That was until I started connecting some dots from a personal growth study I was doing (still doing though).
This 7-step method makes budgeting and saving easier [Editor's Opinion]
In the not so distant past, budgeting and saving were my greatest fears. I could not get around the anxiety they caused and the sea of advice out there on how to get them right.
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There is a connection between money and personal values. Basically, your money goes to the things you value, and you get money for the value you hold.
However, this understanding did not solve my anxiety, if anything, it made budgeting and saving more burdensome because I found that I don't value them. People who value saving and budgeting don't have a problem practising them. Simple as that.
Some people call it indiscipline. But feeling bad about being terrible at finances did not help either.
So I started snooping around the internet, looking through the generic 'how to get good at saving', 'this is how you nail saving', 'how to live on a budget' etc. I wanted information that understood my struggle, and that could walk me through the emotional distress of handling money.
Eventually, I did. In an unlikely place and from an unlikely person. Unlikely in that, she was having a hard time even explaining the method. She did not look like a finance expert. She looked and sounded like she 'got it'.
The method
The method is called "The Seven Whys". Personally, I felt like if I saved or made a budget, I would not have any money left to spend as I please. But using this method, I found that I can save, plan and still be satisfied because the money would be going towards things and activities I value.
How it works
The beauty and simplicity of this method are that it works with your values around money. This way, it breaks down what I call the "bulk value". Bulk value is like the one idea we have around money. For example, "I want money because it is necessary for survival." It is the reflex answer when someone asks you why you want money.
Using that example, let's go through how the method goes:
The seven whys method
1. "Why do I want money" - I want money because it is necessary for survival.
2. "Why do I want to survive" - I want to survive for my family, my dreams, to live a full life
3. "Why do I want to "live a full life" - I want to go on adventures, I want to see my children and grandchildren.
4. "Why do I want to go on adventures and see my family expand".....
5.
6.
7.
It gets trickier as you go on until you find your "big idea" around money, the one that gives a big picture.
Why it works
After the exercise, you will notice a few things.
- Relief. Like the pressure to save and make budgets has dropped off in light of what your true desires are.
- The things you mention while answering each why, are values that you could be pursuing whether as activities or practices. To enrich your life.
- You don't need money to do or achieve some of them.
- You can work separately on each item on the list to get different value in other areas in your life.
Basically, it takes the pressure off money, said pressure brings feelings of money not being enough. Also, pressure from doing things you don't want to do or enjoy doing.
As you fill your life with more value than money and put it into things you value, your bank account balance will grow. With more freedom and money, saving and budgeting will be your best friends.
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