Change your money mindset
Money is one of the leading causes of stress, and for entrepreneurs money worries can feel like a lingering obstacle to our success. Here are my top 5 tips for busting through your money blocks and achieving a healthy money mindset.
Understand Your Money Story
Our structure of belief about money is conditioned in us from childhood. We see our potential to earn and receive through a lens created by the money stories we heard growing up.
- Consider the money stories you grew up hearing, such as ‘money doesn’t grow on trees’ or ‘money isn’t everything.’
- Write down your money story. Include the financial environment you grew up in, your first memory of money and how money was discussed.
- Write down the money stories you are telling yourself today. These might sound like ‘I don’t deserve success’ or ‘I’m really bad with money’.
Our thoughts and beliefs create our reality and 90% of the thoughts we have each day are the same thoughts as the day before. Neurons in our brain fire together as these repetitive thoughts and feelings strengthen to become habits that we subconsciously find easier to accept than to challenge.
The good news is that our brains have plasticity. This means they have the ability to change and adapt continuously throughout our life. When we’re conscious of what’s been happening and develop new thoughts, we cause our brain to fire in new sequences. Our new conscious thoughts can become our new money story.
Define Your Money Values
Answer the following questions:
- Beyond the basics (food, shelter, etc) what do I want money for?
- Which of these things are really important to me?
- What does having those things make me feel?
This exercise will help define your values when it comes to money. Values that often come up are freedom, service, family, joy and self-care, but everyone will have their own unique list.
Use values every time you make a spending or saving decision. If you are an impulse buyer, ask ‘does this purchase align with my values?’ ‘What could I invest in or save towards that does?’ In the same respect, if spending makes you fearful or guilty you might be turning down experiences or opportunities that do align with your values. Take that trip or book that massage!
Make Money Your Friend
Stop believing that money is your enemy. When we have money we feel free, supported and able to support others. Shift your mindset into seeing money as a fun and flowing exchange of energy by facing your fears.
- Open your bills and bank statements. Get to know and love your numbers. Even if they’re currently in the negative, knowing them feels so much more comfortable than hiding from them.
- Track what you’re spending, how much interest you’re paying and when payments are due. Every day. You can be in control, even when your finances feel out of control.
- Make the most of technology. There are lots of apps out there that make finances easy and fun. Automate your savings, create accounts for each of your values and learn to invest at the touch of a button.
- Listen to podcasts, watch YouTube videos, read books and talk to people.
Know Your Worth
Take a deep breath and repeat after me: I am not my money story. Money is simply an exchange and you are just as entitled to that exchange as anyone else.
- Make self-care non negotiable. Do the things that light you up and prioritise what makes you feel most authentically you.
- Value your time. Your time is precious and if you’re an entrepreneur your time is money. Set boundaries firmly in place. Don’t do what you don’t want to or give away too much of your time for free.
- Believe in your own value. What do people thank you for? What skills and personal attributes make you feel good about yourself?
Change Your Story
Changing our thoughts is a daily practice. Once you realise that you’re not defined by the stories you’ve been telling yourself, you realise there are great possibilities available to you.
- Daily affirmations are extremely powerful in rewiring our thoughts. Use post-its or daily alarms to give yourself constant exposure to statements such as ‘money flows easily to me’ or ‘people love to pay me for my work.’
- Complement your daily practices by meditating, keeping a money journal and giving gratitude for every financial transaction.
- Set small daily intentions and action steps towards your wider financial goals.
About the author
Karen Podesta is a certified Holistic Life Coach, Mind-Body Practitioner
and Director of More Love Yoga & Meditation. She works with individuals,
groups and businesses to deliver one-to-one sessions, classes,
workshops, retreats and wellbeing packages. Her services combine
coaching techniques, positive psychology, neuroscience and holistic
tools to increase clients wellbeing, their ability to fulfil their
potential and live lives that they love.