Many of us grew up surrounded my limited beliefs when it comes to money.
We’ve been told not to talk about money or that it’s the root of all evil.
Have you ever been told that rich people are greedy?
Have one of your parents ever said ‘Money doesn’t grow on trees?’
These kind of ideas and sayings are holding you back today, and in order to break free from those limiting beliefs, you need to become money conscious.
How To Become Money Conscious
Affirmations are a great way to start reprogramming your subconscious mind.
There’s so many affirmations in relation to money but here’s a few ideas to get you started:
- Money flows to me easily.
- I am open to receiving money.
- I am worthy of earning more money.
- I am a money magnet.
- I welcome more money into my life.
- I am abundant.
Choose a few that resonate with you and say them each morning and evening at least three times.
After several weeks, you’ll start to feel a better relationship with money forming.
2. Take Responsibility
You might not be in the best financial situation and that could be the cause of your poor relationship with money in the past.
The most important thing to do is to take responsibility for your actions whether it’s credit card debt or student loans.
They’re in the past and you won’t make the same mistakes with money in the future.
3. Educate Yourself
Part of taking responsibility is learning more about money and how to change your financial story.
Start listening to podcasts about money and read books about finances.
You can also read about successful people so you can be inspired.
There’s so many rags to riches stories about there that will motivate you.
If you want to become more money conscious, it’s important to know your exact income and expenditures each month.
You can do a basic budget with a pen and paper or use a more in-depth app.
The point is to become aware of what’s going on with your bank account.
If you want to be money conscious, you can’t bury your head in the sand when it comes to your finances.
Even though it’s hard, it’ll be worth it.
5. Set Bigger Goals
Money conscious people realize that there’s plenty of money in this world.
We are living in an abundant time and now more than ever with the internet, almost anyone can achieve financial success.
Realize that you can dream big and set goals accordingly.
6. Pay Yourself First
Most people have heard of the concept of paying yourself first, but very view people actually practice it.
If the government doesn’t trust you to pay taxes after you’ve paid your bills, what does that say about the average person’s relationship with money?
Before you pay anyone else, take a little off the top for yourself.
Once you’ve done a budget, you’ll be able to see what’s realistic for you.
10% is a good amount to save, but if you can’t save that much, commit to just 5% of your paycheck. Set it aside in a separate account that you won’t touch and watch it grow.
7. What’s Your Why?
Why do you want to become better with money?
It’s hard to stay disciplined when you don’t have a why and the same applies to turning your financial story around.
When you have a why in place, it’ll be so much easier to put money aside, to budget, and to keep track of your finances.
8. Calculate Your Net Worth
Calculating your net worth is unfortunately not something that the average person does, but it’s important if you want to be money conscious.
9. Track Your Spending
No one wants to track their expenses because they’re afraid of what they might find, but it’s worth it.
Taking a week or two to write down all of your expenses, keep your receipts or log transactions on your phone will give you a snapshot of your spending habits.
There might be something worth changing in there or maybe not. That’s up to you and what goals you have.
But it’s important to know what you’re spending if you want to become more money conscious.
10. Calculate the Cost of Your Dream Lifestyle
This is an exercise I’ve heard Tim Ferris talk about in the 4 Hour Work Week as well as Tony Robbins.
It’s funny, but most people think they need millions to live their dream life.
They want a private jet and an island, but take an hour or two to really think about what your dream life would look like.
Ask yourself how you can make it happen.
Do you want to own a beach house in California?
Why do you need to own that house? You can rent one for a fraction of the cost, and you won’t feel like you’re wasting it when you’re not spending time there.
Maybe you’re into cars. Find out exactly how much per month it would cost to lease that dream car. Again, why own it?
Your number might still be pretty big, but I bet it’s not in the millions like you might have thought.
I love this exercise, because it gives people this exciting glimmer of hope.
Those dreams aren’t reserved for the rich, the famous, the athletes, and the elite.
You can live your dream life or a version that’s very close to your dream life with a little creativity and planning.
Maybe this is your Why that we talked about earlier.
Are you money conscious now?
How many of those ideas and exercises resonated with you?
Did you give any of them a try?
If you’re feeling lost or discouraged because you know you have a mountain of debt to pay off first, don’t worry.
Plenty of people have overcome their debt, and I love reading blog posts and watching YouTube videos about their stories.
What’s your next step?
If you want to see a difference in your life in regards to finances, you’ll need to make a change.
It’s that simple.
What’s that change going to be?
Do you need to spend less?
Do you need to figure out how to make more money to fund those dreams?
You could do both.
A budget is the best place to start, because it won’t take long to see where you’re at and where you need to go from here.
The next thing to do is to open a separate bank account where you can start stashing away money to pay yourself first. If you don’t do this, the money will never hang around. There’ll always be some emergency.
Hopefully, you’re feeling more money conscious!