The Pandemic And Social Obligations

The pandemic has helped many reassess their relationship with money and how much they splurge socially.

There is a need to organize the social calendar and make it less obligatory and more financially transparent.

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How to Gracefully Turn Down Plans You Can’t Afford

thecut.com

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We Need To Talk About Money

Many of us have social taboos over money and are left confused when we have to cope with costly social plans with friends and loved ones.

Many people have money anxieties, and are money vigilant. Most of us do not feel comfortable saying no to friends who are making plans that require money, and bail out using excuses like not being well or not having any interest.

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People have different kinds of relationships with money, many of them are irrational. People can get emotional or feel awkward talking about it, even being prickly or turning defensive.

The feelings of being judged or ashamed are natural and maybe necessary at times.

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If we have social friendships that border on fake territory, it is no use being transparent about one’s financial differences. One can simply say no to the plans.

If the friendship is real, it is a great idea to discuss the differences in our financial priorities.

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The psychology behind money

Money is not a fixed entity. It is a complex of data points, challenges, and opportunities you encounter and have feelings about. Your decisions about money affect your emotions and behavior.

There are three factors you need to know about the psychology behind your relationship with money:

  • Emotion have a big role in your relationship with money.
  • Anxiety and avoidance create a vicious cycle in relation to money.
  • Psychologically, family and childhood will continue to influence you when you make money decisions.

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The Psychology of Money: What You Need To Know To Have A (Relatively) Fearless Financial Life

forbes.com

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 

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50 Personal Finance Tips That Will Change the Way You Think About Money

themuse.com

Financial Literacy

While kids and teens get to learn about a lot of stuff, most families and schools do not teach them how to manage their money. In some families, it is considered a taboo subject and many friends are too busy showing off to help others manage their finances.

Even the basics of financial literacy are not taught at an early age, resulting in many of us falling into the trap of consumerism and debt.

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How financially literate are you? 3 things you should know about your money

ideas.ted.com