5 Ways To Improve Your Money Mindset in 2023
Posted on December 19, 2022 by Tammy Shweiger CPA, One of Thousands of Money and Finance Coaches on Noomii.
Head into 2023 with a healthier relationship to money.
In a February 2022 study from the American Psychological Association (APA), 65 percent of respondents said money is a significant source of stress. Nurturing a positive money mindset can help reduce financial stress that may be weighing you down. Here are 5 ways to improve your money mindset:
1. Examine your beliefs about money
What isn’t serving you, what is it time to let go of? What do you want to step into further?
In a study done with the Global Financial Literacy Excellence Center, called Financial Anxiety and Stress in Households, “Two individuals with objectively different financial situations may respond identically to the anxiety and stress question due to differences in how they evaluate and perceive their financial situation.”
This means objective numerical figures, like our bank statements and our income only make up a part of how we feel about our money. Some of our financial “reality” is created by what we believe about our financial situation, and the emotions that money stress evokes in us.
Begin to take notice of when a limiting belief takes hold of your inner dialogue. “I will never feel secure.” “I don’t make enough to budget.” “I’m bad with money.” Try to say something kind and positive in its place. You can choose to begin your financial wellness journey today.
2. Track your spending
The majority of Americans don’t budget. A lot of people see budgets as restrictive. A set of money rules imposed on them. What if I told you your budget is totally up to you? To create, adjust, change and change again. What if you shifted your money mindset, and a budget became a way for you to make the things that matter most to you in life a reality? A budget could empower you to stop spending without a plan and work towards your goals. Less stress, more choice. Increase agency over your time, your health, and your future.
3. Identify your life’s values
Write down 5 values that matter the most to you. Try to be honest with yourself, and not put down what you think someone else would like to see. Now compare your values to your spending (from step 2) Is your spending in line with your values? If you are in a partnership, you can do this exercise with your partner in order to bring clarity to your shared goals and dreams.
4. Talk about money!
Break the money taboo—the greatest taboo in our society. We need to have a healthy relationship with money to thrive. Yet, none of us are born with financial literacy. Financial education is something we need to be lucky and privileged to receive at a young age. If that wasn’t your early life experience, that’s ok! You can start improving your financial knowledge today. Talk about money. When we keep something a hush hush topic it breeds secrecy and shame. Shame prevents us from changing. Start by sharing a financial goal, or a money regret with a trusted friend or family member. Create your own mindful money community.
5. Begin to embrace the idea that money is a tool. Money doesn’t make people good or bad.
A lot of folks grow up in homes where wealth is talked about as a bad thing. Phrases like “Money is the root of all evil.” are stated often. If you are trying to achieve financial wellness, and improve your relationship with money, this way of thinking is holding you back. You can use your wealth as a tool to live a life in line with YOUR values (which you already identified in step 3). If your values include helping others, then the more you have, the more empowered you are to make a difference.
When is it time to ask for help?
Need an accountability partner? A guide? A support system? Wondering when it is a good idea to seek out professional help? If you are feeling very overwhelmed by your finances, or money is causing stress in your relationships it may mean that working with a Financial Coach is the appropriate next step for you.
You can book a free 15-minute consultation with me to learn more about Mindful Money Coaching.
Wishing you a wonderful, mindful New Year!
