Link Audit Finance

All money is a matter of belief

Month: October 2018

Understanding Emotional Spending And Saving

How you use your money is a reflection of your thoughts and emotions. Another way to say this is that you handle your money according to how you think and how you feel. When your thoughts and emotions are unbalanced or unhealthy, this will show up as unbalanced spending, addictive behaviour or irrational decision making.

How Does This Work?

If you have an emotional issue or a negative thought form, and you don’t know to resolve it, money will be used to “paper over” the issue until it goes into your subconscious mind – or you are not thinking or feeling it any more. An example is if you believe you are unworthy of having a good job, you will struggle along in your present job. You may be technically making enough money to make ends meet and to enjoy some of your time, but this thinking makes you feel off. You want to feel better at a given moment in time, so you buy yourself a “treat”. There is nothing wrong with doing this as long as the intentions are clear. If you buy yourself a treat all of the time instead of “fixing” the negative emotion, you will get into the habit of buying things all of the time. It may get to the point that you are not even enjoying the things you are buying – you are simply using the shopping as pain relief. If this happens often, you will start to run out of money and this will cause other issues.

What Is this Addictive Behaviour?

I use the word “addictive” to describe this situation because the pattern is similar to a drug or alcohol addiction. A trauma happens resulting in a negative emotion that cannot be resolved. The emotion stays in the body and resurfaces later on, causing negative feelings. Alcohol is consumed to soothe anger. Since the alcohol makes you feel better, it is consumed whenever the negative emotion comes up. This becomes a habit, and the alcohol is consumed regularly – and it becomes an association like “I am angry and I want to feel better.” The alcohol starts to make you ill because too much alcohol stresses your body and you become “an alcoholic” when you don’t have another way to feel better. Meanwhile, the original trauma and anger are still residing in the body.

For the alcoholic, the booze is the “hit” that makes you feel better. For money, buying things that gratify represents the “hit”. You will know it is a hit because the euphoria wears off quickly and the problem is still there the next day. It may even look worse because you feel guilty at having gotten drunk, stoned or broke, and still the bad feelings persist.

How Do I Resolve this?

Money is often spent unconsciously – this means that money is spent in reaction to a feeling or thought rather than a conscious decision. The solution involves bringing the unconscious into the conscious so you can change the reaction. How do you do this?

When you buy things, write down what you purchase so you can see it. For frequent and small purchases, as well as for infrequent purchases, recording the transactions will allow you to see how much you spend over a period of time and whether it is reasonable or not. You will likely forget how many times you made frequent or rare purchases.

Pay in cash. The act of taking cash out of your bank account, counting it at that time, holding the money in your hand and counting it when you buy something forces you to ask yourself why you are doing a transaction. Since it is now conscious, the cold light of reason or observation may change your decision. Paying with a debit card, credit card or other electronic means does not register in your conscious mind the same way and the “check and balance” of your mind is typically bypassed.

Ask yourself how you are feeling when you decide to buy something. If you are craving something, are moody, irritated, frustrated or angry, you are likely to buy more. I speculate that you are forced to line up and wait for purchases or are put on hold when buying on the telephone to get you frustrated for this reason.

Don’t shop hungry, thirsty, distracted or emotional. If you are not happy or satisfied when you enter a store or web site, you are bound to want to feel good instantly, and this means buying things you really don’t need.

Man Versus Society

Unfortunately, handling money wisely and shopping because it is the best decision to make is discouraged. Consuming at all costs and for all reasons is encouraged. You are never asked if you need the item you are buying, whether you can afford it, whether you have better things to do with your money, whether you should maybe not shop at all or whether you should buy at a later time. The siren call of shopping as much as you can right now with debt if necessary is what you will constantly face from society. Since nobody will ask the questions, you will have to ask them yourself and provide your own balance to the insanity of spending blindly.

