As the holiday season approaches, we always reflect on the things we’re grateful for—our members, servicemembers and all those who served—and for the opportunities we now enjoy. In keeping with the spirit of Thanksgiving, and to show our appreciation, we’re sharing an idea that can help improve your financial health. It’s called financial mindfulness—being aware of how you manage your money and how it impacts your goals and your life.
Achieving Financial Mindfulness With a Shift in Mindset
Developing an attitude of gratefulness can help you to become financially mindful. How? Over time, as you become more grateful, you’re more likely to feel happier with what you already have—and less likely to spend on what you really don’t need. You’ll begin asking yourself, “Do I really need this?” And, as you make these choices, you’ll likely also become more financially mindful overall. That can lead to making wiser financial decisions—those that will contribute to your long-term goals and financial health. So, practicing gratitude can help all of us become better at living within our means and reduce some of our stress. Here are some more ways you can develop greater financial well-being.
Setting Financial Goals as a Way to Get Ahead
Where would you like to be in six months, a year, five years—are there things on your wish list like an emergency fund, a new car or a house? Have you thought about how your retirement could look? Use this opportunity to your advantage and set some goals for your financial future. Then develop a plan for how to reach them. You don’t have to take them on all at once—start small—but start somewhere.
Deciding Budgeting Is a Way to Get What You Want
Having a budget doesn’t mean you can never have fun. In fact, it’s really about developing a plan to take care of all your financial needs and wants—including fun and entertainment. Set up a budget and commit to sticking with it for at least a month. Are there things you could make work instead of making a new purchase? You’ll find that since you’re living within your means and spending less, you have more money than you thought—to pay down that credit card debt or to save. As you see yourself moving ahead, you’ll realize that nothing feels better than knowing you can make progress and you can move forward.
Understanding That Saving Builds Your Future
Speaking of saving, when you’re tempted to make an impulse buy, decide instead to put that money into savings. Have you found ways to cut back in your budget? Celebrate small wins like putting $5 or $10 a week into a savings account, your emergency fund or both. Congratulations, you’ve not only just avoided increasing your debt, but you’ve also started building your future!
We’re Here When You Need Us
At Navy Federal, we’re thankful for your membership and your trust. As your financial partner, we’re here—whenever you need us—to offer support and financial guidance to help you reach your financial goals.