Money Mindset in 2019
During 2018 I found myself reading a lot of books around money mindset work. I’ve seen a tangible difference since I started applying some of these tools. So I wanted to share them with you so we can apply them to our money goals in 2019.
Check Your Bank Account Every Day
Usually the first thing we do is wake up, grab our phone, and check social media but never our bank account unless we’re nervous the card won’t go through. I remember at one point avoiding checking my bank account and just racking up overdraft fees and then feeling victimized by the banks, because why are they charging me an overdraft fee?! I know, but it was my reality and I’m sure you’ve been there too. Most of us didn’t grow up feeling empowered or knowledgeable about money and denial can be a hell of a coping mechanism. So many of us live out of sight, out of mind but like most things avoiding doesn’t make things better. Now I’ve gotten in the habit of checking my bank account before social media. This has been great because it’s given me clarity around my money every day. Based on this number then I’m able to make choices that are in alignment with my monthly and yearly goals on a day to day basis.
Know Your Expenses
What I’ve learned is that a huge part of having a good relationship with money comes down to being present to it. That includes figuring out what your expenses are and where your money goes. When I started reading books about money I learned that most of the wealthiest people in the world write down their expenses on a daily basis. So get in the habit of writing them down. I’ve personally gotten in the routine of asking for a receipt for all my transactions. At the end of the day when I get home I sit down with my money notebook and write down what I spent that day. I also try to be mindful of things like Venmo transaction fees, adding tip, or small expenses that we don’t include in our expenses because it’s such a small amount. It’s still money out so write it all down. Are you feeling ashamed about it? That’s ok, with time that feeling will diminish. Try to sit with it in the meantime and ask it if the shame is there because you’re not making enough or is it because your compulsive spending and the amount of money going out has more to do with unresolved emotions rather than feeling good about a purchase. Some people like to use phone apps to track their spending but if money is a tender topic for you, write it down so that you have a physical connection to the expenses you’re writing down. There are tons of studies that show the connection between writing and changing the way your brain perceives reality.
Know Your Income
Every time money comes your way write it down too. This helps you have clarity on how much money you bring in on a regular basis. Once you know this number you can compare it to your expenses and see if you need to make more money or increase how much you put in savings. For a long time I didn’t write it down and when I started to I was actually empowered when I realized I was making an extra $500-$2,000 a month of additional income. Yes income can include birthday money, money for small favors or baby sitting etc. Most people think of income only as their paycheck from work but sometimes money comes to us in different forms. Keep an eye out for it.
100 Ways to Make Extra Money
We all have passions, gifts, and skills that can translate into additional income. Are you a good singer? Can you sew? Do you know how to babysit or bake muffins? Take some time and create a list of 100 ways you can create additional income. They might not all work but if you get 10 good ideas out of those 100 There are now 10 new possibilities for you to increase your income.
Write Down a Gratitude List
We’ve all heard this before but this last year I found a different approach. We all know the generic things to be grateful for but really focus on the things that have value for you. I’ll give you an examples for me, my laptop is worth 10x’s what I paid for it. This laptop allows me to write, create websites, edit photos, I can’t imagine how much harder my life would be without it. I feel the same about my cell phone and book collection. Make this list about you and not what you think you should be grateful for.
Usually people that struggle with money come from dysfunctional homes or had parents that struggled with mental health disorders or addiction. I know for me all of these were true. I spent a few years attending Adult Children of Alcoholics meetings and learned a lot about my choices. Finding a community of people with similar life experiences really supported me in healing. There are groups for under earners anonymous, shopping addiction, and more. Having a community really builds your resilience, find one near you by doing a quick google search.