Mental exercises that improve your financial health

Do you suffer from 'spendaphobia' or the fear of running out of money?

If this is you and you're retired then it could prevent you from spending the money you worked so hard to accumulate.

See also: How to talk to your children about money

See also: Why do young people think money is the key to happiness?

The key to financial health is being positive about your finances.

You should feel in control of your financial destiny.

Here are two mental exercises that can help your financial health.

1. Think long-term and be specific

This can lead to better financial decisions. Forward thinkers tend to save more money. Set goals and envision yourself hitting them.

2. Accentuate the positive

People who feel in control over their finances make wiser decisions about spending. You won't be able to control all aspects of your finances but, focus on the things you can control. Look forward and don't dwell on past mistakes.