic mean?

Many people equate being materialistic with having a lot of money and possessions. While it is true that some people who are considered to be materialistic may have more than others, the definition of materialism can be much broader than that.

To be materialistic can also mean focusing on the physical world and what it can offer rather than looking to the spiritual or intellectual side. It means valuing things like wealth, status, and appearances over qualities like kindness, compassion, and intelligence. Do you think you might be materialistic?

Check out the characteristics of a materialistic person below and see if you identify with any of them.

Characteristics of a materialistic person in today’s culture, it is easy to become materialistic. Especially since we're constantly bombarded with advertisements that promote the latest trends in fashion, electronics, and jewelry.

So what are the characteristics of a materialistic person? Here are some of them.

They value possessions more than relationships

Materialistic people can often become more interested in the things they own than in the people around them. Some may even have a difficult time building and maintaining relationships because they're so focused on acquiring material possession that they end up neglecting their family and friends.

They care about others’ opinions

Materialistic people often base their self-image on their possessions and the image they project to others. And they tend to care about what others think of them.

This is why they might resort to acquiring flashy material possessions to show off to others. For example, flashy cars, diamond rings, designer bags, etc.

They often brag about what they have

Most people like to show off what they have. It could be a new car, a new phone, or just the fact that they were able to get something that others wanted. But this especially rings true for materialistic people.

They tend to brag quite a bit about their possessions and show them off to anyone who will listen. And while there’s nothing wrong with having nice things, it can become a problem when it becomes more important than anything else in your life.

Their home is cluttered with stuff they don’t need

People who are materialistic often find themselves making impulse purchases because of their insatiable thirst for more.

This is quite common because in our society today we're encouraged to buy new things. This is how materialistic people often find themselves in cluttered homes with stuff they don't need.

7 Actionable tips on how to be less materialistic

Materialistic desires don't just come from within. They also stem from social pressures that tell us we need certain things to live happy lives. Here are some actionable tips on how to stop being materialistic and start valuing other things in life.

1. Limit your social media consumption

When we constantly see images of people's luxurious lives on social media, it can make us feel like we're not living up to our full potential.

We may start to feel the need to shop even more in order to keep up with everyone else or fit in. This can lead to rampant consumerism and a cycle of always wanting more.

But if we limit our social media consumption, we'll be less likely to be influenced by others' material possessions. We'll be more content with what we have and not feel the need to keep up with the Joneses.

2. Value experiences over material things

One way to become the opposite of materialistic is to start valuing experiences more than materials. When we focus on experiences, we tend to be less concerned with acquiring more and more stuff.

And when we do acquire something new, it doesn’t have as much of an impact on our happiness levels. Mainly because the excitement of buying new material things are fleeting while the memories of our experiences can stay with us for a long time.

3. Practice gratitude

Another powerful tip on how to stop being materialistic is to practice gratitude. Gratitude is a powerful tool that can help you break free from the chains of materialism and live a more content life.

When you take the time to be thankful for what you have, instead of always wanting more, you'll find that your focus shifts. You'll start appreciating the things you own more. And eventually, stop feeling the need to constantly buy new things.

4. Declutter your living space

Decluttering your life is a fantastic way how to stop being materialistic! A decluttered space allows you to relax and focus on what's important.

This way, you're not constantly being pulled in different directions by the things around you. With an organized area, you can now calmly assess each item and decide whether it deserves a place in your life.

This process of reflection leads to a more mindful approach to living, which in turn can help reduce materialism.

5. Indulge in healthy hobbies'

If you're wondering how to be less materialistic, consider learning healthy hobbies. They can help us connect with our inner selves and find meaning in life outside of material possessions.

Gardening, for example, can help us appreciate the beauty of nature and understand our place in the world.

Crafting can allow us to express ourselves creatively and connect with other people. While sketching and drawing can help us to see the world from a new perspective.

6. Shift your focus onto the needs of others

When our focus is on helping other people, it becomes much easier to stop worrying about what kind of car we drive or what brand of clothes we wear. Start small if you have to. Then begin shifting your focus from yourself to others, and your wants will become less important over time.

When you start being concerned for other people's needs instead of just your own, materialism starts to lose its appeal. You will notice yourself becoming the opposite of materialistic!

7. Realize that you can’t take it with you

When we come to terms with the fact that everything we have in this life is temporary, it can help us become less attached to material things.

In other words, when we realize we can't take any of our possessions with us, it makes us less interested in accumulating things. This isn't easy for most people to do, but it's a valuable perspective to have.

Why we should be less materialistic

It can be hard to be the opposite of materialistic because we live in a society where materialism is rampant. We are bombarded with ads that tell us we need to buy things and have more stuff. But there are many benefits to being less materialistic.

More time for other pursuits

One of these benefits is the increased time you spend on other pursuits. For example, having quality experiences with loved ones instead of spending all your money on possessions.

Another benefit is the reduced stress and anxiety levels when you don't base your self-worth on the things you have.

Not always buying reduces waste

Also, not buying every new material item that comes out helps reduce waste and save our planet. Of course, another huge benefit is saving money!

You can save more money

Since you won't be inclined to buy up a bunch of stuff you can save more money for things like vacations or perhaps doing something nice for someone else. So, there are many benefits you will reap by living a simpler life with fewer things.

Q1: How attached are you to material possessions?

1. I’d fall into a deep depression if I lost all of my material possessions.
2. I’d be quite upset if I lost my material possessions, but I’ll probably recover within a few days.
3. I don’t care too much about losing my material possessions. I’m alive, and that’s all that matters.

Q2: When you go on a date with someone, what interests you the most about them?

1. The amount of money they have.
2. The way they dress and present themselves.
3. Their personality.

Q3: How do you feel when you see someone driving a fancy car?

1. I feel jealous and envious since I deeply crave having the same lifestyle.
2. Seeing their success makes me happy.
3. I don’t feel much since I don’t desire owning fancy cars.

Q4: How often do you daydream about owning designer clothes?

1. Every single day.
2. Once or twice a week.
3. Rarely.

Q5: You just received your monthly paycheck. What do you do with the money?

1. Spend every single penny of it on material possessions and luxury goods.
2. Spend half of it on material possessions and save the other half.
3. Save and invest the majority of it.

How materialistic you are based on your quiz results

Here are the results from our Am I Materialistic quiz!

1. You’re quite materialistic

If you found yourself answering mostly 1's on this quiz, then you might be quite materialistic! You might love to shop and often daydream about owning expensive designer items such as Birkin bags or Balenciaga shoes.

2. You like the idea of “frugal materialism”

Did you answer mostly 2's? Then you might be a frugal materialist! Though you enjoy owning nice material goods, you also try to shop intentionally rather than constantly. Sure! you might splurge once in a while. But at least your savings account balance looks nice and healthy.

3. You don’t care much about material possessions

If you answered mostly 3's, then you're the opposite of materialistic. You're quite content with what you already have, and genuinely don't feel the need nor desire to purchase more. For you, living a life of simplicity matters more than a life of luxury!

No matter what your results were from our "Am I materialistic quiz," remember you can use our tips to learn how to be less materialistic! You can always aspire to be better and make positive changes.

Learn how to be less materialistic and value experiences more than material things!

While becoming less materialistic may seem daunting, there are ways to make this transition easier.

By evaluating our motivations for buying things and being more thoughtful about the purchases we make, we can gradually become less reliant on material possessions for happiness and fulfillment. You may be surprised that living on less can lead to a much more meaningful life!