{"id":6267,"date":"2019-07-25T15:33:19","date_gmt":"2019-07-25T19:33:19","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6267"},"modified":"2021-09-30T10:43:19","modified_gmt":"2021-09-30T14:43:19","slug":"making-tough-financial-decisions-and-ones-you-wont-regret","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/making-tough-financial-decisions-and-ones-you-wont-regret\/","title":{"rendered":"Making Tough Financial Decisions (and ones you won’t regret)"},"content":{"rendered":"\n

Financial decisions<\/a> can range from big, life changing decisions, like purchasing a house or a new car, to smaller choices like how much you should be putting in your savings account, or if you should really put the money into upgrading or fixing something in your home. When it comes to your financial choices, it\u2019s important to feel confident in the decisions you\u2019re making so you don\u2019t regret them in the short, or long-term.

We all know people who are exceptionally good with their money. Some may call them frugal, but they are always on top of their budget, are saving, and some people may like to call them frugal. Frugal people have a frame of mind when it comes to making difficult financial decisions that they live by day-by-day. This makes it easier for them, however, most people aren\u2019t like this.

Financial decisions<\/a> happen more than just here and there, in fact, the most important decisions you make when it comes to your finances are the ones that you make every day to save money and make responsible choices. Whether that\u2019s shopping sale or no name brands in the grocery store, disabling cable to opt for Netflix or a cheaper option, or going the extra mile to save a buck or two. These do, surprisingly, add up quick.

Saving money doesn\u2019t need to be in grand gestures, like putting thousands of dollars into a savings account at a time, or completely living in hibernation so you don\u2019t spend money. It\u2019s about the details and the little things that add up. By being aware of these little things, when a big and tough financial decision comes up, you can be better prepared with how to handle it.\u00a0<\/p>\n\n\n\n

But first, why is it so hard to make wise financial decisions? Well as we all know, money matters. It comes to no surprise that our finances are important to us. We work hard for our money, and when hit with a financial decision or worse, a burden, we want to make sure we\u2019re being smart with our decisions. This adds pressure to us as most people aren\u2019t 100% if they\u2019re making the right choice or not.\u00a0<\/p>\n\n\n\n

The National has conducted several studies<\/a> around the topic of how people\u2019s perceptions of their own thinking influences their tendency to avoid financial decisions. In their initial study with 150 surveyed, they found that more people perceived themselves as emotional thinkers with a higher tendency to avoid or neglect their personal finances. However, this way of thinking didn\u2019t extend into other decisions in their lives like buying clothes or making decisions with their healthcare.

So the question is, is there a way to get around this problem of financial decisions being so challenging? The short answer is yes. To make life easier when it comes to making these bigger, and tough decisions, here are some of our biggest tips<\/a>:\u00a0<\/p>\n\n\n\n

1. Set a deadline

<\/strong>Everyone has been guilty of putting off tough decisions<\/a> and justifying it as procrastination. By setting a deadline, you\u2019ll hold yourself more accountable. Even if you do procrastinate leading up to the timeline, you know it\u2019s approaching and you\u2019ll need to make a choice. <\/p>\n\n\n\n

2. Take your time

<\/strong>At the same time, make sure you are giving yourself enough time in that deadline. First off, sometimes time isn\u2019t in your favour and you\u2019ll have to make a choice quickly, however, if time is on your side, give yourself an appropriate amount of time to reach the decision that feels the best. When you give yourself the time to weigh out the pros and cons you can feel more confident with the choice you make because you\u2019ve put in the time to get yourself there. <\/p>\n\n\n\n

3. Explore your options<\/strong>

Take a look at all possible avenues. By giving yourself a number of options, you won\u2019t feel forced to take the one and only route. Options take away from the fear of making the wrong choices. You can weigh out the pros and cons of each of them and decide what\u2019s best for you. Take the time to really gather all the information you need for each option because the more info you have, you\u2019ll be able to feel confident in the choice or direction you go.

4. Come to a solution<\/strong>

Write a pros and cons list, talk to your friends, family, accountant, financial advisor, or whoever you trust, and then come to a solution and an action plan to get yourself there. Through these steps you\u2019ll be able to feel confident about that solution is and better prepared to tackle it versus avoid it.\u00a0<\/p>\n\n\n\n

In terms of making the right financial decisions, this can apply to so many areas of your finances. There are a ton of financial decisions that you may regret. Let\u2019s be honest, we\u2019ve all done it, purchased something we ended up not needing, or not doing our research and ending up with something that wasn\u2019t a good long-term investment. So choosing what you\u2019re putting your money into is an important (and risky) decision. However, it\u2019s guaranteed that you won\u2019t regret these financial choices:

Paying off your <\/strong>debt<\/strong><\/a><\/p>\n\n\n\n

Paying off debt is something most of us have to do each day. Whether it\u2019s student loans, a mortgage, a line of credit, or credit card. There\u2019s no better feeling than paying off a chunk of debt, so putting your money and savings towards your debt is always going to be something that doesn\u2019t leave you with regret.

Here are some of our top tips for paying off your debt:\u00a0<\/p>\n\n\n\n