Can Self-Improvement Better Your Finances?

by David Ning · 0 comments

self-improvement
Most of us tend to think of self-improvement as a separate subject from finances, but you might be surprised to discover that your finances can improve when you work on yourself.

The connection between self-improvement and your finances might be a little indirect, but it’s there. Here are some ways your personal financial situation can benefit when you engage in self-improvement:

self improvement1. More Knowledge = Better Financial Decisions

Learning new things can almost always benefit you. Not only do you expand your knowledge, but you can also put new knowledge into practice.

Engage in self-improvement by learning more about money, and you are more likely to put new tips into practice. Don’t write off your ability to make better decisions with new knowledge either, as you can like improve your finances just because you know how to do everything more efficiently.

For example, you may learn that you’ve been overpaying for insurance and that there are cheaper services out there. You may even learn that the index fund you are using isn’t the cheapest one available to you and that you can simply switch to another fund that tracks the same index while paying less.

Even if you are learning something not directly related to money management, you can still sometimes apply those principles to your finances. Pay attention to how everything you read and learn applies to your own situation, and you will find more ways to improve your finances.

2. Increased Confidence = More Pay

Studies indicate that you can get a better job or increase your chances of promotion by projecting confidence. Self-improvement efforts can help you increase your confidence, and that could mean a better financial situation overall. Make it a point to improve your life and your knowledge, and you might be surprised at how much better you perform at work, and in other situations.

Your increased confidence might also lead to new opportunities that you didn’t consider before. From networking to career development to knowing what you’re worth, the confidence that develops from self-improvement can increase your income and in turn boost your financial position.

3. Less Stress = Better Judgment

One of the things that can reduce your ability to make good decisions is stress. When you have a lot of stress and anxiety, it’s hard to focus on the essentials and make big-picture decisions.

Self-improvement can help reduce your stress. Engaging in hobbies that you enjoy, or taking the time to relax, can help you boost your ability to relax.

This can result in the ability to make money decisions from a place other than fear or anxiety — and your judgment will be the better for it.

4. Better Relationships = Less Escapist Spending

You can also see your relationships improve when you work toward self-improvement. Your interactions with loved ones can have a surprisingly profound impact on your finances. Spending can be a side effect of relationship problems and escapism. When you address the roots of these problems, you are more likely to succeed in the long run.

Our family’s chemistry was suffering until my ex-husband began to address some of his problems. For a long time, he spent more than he should on things he didn’t care about as an escape. Today, even though the marriage is over, we have a great relationship, and his finances are much improved as a result of his decision to seek help and to improve his own life.

Self-improvement can be a big part of managing your finances. When you improve yourself, other areas of life — including money — are likely to improve as well.

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