Is the way you think about money affecting your financial success?
Do you have stress and anxiety when you think about your financial situation?
Are you dreaming of a life with financial freedom but need to know how to get there?
Ladies, I want you to hear me out – a healthy money mindset is imperative for achieving financial success!
But unfortunately, many women struggle with their money mindset. (Don’t worry, it’s not just you!) It’s something I hear from the women in my community constantly. It’s something my clients, and I work through together often.
If you can relate, I assure you there is hope! You CAN learn to think more positively about money, and it WILL help you reach your goals.
That’s why I’ve put together this money mindset guide for women. Not only will it help you identify some of the money blocks you might have, but you’ll also walk away with some practical strategies for how you can start cultivating a positive money mindset!
I know all you type-a, fix-it-now women will love this because this is the kind of gal I am too, and I’ve written this with you in mind!
Let’s kick this blog post off by talking about why having a positive mindset is so essential for us women because there is definitely a stigma around this topic!
What Is Money Mindset & Why Is It Important
Over the years, a lot of things have changed for women. We can vote, work any job we want, and even run for president! But one thing that has yet to change? Women’s money mindset!
But what exactly is a money mindset?
It is the thoughts, beliefs, and attitudes we have about money.
If your money mindset is healthy, you’ll likely be able to reach your financial goals. On the other hand, if your money mindset is unhealthy, it can stand in the way of achieving success.
Unfortunately, many women still struggle with their money mindset, which can affect our financial success in the workplace, our relationships, and even our self-worth and how we value ourselves.
But the good news is, it doesn’t have to be this way! There are tangible steps that can be taken to start shifting your money mindset and put yourself on a path toward financial success.
Signs You May Have a Poor Money Mindset
A poor money mindset is like a bad habit.
You may have trouble admitting it, and it’s hard to pinpoint the exact moment it started. Nonetheless, it’s always lurking in the background or standing directly in your way!
How can you tell if you have a poor money mindset?
Here are some common things women with a poor money mindset do. Measure yourself against these examples to determine if you do the same things.
- You constantly think you need more money.
- You’re scared to look at your bank account or pay your bills.
- You hide the truth about your family finances from your partner or spouse.
- Negative thoughts about money are always running wild in your head.
- You have difficulty tackling financial decisions or making plans for the future.
- Setting financial goals feels like a burden.
- You feel guilty spending money on things you want instead of need.
- Financial stress keeps you up at night or is always on your mind.
- You refrain from talking about money, even with friends and family.
- You’re constantly comparing yourself to others financially.
- You lack financial knowledge and don’t take the time to learn more about finance.
- You don’t have an emergency fund or savings account because you don’t think it’s important.
- You stress about past experiences with your money, berating yourself for mistakes.
- Your financial decisions are based on the financial belief system you were raised with.
- You genuinely believe that money is the root of all evil or that no good comes from money.
- You think you are not worth more money in your career and struggle to negotiate a better salary for yourself.
- Hiring or outsourcing help is frivolous and unnecessary, even though you’re drowning in a never-ending to-do list.
If you can relate to some (or all!) of these signs, chances are that your money mindset needs some work!
5 Reasons Why A Healthy Money Mindset Is Crucial For Women
I know firsthand how hard it can be to come to the realization that you need a better money mindset. Even if you’ve known it deep down for a while, it doesn’t make the truth any easier to swallow!
But it would be best if you didn’t spend time ruminating on how this has impacted you in the past or beating yourself up for having it to begin with. This is not a productive use of your time! Instead, I want to empower you to start taking steps to cultivate the right mindset because doing this will help you in the long run!
And trust me when I say having a healthy money mindset is crucial if you want to:
- take charge of your personal finances;
- change your overall financial situation;
- achieve your money goals;
- cultivate long-term wealth;
- and build a healthy relationship with your money!
So, how do you develop a healthy mindset about your money?
This is something I have had to learn myself and that I am still actively practicing every day. I’ve tried many different things and want to share them with you!
A Quick Note About This Process (spoken from a fellow high-achieving woman!)
