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Behavioral Finance

Enjoy the Present When Thinking Ahead

There tend to be three types of people: those stuck in the past, those that are content in the present and those looking ahead to the future. With that being said, it tends to be  the people that are the happiest are the ones in the present!

While it’s great to be responsible and think about future decisions, if you think too far ahead, you might not be able to stop and smell the flowers and appreciate what is happening in your life now! You might want to avoid thinking ahead so much and instead live in the present more often. When you apply this to your finances, you’ll likely find that you’ll enjoy your hard-earned salary just a little bit more.

While it’s good to save for future goals, make sure that you’re taking the time to save for goals  you can enjoy now as well, so that you can enjoy the fruits of your labor. For example, you might want to save for a vacation or a technological device  you have always wanted.

How Do I Think More About the Present?

Any progress requires thinking differently, so here are some tips to get you started:

  • Tip 1: Make Memories You Can Reflect On-There are a variety of ways you can start doing this. Maybe it is a struggle for you to spend money on a vacation—even though you’ve worked hard to save—because you’re worried  it’s a big expense and you could put the money towards something else such as retirement. Consider putting together a list of twelve things you’ve been wanting to do and start using part of your saved money toward those things. You can plan one activity or purchase per month so that it doesn’t feel like excessive spending.
  • Tip 2: Create A Gratitude Wall- While there’s a good chance you have lofty future goals, start thinking about what you’ve accomplished in the past and present. What has your money allowed you to do? You might even include things such as paying off your loans, getting a bonus or picking up a side gig. Try to stay focused on the here and now and what you have been able to do thus far.
  • Tip 3: Do a Random Act of Charity- One great way to keep you in the present is to help someone. You might even consider doing a random act of kindness for someone today or later this week. It doesn’t have to be big; maybe you pay for the person behind you when getting your daily coffee or maybe you donate some canned goods to a charity in need. In any case, studies show that people who help others receive greater happiness in return and helping someone in need can allow you to focus more on the present.

Thinking ahead is a great attribute to have but you don’t want to take it so far that you’re missing out on life’s joys. Remember money doesn’t bring happiness but you can use it for happiness. Well-considered spending or even splurges, will likely make you happier, but take the time to plan and make sure that it is money you want to spend.

For more information on how to enjoy the present when you are always thinking ahead, access the full article here. 

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Useful Links

  1. How to Work Toward Financial Independence and Still Enjoy the Present - My Debt Epiphany
  2. The 50/30/20 Budget Rule Explained With Examples (investopedia.com)
  3. Mindful Money Management: Balancing Present and Future Needs – Raise The Bar Investments (rtbinvestments.org)
  4. Healthy Money Relationship | Desert Financial