Natallia Smith
(TruWealth Advice)

Do you think negatively about money? Worry about whether you’ll have enough to fund your retirement, or pay off your mortgage, or many of the myriad of stresses that come with the financial independence of adulthood?

Our money mindset is conditioned from childhood and continues to be affected by a lifetime of financial experiences.

But have you ever stopped to listen to the actual words you use? Are you positive and understanding, or negative and dictated by stress? It is possible to change your mindset and internal narrative to create more abundance and a sense of calm around your financial position.

How you can Develop a Positive Money Mindset

When you catch yourself having negative thoughts about money, pause and think about what you are saying to yourself. Then, for each negative thought, come up with three positive ones. Changing the way you think can feel daunting but, with a little bit of practice, it will soon become a new habit that will benefit all areas of your life. Here are some ideas to help you get started:

Be Grateful

Gratitude helps us focus on positives.

‘I am grateful for having a well-paid job.’

‘I’m grateful for being healthy.’

‘I’m grateful for having family and friends who support me’.

Ask yourself: What is a different way of looking at my situation? You are a capable problem solver – change your focus and negative outlooks soon become more positive.

Look forward

Having something to look forward to makes us feel good – and encourages us to stick to our financial plans.

‘I am saving money so I can go on a holiday.’

‘I’m building up my super so I have enough money in retirement.’

‘I’m looking forward to engaging a financial adviser so they will help me get on track.’

Creating a clear and positive focus will quickly shift your mindset to become more optimistic and confident.

Question Your Self-Talk

Positive affirmations – ‘I am great with money’ - are a useful tool but, to create a more positive money mindset, it is even more helpful to ask yourself a question first.

‘Will I be able to save enough for a comfortable lifestyle in retirement?’ Then answer – ‘Yes I will!’

‘Will I be able to change my money mindset and stop spending?’ ‘Yes I will.’

When you question first, your brain starts to think of strategies that will help you achieve the outcomes you desire.

‘Questioning self-talk elicits the reasons for doing something and reminds people that many of those reasons come from within.’
Source: To Sell is Human by Daniel H. Pink

Positive thinking leads to positive emotions which, in turn, lead to productive actions that shape our future in the best way possible.

It’s very easy to fall into the habit of negative self-talk, particularly in regards to money. Our financial situation is a huge part of our life, which is why it’s important to identify any negative thoughts we have and actively work to change our mindset. To create a positive perspective and build a healthy money mindset, find the positives, reflect on what you have already achieved, and be conscious in the words you use when you speak.

Do you find the psychology around money interesting? If you’d like to understand your mindset and see how you can improve your financial life, please contact TruWealth on 03 8648 6534 or email contact@truwealthadvice.com.au for financial advice.

Disclaimer: This is general advice and does not consider your particular circumstances. You should not act on this advice without speaking to Truwealth Advice who can consider if it is right for you.