When it comes to new year’s resolutions, sorting out your finances is often right up there with losing weight, getting to the gym more and having a dry January.
None of that sounds like much fun does it?
Seriously, I can feel my heart sinking just by looking at that first sentence. New year’s resolutions can be a one-way ticket to glumsville (and who wants to be on that train?)
The truth is if you want to make a change, you have to make it super-attractive to your subconscious (that part of your mind that controls the decisions you make and the action you take).
So, if you do want to step into your power around your finances this year, here are three money resolutions that will get your subconscious on board and feel like fun.
1) Make a money date
If you want to transform your finances this year, you need to change the way you feel about money. So, how about creating a more loving and interested relationship with cash?
Let me ask you a question – how much time do you spend tending to your finances right now?
For many of us, it’s something we avoid like the plague. I know, because I used to be the same.
Even though I worked as a financial planner before becoming a coach, when I started my own business I would put off looking at my money stuff.
I would tell myself, ‘It will take too long and I don’t have the time’, or ‘I’ll sort out my money once I’m earning more’.
What kind of imessage for pc do you think that sends?
Can you imagine what would happen if you said to your partner, ‘I don’t have time for you right now’ or ‘I’ll only give you some attention once you are more loving towards me.’ The relationship probably wouldn’t last too long and it certainly wouldn’t feel like fun!
If you want to receive more money in your life, you need to step up and show it some love first.
This is where a Money Date comes in. Put aside some time once a week or once a month to spend looking at your finances.
You can start small if you like, even 15 minutes will help. The most important thing is to show your intention to be attentive to your money.
There are lots of different activities you can do during your money date – track your income, review your expenses, create a savings/investment plan, put together a debt repayment plan, set financial goals.
I know this may not fill you with delight right now, but you can make your date more fun by putting on some music, lighting a candle and pouring yourself a glass of wine.
I used to resist this idea massively. But once I started to make time for a regular money date (I do mine every Thursday morning, so it’s a cup of coffee rather than a glass of wine!), I found that I enjoyed the feeling of taking control of my finances. I love seeing my income growing each week. I am now a self-confessed super-geek when it comes to money.
Give it a go. Ask your finances out on a date. Show your money some LOVE.
2) Have a play fund
Have you ever put yourself on a diet and tried to only eat ‘good’ foods (whatever that means)? I bet you struggled and after a couple of days (or even a couple of hours), you found yourself obsessing about all the foods you couldn’t eat and reaching for the chocolate.
The thing is diets don’t work. They make us feel deprived and our subconscious minds don’t deal well with deprivation.
The same thing applies to budgeting.
If you decide to be super-strict with your money and only spend on things you absolutely need, pretty soon you will be feeling deprived and reaching for the credit card. It’s a sure-fire way to self-sabotage.
That’s why I recommend allocating a proportion of your income to a play fund. Whatever money comes to you, put aside a percentage just for fun.
Your play fund is for things like eating out, weekends away, spa days, new shoes or theatre trips. The only rule is that you are not allowed to spend this money on anything that doesn’t feel like fun.
A play fund guarantees you won’t feel deprived and go off track with your finances. You get to meet the need we all have to indulge ourselves and have fun.
You can decide how much to allocate to your play fund. I put 10% aside for mine, but you can choose more or less – whatever works for you.
It might feel counter-intuitive, but by devoting money to fun you will find that you create and keep more wealth in your life. Like magic!
3) Buddy up
Have you ever found that if you make a commitment to go to the gym more often, you’re much more likely to stick to it if you go with someone else?
When we team up, even with just one other person, we feel more motivated, more supported and more accountable.
The same applies to your finances. If you make a resolution to get on top of your money stuff and struggle on alone, it’s likely you’ll give up when you hit a rough patch.
If you have someone alongside you, you can ask for help, you can share your challenges and you can have some fun along the way.
I have a friend I meet up with fortnightly specifically to discuss money stuff – we keep each other on track and focused. I’m also part of a money mastermind group and work one-to-one with an amazing mentor.
By having this support, I keep on moving on with my money stuff. My income continues to grow and I challenge myself to continually step up in my business and around my finances.
Side note: Last year when I had the best ever financial month in my business, I realised the only thing I did differently was to share my income goal with my money buddy. This is POWERFUL stuff.
So, who can be your money buddy (or money buddies)?
You can pick someone online or offline (I do recommend having at least one person who you can meet up with face-to-face). Get together and make a joint commitment to transform your finances this year.
So, that’s your three money resolutions. Are you going to choose just one or go for all of them?
