Transform your life with the gift of a positive money mindset
Very simply your Money Mindset is your beliefs, values and attitudes about money. It’s not just about how much you earn, but how you think about and manage your money.
It’s worth it to understand the psychology behind your financial habits. A positive mindset around money can lead to positive results like:
- improved decision making
- increased savings and investments
- reduced stress and anxiety
In this blog we will talk about the different types of Money Mindsets, how habit stacking could help, and steps to consider on your journey towards a positive Money Mindset.
There are different types of Money Mindsets
There are a variety of Money Mindsets that are talked about often like:
- The Saver
- The Spender
- Indifferent (they genuinely don’t have opinions around money)
- The Borrower
There are also concepts like an abundance mindset vs a scarcity mindset that can be discussed ad nauseum. These mindsets really are formed through influences from your family, culture and even past experiences.
Exercise to consider- what is your earliest memory about money?
Bonus question: How does that memory make you feel today?
It’s a useful exercise because it helps to inform yourself of where you were, and can help you identify where you are. The next evolution of this is to think about where you want to be and to create intentionality around your Money Mindset.
Habit Stacking to Boost Opportunities for Success
One effective way to build a positive Money Mindset is through habit stackingthat is pairing new financial habits with existing habits to make it easier to adopt. Here are some ideas to get started:
- Morning routine- review your accounts while enjoying coffee
- Daily commute- listen to podcasts or audiobooks on personal finance
- Lunch break- instead of scrolling, use a budgeting app to track your expenses
- Evening wind down- take a moment to plan your financial tasks/intentions for the next day
Steps to consider on your Money Mindset Journey: Education, Goals & Challenges
There is a lot to be said about the benefits of financial literacy and the value of education on topics of interest. Between google, the public library and a host of other resources there are no shortage of books, articles and other resources to help learn more information that can be useful on your Money Mindset journey.
Get started by creating clear financial goals. Once you think of a goal (I personally love dreaming about vacations on a beautiful beach), set a deadline and really understand the dollar amount associated. For me to take the vacation, I am openly considering where my dollars are going for example I found that I have an expensive coffee habit when I enjoy beverages at a coffee shop. As a result, I sip my coffee at home and look at my account balances (dreaming of my vacation that is now within reach).
The other thing to consider is that you NEED to celebrate your wins! Develop a gratitude practice. It will help you feel good about where you are on your journey and help inspire you towards your goals. Along the lines of a gratitude practice consider a positive affirmation practice. Youcan be as simple as “I am wealthy” or “Money flows to me easily” to help cement truths in your mind- you need to believe in yourself.
There are no shortage of potential challenges you may face on your journey. A common concern expressed is a fear of failure. Another challenge I often see is negative self talk. Sometimes there are genuine challenges around societal pressures. The most important things to remember:
1. Face this challenge head on- you confront it and address the challenge directly.
2. Show yourself love and respect- perfection doesn’t occur in reality and you need to give yourself grace.
3. Practice deep breathing to give yourself the mental space to consider the challenge from multiple angles.
You got this!
Today we talked about types of Money Mindsets, ideas for habit stacking, and different steps to consider on your Money Mindset Journey.
Remember, you don’t have to go it alone!
Brianna Beski is a financial advisor and CDFA at Raymond James, based in Colorado. She focuses on helping people have confidence in their financial futures. For the rest of the story, please visit her website or email her at brianna.beski@raymondjames.com.
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJA, we do not render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brianna Beski of Raymond James Branch 3CC and not necessarily those of Raymond James or Raymond James Financial Services.
Raymond James & Associates, Inc., member New York Stock Exchange/SIPC
