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My name is Amy Landino and I'm an author, influencer and keynote speaker.
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While we all learnt very quickly that money does not, in fact, grow on trees planted in our family backyards, there are still many unreliable beliefs about money and personal finance that ultimately hold us back. If you’re feeling frustrated about your relationship with money, you might need to reframe the way you see its purpose.
Here are 7 money mindset shifts you can make today that will allow you to regain control over your bank account.
It’s easy to rationalise how much money you’ve got if you don’t keep track of where it’s going – especially if you prefer going cashless. Unless you’re reviewing your expenditure frequently – and who likes staring down a months-long bank statement, am I right? – you might find your spending habits, while perhaps not “that much”, still could be too much for what you’re currently earning.
NEW MINDSET: “I only spend within my means.”
HOW:
Every financially successful person says a budget is the foundational tool every person should be using to control where their money goes. But it can feel overwhelming! How will you set up your budgeting system – will it be analog or digital? Will you pay someone, like YNAB, to help you set up, or will you try to do it yourself? Budgeting does require time, but perhaps not as much time as you think.
NEW MINDSET: “Budgeting helps me achieve my goals or stay in control of my life.”
HOW:
You think that your expenditure is so shot that you need to go from one extreme to the next. That the only way you can redeem yourself is by closing up shop. This all-or-nothing thinking might seem like the responsible reaction, but deprivation often backfires. In The Barefoot Investor, Scott Pape encourages readers to put aside 10% of their weekly income to use on whatever splurge items they’d like. And he doesn’t stop there – he wants you to put another 10% towards a longer-term goal, like a holiday! Allow yourself some balance.
NEW MINDSET: “I live a balanced financial life.”
HOW:
Our brains like to play tricks on us. Add to that the onslaught of advertising that homes in on our pain points, and we can be forgiven for thinking that if we don’t make a purchase now our lives will be worse off in some way. It’s a mental minefield you’re being asked to navigate, but if you want to see an increase in your savings, you’ll need to start vetting the items that capture your attention.
NEW MINDSET: “I want this right now, so it can wait.”
HOW:
This one can feel truer than the others, especially if you’ve never been exposed to first-hand success. But there are enough people who have become financially savvy and successfully earned passive income to warrant your trust in the concept. What you need to do is start investing – in knowledge! We have all the information we need, for free, at our fingertips.
NEW MINDSET: “I may not understand how to earn passive income but I can learn.”
HOW:
I doubt there’d be too many people questioning this mindset. Who actually enjoys chopping up their hard-earned income and passing it on to various companies on a monthly basis? If we pause for a moment, we’ll see that not all expenses are equal. If you’re forking out for a streaming service you don’t use, except to scroll when bored, then yes – that’s a waste. Paying to keep yourself warm in the middle of winter, or stay connected to your loved ones online, is a different story.
NEW MINDSET: “I choose to pay these bills to provide [insert necessity here].”
HOW:
Ah, the mother of the money cliches. The popular usage of this phrase actually ignores its intended message: “For the love of money is the root of all of evil.” The original Biblical quote even explains why: because people in the past who have excessively loved money have gone against their principles, or caused deeper problems.
NEW MINDSET: “Money, when used sensibly, is a source of opportunity and connection.”
HOW:
I truly believe that at our core, we want to connect, either directly with others, or with an idea (that is ultimately shared by other people, in turn making us feel less alone). So long as your desire for money does not bring with it the cost of your relationships, the wellbeing of others, or your own self-worth, you are not engaging in an evil practice.
QOTD: Which of these mindsets do you find yourself holding onto? Choose one and write down what you can do today to start shifting it.
Candy Zoccoli is a writer, editor, and English teacher passionate about the ways in which language inspires action in others. When she’s not trying to win every escape room in her hometown of Melbourne, she blogs about her self-improvement journey at The Exhaustive Life.
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