Worrying about money is a common occurrence for most people. When you feel like you don’t have enough to make ends meet or you’re worried about how your finances will play out in the future, you feel completely consumed by your money situation. This is where changing your money mindset comes in!
It’s easy to feel overwhelmed about money but focussing on the present moment and what you can control is key. Being present in the moment means you’re in the here and now, not the mistakes of the past or the worries of the future. It’s vital for you to know that you are not defined by your personal finances, and they certainly do not define your ability to be content and happy.
Tip! – Breathing exercises are a great way to help yourself take a quick break and get yourself in the present moment.
In a survey, Money and Mental Health found that nearly half (46%) of people in problem debt also have a mental health problem. Money is intrinsically linked to mental health, both problems seeming to end up in a vicious cycle. In this article, we’re going to talk about money mindset and give you some ideas that might create a shift from feelings of lack to feelings of abundance.
What is money mindset and where does your current one come from?
Your money mindset is simply the way you think about money and how your beliefs affect your earning, spending, saving and giving in your life. Your beliefs normally come from what was ingrained in you from when you were a child. If you grew up with little money and it was common to hear phrases like “money doesn’t grow on trees”, you’re more likely to feel negatively towards money than someone who grew up in a financially generous and secure environment.
It’s easy to blame your environment and those who played a part in ingraining these beliefs in us, but it all starts with you. You have the control to change your mindset and take control of your finances.
How to change your mindset around money
Set strategic goals – Having goals such as having an emergency fund, paying off your debts and having a sinking fund for holidays allows you to allocate your money. Having goals that you are constantly working towards might help you feel like your money isn’t vanishing into thin air (seriously, where does it all go?).
Have a budget – You know how we feel about a good budget at Financielle! Creating a budget means you must find out what money you have coming in and going out, this is vital for a positive money mindset. It’s crucial to have clarity when it comes to your finances, whilst it may seem daunting, it’s worth it to have the feeling of being in control of your money. When you finally have clarity, you might feel like your finances aren’t where you want them to be, use this as motivation to stick to your budget instead of dwelling on it.
Stop thinking about money in a negative way – This might be difficult if you are surrounded by people and grew up with people who spoke about money in a negative way. By taking the time to educate yourself and learn how to take control of your finances, you will be able to rewrite your negative thoughts towards money to more positive ones. Try focussing on feelings of abundance and positivity rather than lack and negativity.
Give some money away – This may seem counterintuitive but hear us out. In the Financielle Playbook, we say that giving a bit of money away each month with intention is crucial to our lives and our wider communities. If you’re someone who is surrounded by people who focus on scarcity, your selflessness can be a living demonstration – for yourself too – of a more abundant mindset. It doesn’t matter how much, it’s a great way to improve your money mindset.
At Financielle, we follow the Playbook and preach a positive money mindset. It’s a powerful, self-guided and interactive plan designed to help you reframe the way you think and feel about money. Join our free community today for some help and advice on your money journey.