The Vets Hub: Align value with your spending
Financial wellbeing—it’s that sense of security you feel when you have enough money to meet your needs. But achieving this feeling can be tough for some veterans returning to civilian life, as they juggle all the other challenges that come with this transition. The Vets Hub at CSC is dedicated to helping the veteran community improve their financial wellbeing, and one way of doing this is through discussing topics such as money values.
Understanding your money values can help determine how you feel about money and influence the financial decisions you make. This knowledge can help you make financial decisions based on what is most important to you. Ways you can start formulating your own money values include:
Thinking about your personal values. Considering what is important to you can help conceptualise your money values. Potential values include health, environment, fun, independence, family, career, romance, creativity and financial security.
Determining which values resonate with you most. After formulating these personal values, consider which ones are most important to you – have a go at ranking them.
Comparing your values to your current spending. Take some time to look at your current finances and spending habits. Be on the lookout for mismatches. Do your credit or bank card statements show that you are valuing meal delivery services? And is this despite you ranking savings highly among your values? If so, it’s probably time to re-evaluate your spending.
Considering whether your money habits support or hinder your values. If health is your strongest value, have a think about how your money habits support this. Ideally, you would be spending more on healthy food and active activities than someone who ranks health more lowly. Again, if this alignment is missing, it’s probably time to take a closer look at your spending.
It’s important to remember that your money values may change over time, and you should review them often. By focusing on what is most important to you, you can stop spending money on things that aren’t—that has got to be good news for your future financial wellbeing.
Visit the Vets Hub web page today to explore the possibilities available for veterans as they embark on a pathway towards financial wellbeing. While you’re there, think about signing up to the Vets Hub Community for more support, information and resources.