money boundaries

Healthy Money Boundaries We All Need

Being prudent in your personal finances is a topic that is often avoided. However, it’s important to have healthy money boundaries. Here’s why; setting up healthy money boundaries for your finances will help you manage your finances properly, so you can live a more fulfilling life and enjoy the things you want to.

Let’s be real, money is something that we all need in order to survive or thrive in this world.

Why do we struggle with boundaries?

Sampling opinions, we found out that some people avoid finance conversations because they do not want to face the reality of how not so responsible, they have been with their finances, but this does not paint the real picture of where they are and what they need to do to get better

How to set healthy money boundaries

The first step is to identify your values and goals. What do you want your money to do for you? What are your financial values? Do you want to be able to buy a house, set up a business, or retire early? Once you know the answers, it’ll be easier for you to set up boundaries that support your goals.

There are two ways:
  1. Budgeting – With a budget, the goal is usually saving money- so setting up a limit on how much can be spent each week or month is a good idea.
  1. Spending plan – On the other hand, if the goal is spending less than usual, then setting limits on when and where that spending can happen might work better for you.

Most people can’t account for their finances because they’re the go-to for their friends and family. If you’re in this category, know that you can’t help others if you don’t help yourself first. Sometimes you have to say “no.” Your money is nobody’s business but yours, and that’s okay!

You also don’t need to spend money meant to be saved to impress anyone. People who are not you do not need to know your business. Stay in your lane. Do things that bring value to your life rather than just owning things.

Another vital money conversation is knowing your worth. If you are taking a new job or running a business, always charge your worth. Know that money is a tool, and if you earn well, that tool can uplift you. When going into partnerships, always have money discussions in advance.

It is important to know how you spend your money. Most especially, spending it on things that add value to your life is more important than just buying things as they come along or trying to maintain some sort of status. Learn to start making good financial decisions by yourself, or in partnership with a trusted adviser.

Finally, there is no better way to set money boundaries than making savings your priority. After making your budget and saving plan, save a percentage of your income, especially in a savings platform that guarantees high interest like Reaprite. Want to start saving? Visit Play Store or App Store, download the Reaprite app and start today!

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter
get weekly updates, kindly enter your email address to subscribe now.