Struggling to save money? Maybe living paycheck-to-paycheck is the problem. Perhaps you have trouble paying your bills, or are stuck in credit card debt with no end in sight.
Despite your best efforts, it can feel like you are always struggling to get ahead. You may be sabotaging all of your success by subconsciously thinking about money in the wrong way! It’s a common belief that how we manage our finances is what defines our future – maybe it isn’t you who has been sabotaging yourself financially, but rather how you think about having (or not) enough money?
What Is Your Money Mindset?
In your childhood, you were given powerful lessons about money, success and wealth. Maybe you come from a family where money was scarce . Were the words “Money doesn’t grow on trees” ever uttered to make sense of how hard it is to get by? Or maybe phrases such as “money is the root of all evil,” made their way into your mind early in life with devastating effects that still impact who we are today.
No matter what lessons you learned as a child, they are deeply rooted in your subconscious mind and form the basis for how you think about money. Now, chances are those beliefs aren’t serving you any longer.
Whether you think money is something to be saved, shared or spent, your mindset about money has a profound effect on how well you manage it. It also determines how much joy or stress you experience in relation to your finances – and whether they are working smoothly towards your goals.
How Do You Work Out Your Money Mindset?
You can start to bring your money mindset out of the shadows by asking yourself what you believe to be true about wealth, money, and success.
How easy do you think it is to become wealthy? Plenty of people believe that success happens to a lucky few or that you have to work hard to get anywhere. Maybe money doesn’t come easily is one of your core beliefs.
Maybe you were taught that money could make your life better. Perhaps you think that if you can just get that promotion or buy that big car, then you would be happy, and everything would be alright. Unfortunately, this belief can set you up for perpetual disappointment, as the happiness goalposts keep moving.
At the other end of the spectrum, maybe you believe that money doesn’t matter. If you see wealth as a distraction, then it’s likely that your work is the most important thing to you. Maybe you are in one of those helping professions (social worker, therapist) or for not-for-profit organizations? You might believe that money matters less than what drives and motivates us – that doing good is incompatible with being wealthy.
How Do You Change Your Money Mindset?
A valuable way to start to change your money mindset is to do a quick brainstorming exercise: Quickly write down all of your assumptions about money, spending, debt, being rich, being poor, investing, and success.
Now that you know what your beliefs are, it’s time to create a new belief system for yourself. If the old ways don’t work anymore, start with something new! What do you want your money mindset to look like? Write down a few new statements about money that are positive and inspiring.
‘I earn enough money for the things I need & value.’
‘Money is abundant.’
‘There is always enough money’
Now, imagine these new beliefs as if they were already true in your life and how that feels.
Think about how your new beliefs can serve you and help you feel great about your money.
If you feel a sense of excitement rather than anxiety or dread, you’re on the right track.