In our latest blog, we share helpful tools and tips and even discuss what might be “missing” in your money management plans. I’m excited to share a money tip that could be the “missing” piece to creating a successful budget!
You know how important it is to use budgeting tools: expense tracking, getting your credit scores annually, reviewing your budget periodically, etc. Here’s another tip you may not have been aware of – but it’s the foundation underlying all (yes, all) budgeting tools and plans. It’s this: know your “inner conversations” around money and budgeting with the goal of having positive conversations!
Are your thoughts negative or positive when you think about money or your budget? A sign that you don’t’ have a positive relationship with your money can be that you put off paying bills, or creating or updating your budget. Another sign is if someone suggests new money habits to you and you change the subject or tell them that wouldn’t work for you. Perhaps, you already know that you feel stressed whenever you think about making the next needed purchase.
What can you do to include this new “tool” in your money management kit?
- First, make time to list all of your thoughts about money. To guide you, click on http://writingthroughlife.com/a-weeks-worth-of-journaling-prompts-its-the-money-honey/
- Next, start using positive beliefs and thoughts as part of your money management strategy and consider reframing your negative dialogue. Below are a few examples:
- “Everybody wants your money. Only you can protect it.” ~ Find Financial Freedom, www.findfinancialfreedom.org.
- “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” ~Ayn Rand
- “The budget is not just a collection of numbers, but an expression of our values and aspirations.” ~Jacob Lew
- “I hate thinking about money,” vs. “I am actively taking steps to learn more about my money and creating a better relationship with my money!”
- “I’ll never be able to save,” vs. “I know it’s a small amount but if I can put $3 a week into a savings account then I am actually saving, and in six months I’ll have saved $72!”
Know that it will take time to develop and then practice this particular money management ”tool.” Practice will eventually lead to habit. What you have to gain is moving from stress to success with your positive money “inner conversations.”