Before we dive into the tips, I want to talk about a harsh reality when it comes to developing the right financial mindset.
You will NOT develop a positive money mindset overnight.
I am naturally a “fixer” and want to solve whatever problem I have as quickly as possible. It’s just who I am! So, when I started on my own money mindset journey, I had a harsh reality check.
Unfortunately, it takes time and practice to cultivate the right money mindset for yourself, and it won’t happen in a snap. After all, you will be doing some deep work, rewriting old stories you’ve believed for years, and undoing years of negative money messaging.
But, if you can dedicate an hour or two each week to the strategies I am about to share with you, I promise you will start seeing results. And don’t worry, it won’t always take you this much time. As you get into a regular routine of managing your money and your mindset, you’ll require less time.
You got this, lady!
Strategies to Cultivate A Positive Money Mindset for Women
Take Control Of Your Finances
I know; this seems like a no-brainer. But trust me when I say it’s easier said than done!
When you have a poor money mindset, it is so much easier to bury your head in the sand about your personal finances. This can look like ignoring your bank account, not setting a budget to help you reach your money goals, or needing to learn more about personal finance to make informed decisions.
But, if you want a positive money mindset, you must take control of your finances. It’s a non-negotiable!
So, how do you do this?
The first step is to sit down and look at your bank account. Take inventory of your accounts, the balances, how much debt you have, what you have in savings, etc.
Once you have an accurate picture of your financial situation, you can start to take control of your money, like building a budget, tracking your expenses, making a long-term financial plan, etc.
And doing this work may be very uncomfortable for you at the beginning. So, make sure you schedule time in your calendar to get this done.
If you notice yourself procrastinating or pushing it off, remind yourself why you are doing it in the first place. It can also be helpful to journal about why it is crucial that you take control of your finances.
By doing this work, you are actively changing how you manage your money, which is part of having a positive money mindset.
Set Financial Goals That Make You Feel Good
Another great way to cultivate a positive money mindset is to set goals that make you feel good and excited!
When it comes to goal-setting, you should be careful what goals you choose. Often the goals we set for ourselves can bring up feelings of shame or unworthiness, which does nothing to help your money mindset journey.
Instead, focus on setting goals that energize and motivate when you think about them. Also, choose something that will challenge you but is manageable.
For example, if paying off debt is one of your top priorities right now, break this goal down into smaller steps so it seems manageable.
Instead of making your goal to pay off all of your debt in one year, make it to pay off one credit card or to put an extra $25 towards your student loans each month. Little steps like this will add up and help you reach your overall goal faster!
And when you hit these milestones, celebrate!
Rewarding yourself can help you see your progress and develop an intrinsic motivation to continue moving forward in your money mindset journey.
Read Money Mindset Books
Reading personal finance books is a great way to educate yourself on money management, boost your motivation, and adopt an abundance mindset!
Reading these books will give you the knowledge and skills to manage your finances more effectively and help you develop a healthier relationship with money.
But don’t just grab any money book off the shelf, as some may actually be damaging to our money mindset. For example, books that focus on cutting expenses or living off next to nothing can instill more of a scarcity mindset.
Instead, look for books focusing on understanding our relationship with money and cultivating a positive mindset. These books will help you develop the right mental approach to money management to make smart financial decisions without feeling guilty or shameful.
Now, I don’t always have time to read, so I like to listen to audiobooks while driving or doing chores around the house. If you can also listen to audiobooks, this is a great way to consume the information in your busy lifestyle!
Say Money Affirmations
If you’re new to personal development, you might believe affirmations are a hoax. And I get it; I used to think the same thing!
But after trying affirmations for myself, I’ve seen how powerful they can be in helping us create positive change.
When it comes to a money mindset, affirmations are beneficial because they help you replace old stories or beliefs you have about money with new, empowering statements.
You can either write down or say out loud affirmations like “I am worthy of financial success,” “I trust myself to make smart money decisions,” or “Money comes into my life easily and joyfully.”
At first, you might feel silly doing this. But if you commit to reading them every day for a few weeks, you will start to feel more empowered when it comes to money decisions.
So, don’t be afraid to give affirmations a try!
