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This may be the hardest part of my journey: changing my thoughts and habits. How do I stop spending and stick to a new lifestyle? Changing my mindset is like any big transformation – it takes time, effort, and resilience.
Building a Healthy Money Mindset
Shifting your money mindset doesn’t have to feel overwhelming. Start small with these steps:
- Identify Your “Why”: What does financial freedom mean to you? Write it down and keep it visible. Place sticky notes on your mirror. Write it in your journal.
- Speak it into Existence: The more you speak it out loud to yourself in the mirror, to your spouse, or your dog, the more you will believe it.
- Track Your Spending: Log where your money goes for a week to spot habits you want to change. Be honest with yourself. This isn’t easy.
- Celebrate Wins: Skip unnecessary purchases and reward yourself with free or low-cost treats.
- Surround Yourself with Positivity: Join budgeting groups or follow financial influencers for motivation. If you are unable to rely on those in your life, there is plenty of community out there to keep you going!
Small, consistent actions build momentum. Focus on progress, not perfection, and enjoy the journey.
Breaking the “See Money, Spend Money” Cycle
Let’s get real—just because there’s money in your account doesn’t mean it’s free to spend. It’s important to pause and identify your true priorities before making a purchase. Try this exercise:
The Money Pause Exercise:
- Take a Breath: Before buying, stop for a moment. Ask yourself why you want it.
- Evaluate Needs vs. Wants: Write down if it’s a need or a want. Be honest!
- Ask These Questions:
- Does this align with my goals?
- How will I feel about this tomorrow, next week, or next month?
- Could this money be better spent or saved?
- Can this be returned?
- Set a Rule: For non-essential purchases, wait 24 hours before deciding. Taking this time will allow you to make a responsible decision that does not involve emotions.
Shifting your mindset from spending to saving means learning to pause and prioritize long-term satisfaction over short-term thrills. This exercise can help you make intentional decisions instead of impulsive ones.
Financial Literacy: The Game-Changer
Financial literacy isn’t just for experts—it’s for everyone. When you understand how money works, you’re in control. You make smarter choices, avoid costly mistakes, and set yourself up for success.
I’m diving into a financial literacy series, and you’re invited! Topics will include:
- Investing 101
- Retirement and savings
- Credit and credit scores
- & more…
Changing your money mindset isn’t quick or easy, but it’s worth it. With a little mental strength, intentional choices, and a sense of humor, we can make this journey fun and rewarding. Let’s do this together!
My favorite book for changing your mindset here!
