To manage your money in a better way, it is important that you manage your emotional relationship along with your money.
Well it is said that money cannot buy you happiness. But if your income is less then you can definitely spoil your mental health by thinking about it. Financial stress and mental health are closely related. Money affects our mental health a lot. According to mental health charity Mind, people who are unable to pay their bills on time, their chances of going into depression increase to a great extent. And when we are in depression, then we are afraid to even look at our bills.
To tackle the money problem, you have to think beyond accounting and budgeting. Only this will not work for you. Managing your money refers to how you manage your relationship with your money. Let us give you some practical advice.
First of all be realistic about your budget. Always put some money in your budget for the things that make you happy. After that it is important that you create a folder where you can keep all your bills and documents related to rent. This is quite important. By doing this, things related to finance will remain in balance in your life. And last of all, keep a record of this thing that wherever you are spending money, how you were feeling after spending it. This is very important because sometimes we spend without thinking and later we realize that we have made a mistake.
Ethical funds can be the safest option for your money.
If you are working in a pension receiving company, then it is certain that your pension provider must have bought shares in a company that you will not like. You would think that the company is not socially stable. Well, you cannot do anything in it because all these things are not under your control.
But now slowly change is starting to come. Now if you want, you can replace your default fund with ethical fund. Ethical funds do not include all companies that are not socially stable, such as gun makers or gambling websites.
Apart from this, you can also invest in Positive Impact Fund. These funds invest in only those companies which have a positive impact on the society.
Although earlier things like ethical funds were not considered important because people thought that if they are investing money then their aim is to grow their money and whatever it is they want. But now with the passage of time things have started to change. Ethical investing is now seen as a very safe option. This is because the value of the society keeps on changing. Young generation is very serious about social values. That’s why nowadays people do not consider those companies safe for investment which create negative impact in the society.
Always remember that whatever you do with your money has an impact on the real world.
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