Personal loan – The ultimate financial savior! If you live in the Emirates and wish to enjoy its lush lifestyle, personal finance can prove to be your best companion.
No matter what the purpose is, nothing seems impossible with this finance. You can obtain this loan for home renovation, medical expenses, higher education, debt consolidation, vacation, and much more.
And you know the best part?
This finance is available not just for UAE Nationals, that is, the banks or financial institutions offer a personal loan in UAE for expats as well as Emiratis. This is how personal finance has made your financial life easier.
Now,
There are various things that sabotage your finances. Your emotions being one of them!
Have you ever thought about how your emotions affect your finance? If not in terms of finance, you must have surely thought of how your emotions impact your life. Do you know that your negative sentiments affect your life more than positive sentiments do?
The research shows that the maximum people have stronger reactions towards negative sentiments. While talking in financial terms also, one of the biggest obstruction in reaching your financial objectives may not be the market performance, investment choice, or lack of income, but rather the negative emotions.
Now you know how important your emotions are when it comes to your financial life. By having knowledge of what impact your sentiments have on your finances, you could be able to save your financial health from these emotions. Personal finance can come off help in many such scenarios.
Here are some of the negative emotions that act as the demons in your financial life.
1) Anxiety
When the economy has just recovered from a recession and the situation in the market is not very ideal, then being stressed or worried is natural. There are a few of you who must be scared of losing their funds in a portfolio due to the bad experiences faced in the past.
However, no matter what has happened in your past, or for whatever reason you are tensed, the feeling of anxiety towards your funds may have a major impact on your finances in a negative manner.
2) Regret
The feeling of regret has a negative impact on your life in general, hence obviously on your finances as well. There must be some decisions in your life that you regret. For instance, not planning your retirement or not saving enough for securing your future.
Regretting the bad decisions that you have made in your past such as missed opportunities or loss on an investment, etc. will not let you move ahead or look forward. In fact, you will end up feeling like a victim and remain tied to that mental state for a long time.
3) Procrastination
We all know that financial planning requires too much research, and hence, it is amongst the things that we keep putting off. Well, not just planning, a certain amount of time, as well as effort, is involved in the paperwork too.
Moreover, for some people, the stress of being responsible financially and having control of their future makes them lazy, which leads to procrastination.
4) Embarrassment
You may be a student who has a limited budget and is not able to keep up with your peers. Or you may be a person who already has a student loan to handle and is barely left with any money for meeting your “wants”. Here comes the embarrassment creeping in.
And it won’t be surprising if this embarrassment leads you into making impulsive and reckless decisions that you may end up regretting later.
5) Jealousy
This might hurt, but imagine that your friend has cleared all of the installments on his or her home loan or car loan. On the other hand, here you are still lying under a pile of EMIs. How do you feel? Jealous, right?
Well, we don’t blame you, after all, you are only human. Although the jealousy is pretty obvious, thinking too much about this may take you to the road that leads to bad financial decisions that are not really suitable for the situation in hand.
6) Over-Confidence
Confidence is good, but over-confidence can be toxic, especially in terms of your finances. In the hope that your financial condition would improve in the coming month, you keep exceeding the limit on your credit card.
But, always remember that such irrational optimism will take you nowhere. In fact, it will prove to be the hindrance in your path to financial growth.
7) Sadness
Due to a stressful divorce settlement or a painful demise of a loved one, you might have inherited a large property. There will obviously be a sense of mourning and grief involved with this money. In these cases, you may not want to use or spend that money as it is a symbol of your loss and hence brings even more grief.
How to Channel these Emotions?
We understand that it is tough for you to let go of these emotions, but it is important for you to get rid of them. The best solution to this problem is being practical and realistic. Here is how you can transform your emotions and save your financial health from them.
- Anxiety: As a human, being anxious is natural. But, try to indulge in your anxiety for a short period of time. Doing so will let you do what you should ideally be doing, finding a solution to your problem.
- Regret: Instead of regretting, you can turn your bad decisions into valuable life lessons, making them a key towards self-learning. Do not waste any more time, be proactive and try to save as much as you can.
- Procrastination: If you have been procrastinating your financial work because of its complexity, then try to get in touch with a professional for assistance.
- Embarrassment: Whether it is your friends, colleagues, or peers, stay honest with them. If you have a healthy relationship with someone, then dishonesty is the last thing to be involved in it. Try to split bills, go for financial advice, have savings for special occasions.
- Jealousy: Its time we change our perspectives. Let’s feel motivated instead of feeling jealous of the success of the people around us. Try to figure what is it that made them successful and try to work on that bit.
- Over-Confidence: Optimism is good, but so is rationalism and practicality. Always keep a reality check. Keep tracking the usage of your credit card as well as your credit score.
- Sadness: It is understandable that handling a sad or gloomy situation is difficult for everybody. However, you cannot let your grief come in the way of your financial future. Approach a professional and respectable financial planner to help you deal with the situation in hand.
In a Nutshell!
Every human has emotions, and these emotions are both positive and negative. Positive emotions make us grow and feel satisfied. However, the negative ones put us down. Now, it is up to us how we handle these negative sentiments.
These negative sentiments have a bad impact on our financial health. A personal loan is amongst a great solution for your financial burdens. By channeling your emotions, getting the appropriate help, and choosing the right type of financial option, you can easily prevent these sentiments from sabotaging your financial growth.
