Money is one of life’s most stressful subjects and it can affect so many things in our lives, from your well-being and happiness to your marriage and relationships with your family and friends. Managing money really shouldn’t be taken lightly. The journey on mastering my money has been one I have embarked on for a while now. It was clear some of my money habits weren’t all that healthy, well I’m not ashamed to admit probably most of them were. I knew how to earn money, I work very hard for it day in day out, but my bank account always seemed to be empty. I’m only at the beginning of this journey, probably just a few steps ahead of you truth be told. Much wiser and younger have probably already surpassed me in the money mindset stakes and are currently laughing all the way to the bank. I have realized though that we all learn these lessons in our own time and grow when we need it most.
The biggest take away I have to share so far on the money matters path is that it is not about how much you know about wealth or saving money, it is mostly about your behaviors. You have to understand what your strengths and weaknesses are. We are all unique individuals and we have all grown up in very different environments, interpreting and making up our own beliefs about life and the circumstances we have to deal with. We all have different fears and dreams too. Knowing ourselves better allows us the space to see what we are doing wrong and then adjusting, tweaking, or changing things that will head us on a new trajectory, the path that is aligned with our financial goals. The key is figuring out the ‘why’ behind your behaviour and it can change everything.
WHAT IS A MONEY MINDSET YOU MIGHT ASK?
Your money mindset is your unique set of beliefs and your attitude about money. It drives the decisions you make about saving, spending, and handling money.
Some Money Mindset questions you should take the time to answer:
What do I believe about money? Why?
Why do I keep making the same money mistakes?
Why can’t my spouse and I get on the same page about money?
What do I need to change about myself so that I can change my family tree?
FIVE WAYS TO IMPROVE YOUR MONEY MINDSET
Decide to be financially successful
Getting wealthy or even just saving money starts way before you open that investment account or make that first deposit into your savings account. It starts with a simple decision and deciding you are going to have money or buy that house. This is the best boost your mindset can have.
Determine your life values
Once your decision to be wealthy has been made, you have to work out your reason for wanting this financial success. Or in other words your why. What drives you, what motivates you?
Let go of standards and focus on what really matters to you
Forget about keeping up with the Jones’ for starters. When it comes to your money mindset you have to focus on yourself and what works for you. Again, why are you doing this?
Get comfortable with your fears and your discomfort
Anxiety and fear are natural by-products when you want to accomplish something big. There is a fear of the unknown, the fear of change, and of course the fear of failure. It’s your choice though either let fear keep you stuck or embrace it as part of your journey.
Express gratitude and affirm yourself to success
Expressing gratitude is a good way to adjust what you focus on. When you are appreciative of what you have, more good things come your way. When you are content in your life, you are less compelled to spend.
TOP TIPS ON HOW TO MANAGE YOUR FINANCES
Set up the right bank accounts. The right bank accounts are critical to your financial success.
Review your current financial situation.
Make a plan for your money.
Set money goals.
Check-in with your finances every day.
Manage your expenses.
Take a look at your income.
Start paying down debt.
Seek financial advice from an expert.
Know yourself.
So, I can’t be any clearer on this, the more you get to know yourself the better you will be at talking about your money and how you are handling it. In a nutshell, you need to dive into your childhood and see what you learned about money growing up, how that affects your current money mindset, what fears and behaviours you currently experience around money, and only then will you know how to fix it so that it aligns with your goals and dreams. Geez, if I can have money in my bank account at the end of the month, everyone can!
KYLIE WALKER – DIRECTOR – BUSINESS DEVELOPMENT & MARKETING