Each week across the ACM network Ali and Gaby Rosenberg offer quick tips for big wins in understanding your money. The sisters are co-founders of the Blossom micro-investing app.
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Discipline - especially when it's applied to managing your money - often gets a bad rap.
People think of financial discipline as a series of constant denials. Skipping your morning coffee, avoiding a big night out with friends, not going on that holiday and never, EVER dining out. The idea of a 'budget' equals a scarcity mindset to some people, and for others, it's simply boring - the thought of counting every cent instead of living your life.
While limiting spending may be part of the process, it's not what makes discipline in managing your money so powerful. Making deliberate choices that align with your values and goals is empowering, and can result in extraordinary gains. It gives you control, and the confidence to direct your efforts towards the things you really care about, and that's pretty exciting.
When we talk to our Blossom customers about saving, we prefer to avoid the 'D' word altogether, and instead focus on what you're saying YES to when making choices about what to do with your money. Here's a quick cheat sheet for reframing your perspective:
YES to being more generous:
The rewards of managing your money well can include having the ability to share it with the friends and family you care about, and causes and charities that matter to you - making a tangible, positive impact on the world.
YES to peace of mind:
Money worries can negatively impact all the things that matter most - your health, your ability to work, your outlook and your relationships. Money is one of the issues couples fight about most. Removing some of that pressure is a win all round.
YES to flexibility and choice:
This means having the freedom to make choices about how you spend your time, without being constrained by your financial situation. Imagine the possibilities when you can comfortably afford an overseas holiday to visit a friend (or when you need a break), when your retirement can be long and relaxing, when you're able to handle unexpected costs.
YES to personal growth:
Having a solid financial foundation opens opportunities. You can tackle longer term goals, such as investing in further education, developing your hobbies or exploring new career paths, without worrying about financial instability.
YES to the goals that matter:
Whether it's travelling the world, starting a business, having a big family, or buying a home, every cent deliberately saved and invested is a step towards your aspirations - and that's what living your life is really all about.
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Sisters Ali & Gaby Rosenberg are the co-founders of Blossom App.
- Nothing in this article should be construed as being personal financial advice. It is general in nature only and has not taken into account your particular circumstances, objectives, financial situation or needs. You should consider whether the information, strategies and investments are appropriate and suitable for you or seek personal advice from a licensed financial planner before making an investment decision. Past performance does not indicate future performance. BlossomApp Pty Ltd (ABN 74 644 216 151) is a C.A.R. (No. 001284228) of Gleneagle Asset Management Ltd (AFSL 226199). Consider the PDS and TMD at blossomapp.com to ensure the product suits your needs.
- ACM co-owner Alex Waislitz has a stake in a company that provides services to Blossom. ACM is the publisher of this masthead.