What is Money Mindset?

Money is often something we don't discuss. Whether this is a “British” thing or something we learn from our parents, we tend to believe it is rude to talk about money. If we don't talk about it, we are unlikely to think about it unless it becomes a priority.

Your “money mindset” is simply your set of beliefs — usually subconscious — about money. It’s the way you approach earning, saving, spending, and sharing in your life.

Your financial habits — good and bad — are rooted in your money mindset. Your feelings of security or uncertainty, limitation or resourcefulness and generosity are impacted by your beliefs about money.

How does my money mindset affect my business finances?

How you treat your personal finances will often affect how you deal with your business finances. How do you feel you are with money? If you have money, do you spend it as soon as you have it? Do you have enough in your savings account to cover any tax or VAT payments? If not it’s time to get wise with your money and change your money mindset.

3 Ways to improve your money mindset

Make a conscious decision to be successful with your finances

The way you process thoughts about your finances can be detrimental to the future of your wealth. In order to grow your income and use it as a safety net you need to make a conscious decision to build on the contents in your accounts. A positive outlook and the ambition to succeed will motivate you to put actions in place to meet your end goal. If you believe something will happen it will. Positive thoughts attract positive events, negativity will only interfere with this. Show yourself appreciation, acknowledge when you have accomplished something which makes you proud. The more gratitude you have for yourself the better your inner belief will be.

Decide where you want to be

Decide what amount would make you comfortable and why. Your ‘why’ is individual to you and this is what will give you the motivation. Your ‘why’ may be because you want a bigger house, a better car, a change of lifestyle. Whatever, your why is, needs to be your focus. Then you need to have a breakdown of how you can achieve this and commit to your goals. Have no fear. Well Ok not no fear, as a little fear is good to have, but get out of your comfort zone. Pushing yourself to go that extra mile to achieve your goals will make things happen more effectively. On a daily basis think about why you are doing what you do, think about ‘your why’ and imagine how you will feel once you are in that position.

Make a plan and stick to it

Once you have captured ‘your why’ you need to decide on what steps you need to take in order to improve your financial status. Make sure you commit to your plans. Your plans will not be successful without you putting effort in. They say good things come to those who wait, but the truth is good things only happen, if you make them happen.

You also need to consider that life sometimes throws us off path. Things won’t always go to plan, but it’s how you react that matters. Make adjustments as necessary and rejig your plans, you will still get there, just a different way than first expected.

Look at failure as a learning curve. We need to fail in order to succeed. Always turn negativity into a positive outcome and get yourself back on track to achieving your financial goals.