“Speak softly but carry a big stick.”
“Imagination is more important than knowledge.”
“Energy and persistence conquer all things.”
You’ve probably heard all these and many more inspirational phrases over the years. But do they really rise to the level of a mantra? Born in ancient India’s Vedic traditions, mantras are more than just catchphrases or uplifting sayings. They’re meant to be instruments of change.
If your credit score and report are in need of a change, adopting your own personal finance mantra can help you focus on your goal.
Here are five of our favorites that you’re free to embrace as your own:
1. “Live within your means .”
We’ve already discussed this concept on this blog, but it always bears repeating. It’s up to you to define what your means really are, but reminding yourself to live within them – on a daily basis – can help you avoid credit-damaging debt and poor financial decisions.
2. “Pay yourself first.”
Every month, you have a list of bills that must be paid, ones that each represents a priority. Your retirement savings and personal savings accounts should be on that list, right next to your mortgage lender and the power company.
3. “Knowledge is power.”
If you understand your personal finances, know your credit score and what’s on your credit report, you’ll be better equipped to make decisions about it. When it comes to personal finance, ignorance is not bliss.
4. “If you want to understand the value of money, try to borrow some.”
The Great Recession made this one pithier than ever! The more difficult it becomes to obtain, the more valuable credit becomes.
5. “Those who fail to learn from the past are doomed to repeat it.”
If you’ve had credit problems in your past, think of them as a learning experience. Know where you went astray and commit to avoiding making those same credit mistakes over again.
A mantra is a great way to help you give your philosophy and goals a voice. What’s your favorite personal finance mantra?