We are excited to share an abstract of our Financial Freedom Formula for Women online course – Your Money mindset module, we have been working on to help more women achieve their financial independence.
In this module, we’ll look at why you think and feel about money the way you do - and what this means for you to take control of your financial future as a strong, independent person.
Did you know that people have very different relationships with money? It’s not as simple as one person being a ‘spender’ and another a ‘saver’. In fact, all our life experiences affect our thoughts, feelings and decisions around money. Interestingly, our money mindsets tend to form early in life and, more often than not, we subconsciously choose to either repeat our parents’ attitudes, or do the exact opposite.
Understanding how you relate to money will help you better understand yourself, your triggers and, most importantly, it will give you the basis to work on what you want to change.
Changing your money mindset will help you achieve your goals. Doing this will lead you to a place of happiness and security, because it will give you the ability to make choices about the way you want to live your life.
So – here we are. Wondering what our money mindset is and what that means.
The first step is awareness.
Here are 7 questions to answer: The idea of this is for you to be open and honest so you can be aware of your relationship with money and understand yourself better.
Question 1: What experiences did you have with money when you were growing up?
Question 2: When you think about money, what concerns, needs or feelings come to mind?
Question 3: Are you a spender or a saver?
Question 4: How do you decide whether to buy something big and something little? Do you impulse buy, take your time, discuss it with someone else?
Question 5: Do you ‘impulse buy’ when you are stressed, worried or unhappy? If so, does this have a negative impact on your debt and overall financial situation?
Question 7: What were your best and worst financial decisions?
Question 8: What keeps you awake at night?
In answering the questions you might have identified things that worry or scare you. You may feel a sense of relief, or one of empowerment. You may feel angry with your parents, or amazed that you were unaware just how much your childhood has affected your adult perceptions.
But remember that it doesn’t matter whether the attitudes and experiences that have subconsciously shaped your choices are good or bad – what matters right now is that you understand where your money mindset is at.
It’s a powerful place to be.
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