Talking about money
We share almost every detail of our lives on social media and can find the answer to practically any question on the ‘information superhighway’. Yet, we still rarely talk about money mindset.
We don’t tell our friends what we earn or what we spend. We don’t know how to ask for a payrise. We don’t talk about how to start budgeting and saving money, how to start planning for the future in a relationship or how to get out of debt. The financial basics aren’t something we learn at school. And parents don’t usually include their kids in money conversations either.
I’ve been guilty of this myself. It wasn’t until I started my own happy money journey, that I realised – somewhat sheepishly – there was only one place in my life where I could talk about money goals openly, honestly and without judgement. And that was with my clients.
As an independent finance advisor from Melbourne, I’ve had a glimpse into the personal financial situations of dozens, if not hundreds, of everyday people. I’ve not only used my personal experiences to help these people wrestle with their finances (I’m great at giving advice and not always as good following it!), but I also saw behind-the-scenes of the financially strong and in control. The people who are happy with their money. I quickly noticed these people all shared a few things in common. And it wasn’t just knowing how to set up a budget and stick to it.
1. Money is a tool, not a goal
First and foremost, these people all have the attitude that money is a tool to help them live life on their own terms. Use money to do what you want, be honest with yourself and think about the impact of your decisions before you make a purchase.
2. Know where your money goes
People in control of money don’t seem to be on tight budgets. They’re just very organised. The simplest way to do this is to know how to split bills based on income, and take the time to discover how much money you’re spending in each part of your life.
3. You are worth it
Spending money to enhance your life rather than spending money on other people’s temporary happiness is the absolute key to gaining control of your money. When it comes to the list of limiting beliefs about money, this is one of the most common money mistakes I see!
4. Make mistakes
Not one of my ‘good with money’ clients punishes themselves for sometimes getting things wrong when it comes to spending or saving. Instead, they learn from their mistakes, change their ways and move forward quickly.
5. Your money is your money
You earn your money, and that means you’re in charge of it too– You get to boss it around and tell it what to do. It’s all yours!
Not all of my clients have an income that made saving or spending money easy. They aren’t all doctors and lawyers. They are teachers, healthcare workers, small business owners and young adults too.
All it took for these people to start their journey was a conscious decision to change their attitude from “how to earn more money” to “how can I better manage the money that I have?”. I know that when I made the shift, I gained control of my everyday spending and that helped me get on top of my debt. And then one day, it occurred to me: I was now happy with my money.
Phoebe x