How you think about money and the relationship you have with it determines your results.
Maybe you feel Like:
- You’ll never get ahead financially
- You’ll never get out of debt
- You’ll never be able to save
Your Money History
Think back to when you were growing up. How you view money today is the result of what you saw and heard about it while you were young. Most of us can remember hearing things like “money doesn’t grow on trees” or “we can’t afford that”.
Money might have been spoken of as something hard to come by and even harder to keep. There never seemed to be enough of it and the ones who did have it were stuck up snobs, dishonest jerks, or shady characters. Sound about right?
Many of us remember learning that “money is the root of all evil” or that “saving is difficult” or maybe you remember hearing that “it’s hard to pay the bills”. Do you remember your parents stressing out about not having enough to pay the bills or buy food? Do you recall the arguments and stress that were caused by money issues?
Money was maybe viewed in a negative light more than not. Is it any wonder that you have so many issues with it as an adult? What things did you hear and see about money while you were growing up? How are these things affecting how you view and think about it today?
Your Money Beliefs
Get curious about your money beliefs. Ask yourself:
- Where did my beliefs around money come from?
- Is this someone else’s belief or is it mine?
- Which of my beliefs are limiting me?
- Which of my beliefs are creating the results I’m having now?
Do you ever use the word never?
- I’ll never be able to save
- I’ll never have enough money
- I’ll never be able to get ahead
- I’ll never get out of debt
These are just some of the limiting statements that many of us make every day. The I’ll never statements will limit your ability to do something new and something different with your money. It’s time to change your I’ll never, to I’m on my way.
- I’m on my way to saving
- I’m on my way to paying off my bills
- I’m on my way of getting ahead
- I’m on my way to earning more
The statement I’m on my way shows action. You’re taking action. You’re on your way. You’re in the game. You’re not standing still. You’re not staying put or staying stuck .
Know What Your Money Is Up To
Do you know what your money is up to? Do you know what your checking account balance is right this second? Do you know what your savings account balance is? The first step in creating a new way of managing your money is to know what it’s up to. You think that if you ignore the problem it will just go away.
Sometimes we would rather bury our head in the sand than to know the reality of our account balances. We wait until we get the overdraft notice before we deal with the problem. We try to put the pain and stress off as long as we possibly can. This gives us a little stress-free time where we don’t have to get depressed about our financial situation, or lack thereof.
But what you don’t understand is that not knowing creates more stress than knowing. Stressing about whether this, or that bill is going to go through your bank account before pay day causes much more stress than knowing exactly what your money’s up to.
If you put time and effort into your financials, you’re going to have great finances. If you don’t – you won’t.
What will actually alleviate the stress is:
- Knowing exactly when your bills are supposed to come out of your account
- Knowing exactly how much is due and when
- Knowing exactly how much you need in your account
It’s important to be proactive where your money is concerned. If you ignore it, it’s not going to work for you. If you ignore your bills, your money’s not going to work for you. There will always be some surprise or some setback or some tragedy that happens that will create a money emergency that you’re not prepared for.
There really is no excuse in this day and age not to know what your money is doing it all times. Everything is online. Just a quick push of a button or entering a pin number and whoa!
There’s your money.
What are you doing money?
It’s okay to talk to your money. Sometimes it makes it a little bit more enjoyable to start having conversations with it. Ask your money, “what are we going to do with you this week money? Well, it looks like you get to pay the power bill this week money. Thanks. Thanks for being there to pay the power bill. You’re treating me good money.
How many of us think of money in a positive light? Not many of us.
Usually it’s the opposite. We’re so busy grumbling about our lack of money, that we forget to appreciate what it does do for us. What it provides for us. I remember my Grandma used to tell me, “you’re never going to get more of anything if you don’t appreciate what you have”, and it’s true. It’s true about money. You’ll never get more of it until you appreciate what you have and use it wisely.
You may not believe that talking to your money will change anything but try it for a little while. If nothing else, it changes how you view and relate to it. Start having conversations. Have a date night with your money. Create future plans with your money. Let it know what you want from it. What you would like it to do for you. Just try it for a week and see what happens
Save Money to Save Money
What? It’s true, it really is true.
Many believe they don’t have enough money to save, or to even start saving. They’re so focused on paying the bills and buying food that they can’t see beyond that.
Or if they do have a small amount that they can save, they don’t because they don’t see it making a difference. It’s just five bucks. How is that going to make a difference? Well, let’s look at that:
If you get paid weekly, $5 a week x’s 52 weeks = $260. That may not seem like it’s even worth it. Why bother? Because it’s $260 more than what you have saved now. Think back to how many years you could have been saving $5 a week and add it up.
And what you may not realize is that when you see you can live without the $5 you begin to see the possibilities. You will see you can save a little more so you start putting in $10. You see the progress you’re making, it motivates you. You realize it is possible to save and you just keep saving more. Your limiting beliefs about saving money changes.
Take Action With Your Money
Go right now. Get on your phone, open an online savings account. Have a certain amount transferred from your local bank to your online account each payday. Don’t worry if it’s only $5. $5 adds up over time. Remember, the more you save, the more you will save.
With an online account:
- You won’t have to remember to do it
- You can just set it up to come out of your account each payday
- You don’t even have to think about it
- You won’t be able to second guess yourself or change your mind. “Oh, I’ll do it tomorrow”. “I’ll do it next week”. “I can’t afford it this week”.
Even if it’s a small amount, it’ll add up quicker than you think. Most online accounts take three days to transfer money back to your local account. What this does is it will prevent you from dipping into it so easily. Every small emergency that comes up will just have to be dealt with because it’s not so easy to get to your savings. You can’t just transfer it from one account to the other and have it magically appear.
There are many great apps to choose from. I personally use the Stash app.
Success with your money will create more success
Once you start seeing progress in your savings account, your whole mindset around savings will change. You’ll see it is possible to save money. You will realize that you can afford to save, and that you can afford to save a little more. Once you see your savings start accumulating, it will motivate you to put in a few more dollars each payday. your relationship with money will begin to grow.
“Hey, money, you’re cool. Thanks for being there for me.”
How you feel about yourself will change. You’ll feel accomplished. You’ll feel more self-worth. You’ll begin to see that you can create change in your life for the better, and you’ll start making other changes in your life. You’ll start expanding your money mindset.
Educate Yourself For Growth
Spend some time educating yourself. There’s a lot of great information out there.
- Take a class
- Read a book
- Watch a video
- Start spending time learning about money
- Get ideas on different things you’d like to incorporate into your financial life
- Learn about budgeting
- Study on saving for retirement and making investments
Money doesn’t have to be the enemy. It can be your friend. Learn how to get it to work for you instead of against you. Your mindset and beliefs will determine the results you have. And remember, take action. Do something today. Have a date with your money. Find out what it’s up to.
For Further Reading: