What are your money beliefs? Have you ever stopped to really think about what you really believe or think about money?
Things We Inherit
We inherit things from our parents and grandparents, such as eye color, hair color or type, interest in sports or other activities, confidence, artistic abilities, and other things.
For example, when you were growing up maybe health and wellness were a priority for your parents. From a young age you saw them working out, being active, taking care of their bodies. They also focused on healthy, clean food choices for themselves and for you. Your beliefs about your health and wellness were created based on the actions and activities you saw in your parents as well as what you were fed and taught about different foods and how they impact your body.
Our money beliefs and how we act with money are also passed down from our parents and grandparents.
For me personally growing up I remember my parents’ discussing money and my mom teaching me how to pay bills and the importance of saving. As I got older, I was encouraged to open my own personal checking and savings accounts and to manage my money. I had to pay for things such as auto insurance, gas, extra things I wanted to buy as well as to pay for activities I wanted to do. Money was never an avoided topic, and my parents did a good job at teaching me to have a balanced view of money.
Others I have spoken with have shared that money was something that their parents argued over, or in other cases money was NOT talked about.
Understanding what your inherited money beliefs are and where your attitude towards money originates can be a very helpful first step in your financial decisions and how you reduce financial stress in your life.
What are some Common Money Beliefs?
Money Belief #1
Many people believe “I don’t make enough money.”
Many believe they don’t make enough money for all the things they need/want to spend money on, or they believe that they don’t make enough to save money.
Not saving money could be in the form of not building an Emergency Fund or even planning for retirement.
Saving money though is more about discipline rather than the amount you have to save. If we stay in the “waiting to have enough to save” we waste time that we could have been saving or investing regardless of how big or small the amount.
Change the Belief and Action – Get Saving
Even if it is a small amount, just start saving. Maybe you start out with $5 a month, or even less. Just saving a small amount each month will help you build the discipline and consistency of saving money. It will become habit and over time you can increase the amount.
As you save, you can earn compounding interest on the amount you are saving, which is what many refer to as passive income. It is money you are making without doing much to earn it. Your money therefore is working for you.
Money Belief #2
Another belief people have is “There’s never enough money.”
This thought process can leave you in a state of financial lack. That there will never be enough money to meet your needs. You may also believe that there is a limit to the amount of money you can earn.
Creating Value = Money
Over deliver, you will build your self-esteem and self-confidence, but it will also help you in your willingness to receive. We can look at money in terms of value, how much value do you offer to the world? The value that you offer then is returned to you in dollars. We aren’t taking money from someone else, but we are building abundance and building more and more value in our own lives and then we give this out more and more into the world. When you give so much to the world you are more open to receiving the abundance the world has.
Money Belief #3
Another one I hear often is “I just not good with money.”
When we have this limiting belief, it will impact our financial confidence and hold us back from understanding and managing our money. You may think this way because you have credit card debt, you overspend on unnecessary purchases when you are stressed over overwhelmed, or you tell yourself you don’t have enough income.
Learn to have Flexible Money Management
Take the time to understand your money, your beliefs and what is holding you back in your financial goals. Beliefs are part of what is holding you back. Work with a coach to help you uncover your beliefs and to review your current money situation, where you want to go on your financial journey and steps to take to get there. You can also use a budgeting app to help you track your income and expenses. An app I personally like to use is Every Dollar App.
How can I Improve my Money Mindset?
The way you think about money will impact how you manage your money. Identify factors behind how you think about money. Then you can work on adopting new ways of thinking. Learning about money, understanding the value of it and how you want to view money that will help you get unstuck and move you forward on your financial journey.
Your money mindset is your own beliefs around money. Your attitude around money, which drives you to make decisions about your money. Read the blog article: Money Mindset – Six Steps to a Positive Money Mindset
Get Financial Coaching
Getting coaching can help challenge our financial limiting beliefs. Our thoughts or beliefs shape our reality and this is also true when it comes to our finances. Good news is, you can transform your limiting beliefs around money. Taking time to identify and overcome them, you can un-limit your financial potential and open the door to more abundance.
Work with me and we can address the subconscious barriers that are holding you back, challenge the beliefs and replace them with empowering beliefs that move you forward on your financial journey. You can shift your thinking and perspective around money from scarcity to abundance. Schedule your FREE no obligation, safe space consultation call HERE.