Self Development: Money Mind-set

What's the first word that comes to mind when you hear the word money? For a lot of people words like financial security, income and savings can cause anxiety. Attitude to money will differ from person to person. Childhood experiences, beliefs around finances and past experiences will play a fundamental role in your relationship with money.

No matter what has happened in the past, there are things you can do to take control of your financial health. This begins with getting clear on your money mind-set.

Money Mindset exercises for wellbeing

This week we will post a short series of financial wellbeing exercises. As this can be a sensitive topic I encourage you to approach this from a place of curiosity.

#1 Money Experiences

#2 Abundance VS Scarcity

#3 Financial Values

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1) Money Experiences

Your money mind-set in simple terms is the way you look at your finances.

Past experience with money is sure to influence how you presently spend. Everything from family beliefs and habits, as well as your own personal experience will influence your relationship with money.

Taking a moment to reflect on these experiences can help you to cultivate understanding to your current attitude around spending. This comprehension will not only help you develop some self compassion but will also guide you to take action on any behaviour that's not fostering financial wellbeing.

Firstly, grab a pen and paper or a journal and take some time to answer the following questions.

1. How did people talk about money both around and with you when you were growing up? Think about the emotions that you may have felt or observed, for example shame or happiness.

2. What understanding did you have about money from a young age? Did you have any experiences with money as a child or teenager?

3. How did family use money when you were growing up? Was there a focus on saving, was there debt? Are any of these experiences influencing your current feelings or behaviours around money?

4. What's your current attitude towards money? Do you spend it as soon as you have money or do you save without allowing yourself to enjoy any luxury.

5. What experiences have you had recently with money? Have you had any setbacks or milestones?

2) Are you operating from a place of abundance or lack?

Scarcity vs abundance - it's time to think about where you lie on this spectrum. Many people operate from a place of lack due to personal experience, which can make it hard for them to ever feel like they have enough, even when financially grounded.

In your journal, answer the following questions to further reflect on your current money mind-set.

1. Draw a line across a page. On one side of the line write the word scarcity and on the other end of the line write abundance. Place a dot on the line to indicate your current relationship to money. There is no right or wrong answer.

2. Now, ask yourself why do you think this is your present feeling towards money?

3. Have you had moments of financial growth or moments of hardship? How have these experiences impacted you?

3)What are your financial values?

If you can align how you spend money with personal values, the more purposefully you can align your spending with the things that bring you authentic joy.

Let's get clear on your financial values by taking some time to answer the following questions:

1. What is important to you? Have you ever listed out personal values, what are they?

2. What are the top things you spend money on?

3. Are you spending money on things that don't reflect the values written above? If yes, why are you spending in this way?

4. What changes can you start to make now that will lead to more alignment and happiness in your life?

Our financial wellbeing is an important pillar of our overall health. Many problems arise because it is easy to ignore our problems. Your financial health is within your control and the first step begins with awareness.

Drop a comment below if you found this excercise useful or share it with a friend.