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Beliefs about money and how they influence your financial decisions

Sep 9, 2024

3 min read

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Beliefs about money and how they influence your financial decisions

The Power of Belief: Rethinking Your Relationship with Money

Have you ever been asked to do something and immediately thought, "Oh no, I can't do that?" Whether it's getting a certification, running a 5k, taking a higher-paying job, or baking a cake, if we haven't done it before or if past attempts didn't go as planned, we often develop a belief that it's simply not possible for us.


Belief is a powerful thing, isn't it? It shapes the decisions we make and the paths we take. This is true for our finances as well. Our beliefs about money are shaped by our experiences, our upbringing, and the messages we've received about money. These beliefs are typically deeply ingrained and influence your financial decisions. Some can hold us back, preventing us from making progress and achieving our goals.


If you've struggled with budgeting, you might believe you're just not good with money. If you grew up witnessing financial struggles, you might believe that debt is an unavoidable part of life. If you heard money was the root of all evil, you might believe that having money is bad, greedy, or selfish.


Strategies to Overcome Limiting Beliefs

But here’s the thing: even though these beliefs are subconscious and influenced by external factors, we can change them. For example, if you believe you're just not good with money, you could be holding yourself back from an entirely different financial future, one where you are in control of your money and confident in your financial decisions.


  • Self-reflect to understand where your beliefs come from. Consider if they are based on something someone said to you, something you observed, or even feeling like you don't deserve or are not worthy of having money.

  • Be curious and get new perspectives, information, and resources that will challenge your beliefs. So, you tried to budget, but it didn’t work. Keep going! Check out social media accounts to follow and ask trusted friends, colleagues, or other small business owners for recommendations for money management books, podcasts, blogs, or email lists.

  • Work with a financial coach to gain valuable insights into your relationship with money and develop personalized strategies to achieve your financial goals. Coaching sessions provide a supportive and nonjudgmental space to talk about your challenges, address your concerns, build your confidence, and take control of your financial future.

  • Be mindful of your spending. Evaluate whether you are spending more or less than expected. Observe your habits, reflect on your thoughts and feelings about them, and decide if there are any changes you would like to make.


Baby Steps to Big Wins: Master Your Money Mindset

Have you ever heard the phrase, "You get out what you put in"? Changing financial behaviors and habits takes time and work. Mistakes will be made, and it can get messy at times. But I promise you my friend, the work is worth the reward and then so much more. This is not a bandaid; you are transforming your relationship with money.


You don’t have to be a math whiz or financial expert to take control of your money. It's more about behavior and the decisions you make. We're not trying to boil the ocean—so just start with one thing. Maybe it's spending awareness, checking your bank accounts more often, or planning your spending one week ahead.


The work isn’t always easy, but it’s worth it. But you've got to be aware before you can begin to make changes. Then, go at a pace that feels right to you. It takes time, so know it’s about making progress, not perfecting it.


But for right now, just try to be aware and see what you learn about yourself.


Reflection Question: What beliefs do you have about money?

Take some time to think about your beliefs about money and where they came from. Look for new resources that challenge your beliefs, and consider working with a financial coach if you need guidance. Be mindful of your spending habits and make small changes to align with your financial goals. Remember, it's about progress, not perfection!



Sep 9, 2024

3 min read

0

12

0

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