3 Mental Roadblocks Between You and More Money

3 Mental Roadblocks Between You and More Money

“Money blocks,” or mental obstacles between you and your money, are real. At one time or another, most of us have experienced them. These blocks could be a series of thoughts or beliefs, a mindset or a feeling, that get in the way of healthy financial habits and improving our financial wellbeing. Here are three money blocks that may holding you back.

road block

You’re disconnected from your finances.
In today’s digital world, we’ve become increasingly detached from our money. With online banking, mobile transactions and automated payments, there’s no longer a need to go to a physical financial institution regularly. But keeping a close eye on your accounts at least weekly is important. It keeps you in touch with your money goals (consider renaming your savings account Vacation or Retirement) and also helps you spot potentially fraudulent activity (did you make that transaction?) and avoid fees from costly overdrafts (oops!). You can also utilize your financial institution’s resources to stay in touch with your finances. While Affinity’s events and seminars are cancelled during the ongoing COVID-19 crisis, you as a member have access to financial education videos and other online resources to help you face your financial challenges and goals.

You don’t believe you’re “good with money.”
If you think it, it must be true, right? Not necessarily. Maybe you’re not great with math or you’ve made a negative financial decision in the past. But neither of those things should significantly factor into your current financial situation. Forgive yourself for your money mistakes, take the lessons you’ve learned and keep moving forward. Take small actions to build your confidence in your capability to manage your money. Create a budget. Set a near-future savings goal. Shift your mindset and good fortune, literally.

You don’t ask for help.
It’s easy to get stuck in a stagnant state – including with your personal finances – if you struggle to ask for help or think asking for help means you’re failing. Learning to ask for help is not only good for altruistic reasons; it makes “business” sense and is also beneficial to your overall wellbeing. Build a team of reliable people you can trust to help you achieve your money goals. Meet with a financial advisor today, even from the comfort of your home.

Many of us have to practice social distancing due to the COVID-19 pandemic. Use some of your “free” time to think carefully and seriously about your financial wellbeing. Identify any money blocks that you might be experiencing and take steps to address them. Also, it’s possible you’ll fall short of some goals right now, especially if the current economic crisis is directly impacting your job and/or income. That’s okay; you’re not alone. The people who will succeed are those who can stay positive and power through these trying – though hopefully temporary – challenges and keep moving forward anyway.

                                                   

For additional information and updates from Affinity about COVID-19, please visit https://www.affinityfcu.com/banking/we're-here-for-you.aspx

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.  

1 Retrieved from https://www.nytimes.com/interactive/2020/us/coronavirus-stay-at-home-order.html