Emotional Saving

Is spending money bad? No, spending and saving are decisions that can be made for good or bad reasons. Can someone save too much money? The answer is a resounding yes. The frugal person may have their own demons to deal with which are: I don’t have enough money, I may need the money tomorrow, I want to make sure I survive etc. This person may never spend when they should be buying things. This person can also be hungry, thirsty, distracted or emotional and can make decisions to never shop because that keeping their money makes them feel better.

Balance

The key is all about balance. If you can balance your thought patterns and emotional states, your bank account will also be balanced. If you are buying things because they are valuable to you and you are getting a lot of joy from them, than these things are likely worthwhile. You will also have to dig deeply into where the feelings of lack, guilt, shame, rage and frustration come from. Once you realize that you are loveable, adequate, powerful and worthy, many of these addictions simply will not exist.

Do you want to: Learn how the world of money really works without the need of a time consuming or expensive course of study? Discuss what you want to achieve according to your horizon? Restructure your finances to achieve your goals? Advice that is not affiliated with any institution or any product – an independent opinion?

 

Trying Online Payment For First Time

Consumers are used to having instant connections with information, entertainment, other users through text message, social media and products they want to purchase. Since people expect that almost all their needs can immediately be addressed with the help of technology, it is not surprising that they would rather go for online payments and the businesses that accept them.

The top reasons why people choose online payments are as follows:

They get rid of geographical limits.

A person who travels to another country/continent has to adapt to the place and make do with what they have inside their wallet. This may mean exchanging foreign currency or using another credit card than what they would commonly use. Online payments get rid of the problems that keep them from joining in an international marketplace.

A lot of payment processors supply businesses so they can accept a wide range of currencies, automatically compute the current exchange rate based on the currency, and also adjust to the language and info provided in checkout forms to take in the different languages spoken by buyers, depending on the currency used.

They are more convenient than ever.

Payment technology is so advanced to the extent that consumers are able to make an online payment even though they did not bring their card or wallet with them. Besides the growing popularity of mobile wallets, studies reveal that online consumers continue to go for other simpler forms of funding. As a matter of fact, above 80{a697cd5f394c782e55063b73419abeb2638d0293e0a67d0ecb321b30affe294c} of respondents said that they made use of a card-free payment tool last year for online payment.

They let consumers save on time.

Aside from being convenient in terms of transaction speed, online payments get rid of the need for consumers to go to a physical store, spend their precious time, and wait for their turn to pay. Studies regarding the psychological effect of waiting in line show how time is precious to consumers. They have the tendency to exaggerate how much waiting consumes their time by almost 40{a697cd5f394c782e55063b73419abeb2638d0293e0a67d0ecb321b30affe294c}. Even if the length of time lost by a customer from waiting in line is true or just imagined, the perception is real. Online payments give a clear advantage just by providing the buyer with a choice of how to spend time.

They give more buyer protection.

When customers buy from a small business – whether online or from a physical store – they need to establish a certain amount of trust with the seller, since this is their first time to buy from this merchant. No matter how clear a business explains its policies on return, exchange, as well as customer satisfaction, consumers may still be a bit hesitant. Online payments can address this problem. When they use a credit card for online payment that gives a guarantee of the lowest price for a declared number of days, an extension of manufacture warranties and the right to dispute a purchase, they can have the peace of mind that they will be given protection, whatever the merchant’s policy is.

 

All About Online Bill

Online bill pay is fast becoming a popular means of payment among people who want to practice good debt management skills, and save on both time and money in the process.

What exactly is online bill pay?

Generally, it is a payment method that lets an individual carry out payment instructions to creditors electronically through a computer program. This can virtually get rid of errors, making it easier to manage debt. In addition, it is faster than mailing checks.

Online bill payment methods come in two basic categories: those being offered via a bank, and those offered via a service provider- like a credit card or phone company.

