EX­PERT AD­VICE

ELLE (Canada) - - Self- Love -

CONFIDENTLY MAN­AG­ING YOUR MONEY IS INTE-GRAL TO LOV­ING YOUR­SELF Your bank balance does not de­ter­mine your self-worth, but let’s not get it twisted: In­se­cu­rity around money is real, be­cause ei­ther you feel like you will never have enough or you fear that you’re mis­han­dling the cash you do have. Shan­non Lee Sim­mons, cer­ti­fied fi­nan­cial plan­ner and au­thor of Worry-Free Money, ex­plains the way to fi­nan­cial fear­less­ness, one dol­lar at a time.

1. Stop bud­get­ing... “Tra­di­tional bud­gets set you up for fail­ure. They aren’t re­al­is­tic for mod­ern life and keep money at the fore­front of your brain all the time. This keeps you in scarcity mode and con­stantly stress­ing. Don’t spend out­side your means, but stop bud­get­ing ev­ery sin­gle dol­lar. All you need is a line that sep­a­rates money you can spend from money you can’t spend each month. Know your ‘hard limit’ and spend on what­ever you like—guilt-free!”

2. ...and spend on what makes you happy. “Some­times spend­ing money makes you feel amaz­ing, while some­times it’s scary or you re­sent it—like those times when you go out for drinks with friends and $40 is af­ford­able for every­one but for you it means you won’t be able to pay your rent. If you feel like some of your money is ac­tu­ally for you and your own en­joy­ment, you’re less likely to give up on fi­nan­cial plans al­to­gether be­cause it won’t feel so suf­fo­cat­ing and re­stric­tive.”

3. Ditch the guilt. “I of­ten meet clients caught up in yo-yo bud­get­ing. They go over bud­get. They give up. They feel guilty. Re­peat. We need to be kind to our­selves. Life is ex­pen­sive. Re­mem­ber that a lit­tle goes a long way. Map out where you stand fi­nan­cially—what’s com­ing in and go­ing out each month, what you want to save for—and then take one small ac­tion, even if it’s putting $25 ex­tra to debt or sav­ings. You need a few small wins to get you ex­cited about your money again.” h

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