It pays to be positive when it comes to your finances
Remaining positive in the face of a crisis – and during a protracted pandemic - is easier said than done. While not everyone is an eternal optimist, research has shown that a positive outlook is not just good for your mental, emotional and physical health, but for your financial health too.
A recent online survey by Sanlam into the challenge’s women have faced during lockdown, revealed that six in 10 women were able to find a silver lining despite worrying about health, a reduced income and making ends meet. For some, lockdown was a lesson in slowing down and appreciating the smaller things in life, while for 27%, the main upside of the experience was that they got to spend more time together as a family.
Kenosi Magosha, Head: Client Solutions Savings, notes that a positive outlook not only makes you feel good, but it also helps people bounce back from setbacks. It can help kick-start the process of working towards financial goals, starting businesses, or taking action to pivot their current business in a new direction. “This sets people on a growth path that can lead to the employment and economic growth our country so desperately needs,” she says.
But a positive outlook alone will not result in financial well-being. “While optimism helps to reframe our mindset, belief in a future worth planning for is even more important - as is taking the steps to make it happen. Essentially, closing the gap between intentions and actions,” says Magosha.
To create a positive outlook on your finances, Magosha suggests you ask yourself this:
1. What future goals do I have for myself and my family?
2. If my circumstances have changed, do I need to re-evaluate my goals?
This is also the perfect time to enlist the help of a professional financial adviser who can help kickstart your financial goals. According to Sanlam’s survey, eight in 10 women are currently tackling their finances without the help of a financial expert.
Clinical psychologist Nozibusiso Nyawose says positive thinking can only be accomplished if one is psychologically and medically stable. To embrace the power of positivity she suggests the following:
1. Surround yourself with positive people to establish a safe and supportive environment.
2. Re-evaluate and reflect on the challenges you face to understand if you are part of the problem. If you are, re-evaluate the situation to gain insight and make informed decisions about your next steps.
3. Exercise regularly. This plays a crucial role in mental stability and contributes to positive thinking and your overall well-being.
4. Practice positive self-talk. Be gentle on yourself, reaffirming your positive actions rather than letting your inner dialogue become negative, belittling or degrading.
International speaker, author, parenting coach and founder of Munchkins, Andalene Salvesen agrees. She suggests starting a family tradition of acknowledging the things you are grateful for. This will help you and your family remain optimistic and is the most effective way to maintain joy and emotional stability.
“To embrace the power of positivity and its potential to impact your financial well-being, shift your focus to be more positive and take steps to close the intention-action gap. If you have a positive mindset and a clear roadmap to reach your financial goals you are already halfway there,” concludes Magosha.