In general, online bill pay is designed to be fast and simple to use. Majority of major banking institutions, as well as businesses, provide this service without any charge. Individuals can choose to manually enter their payments every month, or arrange for an automatic withdrawal from their account. Automatic withdrawal allows them to set up their payments before their due date without worrying about giving manual instructions to make a monthly payment. The creditor will transfer funds straight from the bank, and enter these funds into their account with no action needed whatsoever.

Advantages of Choosing Online Bill Pay

The following information will help you consider the different advantages of using online bill pay:

Hassle-free

Individuals can save on time when using the online bill pay platform. Instead of writing out checks, wetting stamps and filing lots of papers, they can set up an online account to get rid of all these steps. It will also be easier and faster to manage their debt.

When they need to go over past bills, they do not have to waste time in looking for them – because all their account information can be seen in one centralized location.

Cost Efficient

They can save on the stamping costs, which can add up. The average household gets 15 bills every month, which could amount to $70 a year in just postage costs.

They can avoid late payment fees that are incurred every time a payment is received after the due date. Missed payments could lead to the following:

  • Increase in interest rates;
  • Late payment charges and over limit fees.

When the payment is past due, their account could possibly go to collection status.

Convenient

What is a more convenient solution to managing debt? Individuals could create their own automatic online bill account, so they can set up recurring payments that are to be regularly withdrawn from their account. This decreases the chance of late /lost payments, saving time in the process.

When they find out that one of their bills is due for payment on the next day, the best way to make sure that their payment will be posted on time is through online bill pay.

 

Tips To Spend Your Money Wisely

The humans of the earth have a habit of spending their hard-earned money on things that do not please them, but their society. The wedding celebration is one of those things that requires a lot of money, but it ends up being a waste, at least partially if not entirely. The bigger the status of a family, the greater are their expenses on a wedding. For some people, a celebration turns out to be a nightmare. So much so, that they end up taking loans just to celebrate an occasion that could have been done in a simple, yet enjoyable manner. The youth these days is more interested in spending more on their honeymoon and lifelong travel plans rather than one day of marriage celebration, which is just an example of extravagance.

Spending money on travel

Going to a new city is not just seeing new sights; it is the emotional fulfillment that matters. Traveling to the serene hills and soul-quenching beaches can be the best thing in the world. You can put aside some money every month from your earnings to fulfill your travel plans. When you talk to a monk in a Buddhist monastery, you will have much more clarity about his religion. When you hear your voice echoing from the depth of the mountains, it will reverberate in your heart. When you go for scuba diving in the ocean, you will test the potential of your abilities. When you let yourself fly from a height of 7,000 feet in a tandem Paraglide, you will feel the air touching your face in the purest form, and those few minutes will relieve your soul from the world. Among many other things in the world that gratify your mind and heart, travel can liberate you the most.

Spending money on education

Educating yourself as well as others is a part of emotional fulfilment that people often seek. When you have money, you love to spend it on things that amuse you. However, it gives another level of satisfaction when you make a few expenses for the sake of others. Try teaching your children or those of others; it enlighten your mind a notch higher. Many travelers around the world become part-time teachers in whichever city they go. They seek satisfaction in teaching the underprivileged kids or simply impart a skill that they know, but other adults in the society do not. Receiving and giving education is something that keeps millions of travelers going, be it in the form of academic knowledge, culinary skills, or martial arts.

A wedding is just one instance of wasteful expenditure; people can manage many other things in much less money than they expend. The money and resources that they save are worthy enough to be used in much better places. Momentary happiness is one thing and seeking a lifetime of bliss is another. You can be there at the mountaintop in the Himalayas and still feel the discontent in your heart. On the other hand, you can cook a pizza for your family and friends to attain immense happiness that you always wanted. You should always do the soul-searching to realize what makes you happy and satisfied. It is of no use doing things for other’s sake, be it anyone in the world, if it does not soothe your mind. In the end, it is you who would evaluate your life and judge its worth. If you can bring a smile on your face while thinking of all the years you have spent till now; your life was absolutely worth living.

 

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