Practice Gratitude For The Money You Have Right Now
If you have a scarcity mindset, you might feel like there is never enough money, you can’t afford things you need, or it’s hard to make ends meet. The problem with a scarcity mindset is that it reinforces our negative beliefs about money.
Adopting an abundance mindset is a good idea if you want to change your money mindset. And practicing gratitude for the money we do have right now can help us do just that!
You can do this by writing down three things you are grateful for that money has given you. It can be anything from being able to go on a vacation, buy new clothes, or even just pay the bills.
Focusing on what we do have and not what we don’t have will help us shift our mindset to one of abundance and positivity.
Identify Your Money Stories (Or Money Beliefs)
Another key part of this journey is inward work, such as identifying your money stories.
Money stories are our beliefs about money, like “I can’t afford to do things” or “I don’t deserve to make more money.” And if these stories are negative, they can sabotage our financial success.
By taking time to identify what your stories are, you can take steps to work on rewriting them. Doing this will help you rewire your money mindset and beliefs.
Okay, cool. But how exactly do you do that?
The first step is to watch your thoughts about money and look for patterns.
For example, if you notice yourself saying something like, “I will never make enough money to BLANK,” ask yourself why you feel that way. This is an excellent example of a money story.
Once you identify the root cause, it’s time to challenge those thoughts and beliefs. You can do this by questioning them, writing down evidence of when they weren’t true, or even asking for help from a professional.
By doing this work, you will be able to replace your old stories with more empowering ones. And because I know the power of your money story, my clients in the Success with Sacrifice program have access to an exclusive bonus training on this topic.
Allow Yourself To Make Mistakes Without Judgement
On your financial journey, you are going to make mistakes. We all do!
But if you can learn to accept and own them without judgment or self-criticism, it will be much easier to move forward and make better decisions in the future.
When I self-published my first book I paid a premium price for my editor. I later found out that most editors don’t cost that much. At first I was frustrated with myself for not doing more due diligence and getting a “better” deal, but then I remembered that I produced an award-winning book and that money is replaceable.
When I went to write my second book, I found a new editor that was more in line with my budget. I ended up with another great product for a fraction of the cost. What a great learning experience! It also helped me build my confidence when it comes to making financial decisions.
So, instead of beating yourself up for a mistake, you can learn from it and use it as an opportunity to grow.
Find Money Mentors You Can Look Up To
The last step to cultivating a positive money mindset is finding mentors with your financial goals or financial beliefs.
Having someone in your corner that can provide advice, support you through difficult times, and celebrate successes with you can be extremely helpful for developing healthy habits around money.
You can find these mentors online, in person, or by reading books or blog posts written by successful financial experts. Consider working with a financial coach if you are extremely serious about improving your money mindset and want extra accountability.
No matter what, take the time to find mentors who can help you get to where you want to be and work together to create a financial plan that makes sense for your unique situation.
Which Of These Money Mindset Tips Should You Focus On?
Now that we’ve reviewed the different money mindset strategies, you might wonder which ones you should focus on.
The answer – it depends!
If you have time to do them all, great! Not only will this help you improve your money mindset faster, it will also help you improve the different types of money blocks you have simultaneously.
And this doesn’t have to take a lot of time. You could do your mindset work for 15 minutes daily and another 15 minutes listening to helpful audiobooks, podcasts, and TED talks. Then, spend one hour each week reviewing your finances, budget, goals, etc.
However, if you genuinely lack time to do this much work every week, the next best way is to pick the money mindset improvement tips that will either:
- have the most significant impact first
- address your worst money blocks first
Trust me; by implementing these strategies, you will undoubtedly see a shift in your attitude toward money and financial success.
And as I mentioned before, this isn’t an overnight process, so be patient with yourself, celebrate every milestone and achievement, and enjoy changing your money mindset!
If you’re ready to get your finances in check and reach your biggest goals, book an EDIT Your Life™ Jumpstart call to see how coaching could help you. I’d love to get to know you better, see what’s holding you back and make a game plan for going forward together. Don’t wait; You deserve to live a life you love!