Mindset Matters with Money
"The key to wealth isn't just having money; it's having the right mindset. Money is a tool and a resource, but it's how you use it that matters." -Robert Kiyosaki
Success with money isn't just about having the money, it's about how you manage it. And how you manage it is based on mindset. Your mindset controls your habits and your habits control your routines. You can have $50,000 in your checking account but if you don't have the right mindset and healthy habits in place, you can blow through that fast.
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Having a positive mindset with money is essential when it comes to achieving success. It's important to be aware of your thoughts and the language you use when thinking about yourself and your goals. Instead of putting yourself down or thinking negatively, focus on positive affirmations and create a vision for yourself that will help you stay focused and motivated.
5 tips to help you with your mindset regarding money:
Follow personal finance influencers, read personal finance books, and listen to personal finance podcasts. The more you learn the more you will be able to change your mindset and financial future.
Stop speaking negatively about money. Stop saying phrases like, "I wish I had", "I'll never", "I can't", "There's no way".
Stop thinking about your past mistakes with money. Think about now and the future. The past is the past and you can't go back.
Make the decision right now, as you are reading this, that you will be successful financially. Decide to commit to the process, decide to make some scarifies, decide to be disciplined, decide to educate yourself and decide to get help if you need it.
Make a plan. Write it down. Write out your goals, dreams, and steps to get there.
"Writing down your goals changes the way you see your situation. Changing the way you see your situation; helps you make changes. Making changes helps you live more financially free. And living more financially free gives you a sense of peace and control over your life. " Julie Haneline
This money goals template is a helpful tool to help you create a plan for achieving your financial goals.
6. If you are in over your head in debt and have no idea where to start, hire a money coach. They can help you get started on your debt free journey, guide you with your budgeting, give you tips on how to save more and be a source of encouragement along the way.
Habits fuel your everyday routines so let's talk about bad money habits and replacing them with good money habits.
Bad Money Habits
Paying your bills late.
Not saving for your future and/or retirement.
Spending more than you earn.
Relying on credit cards.
Not having money set aside for emergencies.
Blaming others for your circumstances.
Not treating yourself to fun money.
Going out to eat more than cooking at home.
Good Money Habits
Automate all bills.
Automate your savings (and charity/tithe donations) so you don't have to think about it. The automation makes the decision for you.
Tracking your spending so you stay on target with your budget.
Use debit card or cash for all transactions. If you can't afford it to come out of your checking then you don't need it.
Saving a little each week or month for emergencies.
Taking ownership of where you stand financially. It's your money, you are in control.
Stop making excuses why you are bad with money or why you aren't saving.
Set aside a small portion for fun money to treat yourself.
Taking 24 hours to think about big purchases and not being items just because they are on sale.
Have a weekly food plan. It's when you don't know what's for supper, when you say "we'll just pick up something".
Habits and routines go hand in hand so some of this may sound repetitive but I'm trying to get this point across so it sticks with you.
Habit: a settled or regular tendency or practice, especially one that is hard to give up
Routine: a sequence of actions regularly followed
Routines are an important part of success because they provide structure and help you stay on track. Establishing a routine helps you stay organized and motivated, and it also helps you stay focused on your goals. A great way to establish a routine is to create a schedule that outlines what you need to do each day and stick to it.