If there’s one thing we all wish, it’s that we could be better at looking after our money. Okay, no, the thing we all wish is to have more money, but making the best of what we have is the next best thing. Yet, this can seem difficult with an armada of temptations and necessary expenses to begin to learn how to manage our finances better.
That is until you begin to stop actively trying to get better at managing your money, and take up these hobbies that inadvertently instill in you the ability to tighten those purse strings.
Indeed, playing poker – be it at online poker rooms or in real-world settings – is one way to learn to be savvier with your decision making. The game gives you skills in analysing situations and making the best decision from an often limited amount of information – that’s why it’s called a strategy game of “incomplete information”.
Being good with money comes down to budgeting and making the right decisions. Many people lack the impulse control and ability to make these financially correct decisions, but by honing this decision-making ability, you should be able to analyse each financial decision to realise if it’s the correct one.
Playing The Sims might seem like a past time for the uber-bored, but this EA-produced game that mimics real life can actually help you be better at budgeting. Indeed, the franchise involves you playing as an avatar who has to work, pay for household needs, as well as cover those surprise expenses. As such, you can decide whether to spend your free time doing leisure activities or boosting your employability to get a promotion.
You can live frugally or you can splurge and hope you don’t have any leaking sinks or surprise burglars. This can then help you become better at managing the decisions you make in your own life.
Those who play – and are good at – chess are often considered to be more intelligent and successful than other people. While this is an exaggeration, there is a kernel of truth here. Those who play chess well are able to anticipate their opponent’s moves ahead of time in order to enact a strategy that will give you the best chances at victory further down the line. In financial terms, forward planning can mean that you are actively making positive financial decisions, such as investing in ISAs and ensuring you are making your bank work for you.
Weight training might seem like a strange way to get better at managing money, but the one common thing every single person who has attempted to beef up or prepare for bodybuilding competitions has is that they teach themselves one virtue: discipline.
The discipline needed to monitor your calorific intake, eat enough protein, go to the gym come rain or shine can be instilled in you in almost military-like levels. Transfer this to your finances and you’ll quickly prevent any frivolous spending or unnecessary cash leaving your account, and become better at your finances.
Managing money well comes down to one major aspect: being better at making decisions. You decide whether you want to spend the money or not, so being better at making the decisions in the first place can aid you in your ability to watch your pennies.