10 strategies to make friends with your money and thrive
Let’s talk money.
I know, I know, I’ve got you squirming in your chair, thinking:
‘But do we have to?’
In British society, we often don’t talk about money. It’s seen as invasive and personal and exposing. There’s a similar stance across most cultures. But by shutting down the conversation around money, we’re losing out on growth opportunities.
So let’s flip the script. I encourage individuals, business owners and leaders to talk about money because our money mindset is in our control. Going on to affect your financial security, freedom and ability to thrive.
Your career and business aren’t all about the money, but who doesn’t want to be able to be confident they can cover their bills every month?
Who doesn’t want to give their kids financial security?
Who doesn’t want to feel like their income is reflective of the hard work they put in?
Mastering money to be able to live, thrive, and do the things we dream of doesn’t happen automatically.
We need to re-educate our mindset, heal old money hurts, and learn strategies we weren’t taught because of the “hush-hush” around money.
So this week, I’m going to share with you my starter conversation (there is more on this one too!) I’m putting it out in the open for you.
Here are 10 strategies to start helping you face up and make friends with money. Enabling you to begin the journey of staying on top of your finances so you can reach your most ambitious goals in your career and life:
Inside out money mastery 
What thoughts and feelings come up when you think about money?
The answer is different for everybody because we all have money beliefs based on our life experiences. Each of us has a unique relationship with money, impacting our financial decisions.
For example, some people see money as bad, believing it corrupts people.
Some believe they don’t deserve to have it.
Other people love money and see it as the key to their happiness.
Spending it or hoarding it is how they feel good.
Others feel like they need to have money to be successful. As long as they seem wealthy, they’ll be all right.
Then some people get anxious about spending money and being overly frugal, preventing their growth and happiness.
Whatever your money mindset is might not be obvious because that’s the mindset you’re used to. Self-awareness is such a prized skill. Whatever is going on inside, identify it and work through it to have a balanced approach to money. Make it, spend it and save it based on facts, not feelings.
Deal with debt – but not ruthlessly
Debt is a prevalent part of living in the 21st century. It’s also the thing we avoid talking about the most in terms of finances. The truth is that owing money doesn’t always feel good. So to master your money and live in abundance, I recommend getting clear on why your debts are your debts. We have to understand how we got to this situation in the first place. I recommend working with somebody to help you unpack this; it can be your accountant if you have one, somebody like me (we work a lot on money stories with clients!). Your therapist will be open to helping you have the conversation. Or a charity can help you unpick the situation and guide you through the process. You understand your debt and ways to pay it off in a strategic conscious way – as soon as possible. Interest rates are increasing, and you don’t need that financial or emotional pressure.
The financial and emotional burden is the perfect storm for living in a scarcity mindset. What’s the big deal? Well, a scarcity mindset distracts you from what matters most. All you can think about is the lack of money and the need to make more, which is counterproductive. Obsessing over money doesn’t help you to make money.
The panic overrides everything else.
Hence, I can’t entirely agree with a totally ruthless approach to paying down your debt. It’s vital to leave little tiny spaces for joy that work within your budget.
Make money real again
With contactless payments, money doesn’t even seem real anymore. We tap, and we get. That makes it easy to lose track of the actual value of money. Becoming more tactile with where your income is going will help you to make the best financial decisions for you.
Write down what you spend.
I’m always saying that writing with a pen and paper is entirely different from typing. Keep a diary of your spending every single day. It allows you to get in touch with where your money is going and the beliefs and feelings it drags up. Take a moment to write down those beliefs and emotions so you can work them through the FLIP THE THINKING TOOL KIT.
Approach with respect
As I’ve already mentioned, money can trigger many feelings in people. It brings back memories of the stress of scraping together enough to get by for some. For others, it brings up memories of the high of luxurious getaways and designer shopping.
You don’t want to be at either end of the scale. Loving it and hating it isn’t going to help. I like to describe it as respecting money, being a committed good custodian of your money. Understanding the value of money and the opportunities it brings – balances out the fear or chase of fulfilment that can otherwise drive our decisions. Having a healthy balanced relationship with money allows you to stay in control of your financial life.
Monitor your outgoings
One of the most critical elements of mastering money is to know what’s going on in your bank account. Yes, you might be able to estimate how much you spend, but when you dig down into the details, you might be surprised.
An extra awareness of how much you’re spending can open your eyes to what you’d like to spend less on and what you have the room to spend more on. I’m not just saying this to get you to spend less.
Living in abundance doesn’t mean living in restraint.
It means trusting that money will flow in and out of your life as it should. It would help if you were on top of the ins and outs for that to happen.
Look beyond cash
Our financial life doesn’t only exist in our bank accounts. We accumulate assets so being aware of these gives you a much more fair picture of your finances. These have value, from owning your home to a painting from your favourite artist.
However, market value isn’t the only way to evaluate your assets. There’s an emotional side to it, which impacts your income. For example, owning your own home gives you more space to choose what you do under your own roof. It’s beneficial for your well-being, making you more productive, and therefore your life and career are more successful. There’s the context behind every financial decision we make.
And, some people prefer the flex of renting – they can choose where they live, choose to move and start up in a new space in a moment, along with no responsibilities for the day to day upkeep of the structure of the property – creating emotional financial freedom. At the same time, they are taking different paths to building their networth.
Getting something for your money
What you earn doesn’t just have to sit there. It’s usually better if it doesn’t. By using all the strategies we’ve covered so far, you’ll be able to decide on investments to get more for your money than the nominal standard interest rates.
Investments aren’t only ISAs and stock. We can use our finances to invest in ourselves. You know the old saying, you’ve got to spend money to make money. That applies here. From an online course to a new team member to a business coach, these are all investments in your business that will boost your income.
Set boundaries
Often we go through life only realising we’ve reached our limit once we’ve left it 50 miles behind. Go forward having boundaries set in place already, so you don’t have to learn the hard way. Be honest with yourself about your limitations.
What’s your budget?
How much are you willing to spend on what?
What are the signs that a financial decision doesn’t feel good to you? With something as susceptible to a mindset as money, we need rules to guide us.
Prioritise, prioritise, prioritise
Not all financial decisions are comparable.
You know what’s most important to you.
That’s where your money should go first. There’s no point treating every financial transaction the same because we don’t feel the same about it. Putting your money where it matters first gives you the best chance of feeling abundant because your needs are being met.
Treat yourself like a celebrity
Networth is a number thrown around when discussing the rich and famous, especially in the business world. But it has some value for us “ordinary people” too. That’s because it’s simply how much money you have plus the value of your assets minus anything you owe. That leaves you with your financial health.
We want to have more than we owe, and that’s completely relative to the person. If you’re a billionaire, you can afford to owe millions. If you’ve got a 6 figure business, you can afford to owe a few thousand/s. Money only makes sense in the context that your net worth brings.
Next level money mastery
And there we have it, my 10 strategies for making friends with your money and thriving. I encourage you to take action now.
Don’t shy into your ‘I don’t want to talk about money’ shell.
This is an excellent opportunity to propel yourself towards your financial goals and the relief of achieving them.
Money management is just one element of your life and business.
To get personalised strategies for finances and beyond, take advantage of my free 30-minute strategy call. We’ll get you on track to where you want to be using my tried and true strategies that have helped many people do life and business their way.