In this article ZOE SLATER, Counsellor and CEO of Freedom Choice Academy looks at how to go about changing your mindset around your spending so that you start treating money like your best friend.
Are you stressed out because you are about to get money and just like last time you already know that you are going to blow it all and regret it later?
There is no doubt about it ‘Regretful Spending’ will keep you poor, but don’t feel too badly because you’re not alone. The world is full of people in exactly the same boat, trapped in a cycle of spending every cent they get.
But if you are tired of being trapped on the ‘Regretful Spending’ cycle the good news is that by changing your mindset you can easily take control of your spending habits.
What do you do?
- Firstly, stop, observe your thoughts, patterns and your behaviours.
- Notice how many days, weeks, or months you stress in advance of receiving your money.
- It’s likely you’re already searching to find something to spend your money on.
- You’re probably stressed that if you don’t spend your money straight away it will get wasted on something irrational.
- You may even be worried that if you don’t spend your money, someone will want you to loan it to them.
I have ONE major focus for you to consider. Holding on to your money!
Why am I wanting you to hold on to your money?
I want you to experience this important Money Success lesson because although concepts are great, real time experience and effort always reaps the best results and rewards.
- Let’s create a new ‘Money Success’ mindset, by shifting your current money stress mindset from poverty, never having enough money and not good enough to have plenty of money…. to having plenty of money. This way you will always have money available and ready to work for you.
- To stop regretful spending. Stop your criticising mind that says… see you idiot, you did it again… wishing you had held on to your money just a little longer. Perhaps you feel ashamed and hide not wanting to tell anyone or alternatively you tell everyone how much of an idiot you are. Wishing that one day you will be more mature and wiser about your spending.
Let’s tweak your mindset with this teaching metaphor.
Imagine you have a friend visiting.
You know your friend is coming, so you set aside time to be with that friend because you value that friend. This friend doesn’t judge you, in-fact you feel confident and comfortable to hang out with your friend and casually catch up. You are excited to see your friend and look forward to sharing your life and some ideas to do with your friend. You are in no rush to go anywhere or do anything other than be present with this friend.
Now let’s go over the same scenario, but this friend has a name, let’s call the friend Money.
You have Money visiting. You know money is coming, so you set aside time to be with that Money because you value that Money. This Money doesn’t judge you, in-fact you feel confident and comfortable to hang with your Money and casually catch up. You are excited to be with your Money and look forward to sharing your life and some ideas to do with your money. You are in no rush to go anywhere or do anything other than be present with your Money.
The key points are;
- I hope the metaphor gives you an insight…
- To consider holding onto your friend/money for a day longer or week longer and push through the uncomfortable mind chatter.
- Spend time with your friend/money as though special, someone you want to hold on to.
- Stop the regrets by not rushing, regard and respect your friend/money
- Keep your friend/money safe and precious therefore hard to access allowing time to consider if a worthy purchase with short and long term benefits.
Deeper insights for you to think about and consider.
- Observe your money anxiousness, patterns thoughts and behaviours.
- Observe your triggers for example feeling like you’re getting ahead, your dreams are coming true but your worried that you might sabotage it at last minute and spend your money before the celebration day.
- Paying for things so far in advance because you don’t trust yourself and fear your bad habits.
MAKE A PACT TO ACT – Practice the art of having money success and I assure you, your life will start heading in the right direction. Keep those questions coming
Zoe is the director of Zoe Slater Counselling and CEO Freedom Choice Academy. She studied at The Australian College of Applied Psychology, Sydney Campus and completed her Diploma of Counselling and Communication at the Brisbane Campus. Zoe is an Associate Member with the Queensland Counsellors Association Inc and a member with Australian Counsellors Association.