Have you got your money ‘stuff’ sorted?
By ‘stuff’, of course I mean your beliefs and thoughts about money (this is the focus of my work), BUT I also mean the more practical side of things.
- Do you know what your current financial situation is? How much is in your current account? How much do you have in savings and investments (if any)? Do you have any debts and, if so, how much?
- How do you manage your money? What happens to your income when you receive it?
- How do you make your spending decisions?
If any of these questions are making you think:
‘Back off Nicola!’
‘I can’t think about that now, I don’t have time’
‘I’ll start worrying about managing my money when I’ve got more coming in’
‘Money is boring! I want to focus on other things’,
then I have a message for you (so please read on).
I completely get your resistance (even though I used to be a financial adviser in my previous corporate life, I used to very much feel this way myself), but the uncomfortable truth is that you’re very unlikely to receive more money (or hold onto it if you do) if you’re not willing and able to step up and take control of your finances NOW.
I often speak to women who say the kind of things I’ve mentioned above when I ask them about their finances or suggest a way of managing their money differently (well, they don’t normally tell me to ‘Back off’ but maybe they are thinking that deep down?)
Sometimes it feels easier to keep your head in the sand, or maybe you just don’t feel you have the time to sort out your finances? Perhaps you just don’t have a clue where to start?
The fact is that until you commit to truly being in your power around money, you’re sending a very clear message to yourself and the Universe, that you won’t be able to handle receiving more.
So, it’s no good waiting until you’re earning more or have more time, start taking control NOW.
And fortunately, I can help you with just that! Here are my top three ways to get your head out of the sand and start feeling powerful around money.
1) Get clear on where you are right now
The first step on your money mastery journey is to know where you’re starting from. Until you have clarity, it will feel like you are stumbling around in a fog.
Give yourself some time, get all of your financial paperwork out, log on to your online accounts and create a simple record of the following:
1) Your current income
2) The balance of your bank account(s)
3) The total of any savings or investments you have
4) Details of any monies owed to you (outstanding payments from clients, any refunds/rebates due, loans you have made to friends or family)
5) The total of any debts you have (credit cards, personal loans, overdrafts, mortgage, loans from friends or family)
Keep this record really simple to start off with. You can write it down or put the details in a spreadsheet (whatever floats your boat!)
Notice how you feel to have a clear statement of where you are financially right now.
You may very well feel some resistance to doing this (I know I did!), but recognise that this is your first step to taking the power back around money.
This is a process I take you through in my free 7-Day Money Mastery Kickstarter Challenge. Click here to join.
2) Become mindful of your money
Back in the days when my hypnotherapy and coaching practice was focused on helping women with weight loss, when I first started working with clients I used to ask them to keep a food diary. This wasn’t about me being nosey and judging what they were eating. I wanted them to become more mindful of the food they were consuming and notice those times when they were eating and not physically hungry.
The very act of keeping the food diary often led to them eating less and making more conscious choices.
The same principle applies to money.
Have you ever had an experience where you’ve withdrawn some money from an ATR and it just seemed to disappear? Where the heck did that money go?
It’s time to become more mindful of your money – where it comes from and where it flows to.
For the next week, keep a record of all the money that comes to you. Note the amount and where it comes from, i.e. earnings, gifts, winnings, refunds, money you find.
At the same time, keep a record of each amount of money you spend and what you spend it on.
Again, you can do this very simply, either in a notebook or on your phone. Try to make the record as soon as you either receive or spend money, rather than at the end of the day when you might have forgotten.
At the end of the week you can review the information you have gathered and make any changes you want to make.
By doing this, you will have a clearer idea of the activities that bring you money and also where you are spending. You will begin to make more conscious, empowered choices and feel more in control.
3) Create your money pots
I heard this advice many times before I actually took it! It’s an idea I first read about in T Harv Eker’s book, ‘Secrets of the Millionaire Mind’ and then again in Ann Wilson’s awesome book, ‘The Wealth Chef‘, but like I said it took me a long time to implement!
The idea is that you allocate your income to different pots – one for savings, one for play, one for personal development, one for giving, etc.
You can decide which pots are important for you and the different proportions, but to give you an idea, this is how I currently split my income:
Short-term savings 10%
Long-term investments 10%
Play 10%
Personal Development 10%
Giving 5%
Other expenses 55%
For a long time, I resisted doing this and told myself I would start my pots when I was earning more.
Because I wasn’t stepping up and taking control of my cash, I never got to the point when I felt like I was earning enough, so I delayed creating my pots.
It’s only when I finally decided to just do it, that I found I could grow my different pots and somehow I had enough for all my other expenses. It was like magic!
I felt powerful and supported. I was finally taking control of my money and sending a clear message that I was ready for more.
So, how about you? Why not have a go and create your own money pots?
If you have online banking it’s usually very easy to set up some different accounts. If you don’t feel you can allocate the whole of your income in this way to start off with, just take a smaller amount initially and divide that amongst your pots, even if it’s £10.
I guarantee you will be amazed at how this transforms your feelings towards money and the financial results you see.
So, that’s my three money power tips.
Like I’ve said throughout, I completely get that you might be feeling some resistance towards implementing these money management techniques. It’s kinda part of the process, so simply notice that resistance and resolve to take action anyway.
Here’s to stepping into your power around money!
