For many people, money is a taboo topic. We would never ask another person how much money they make, and we tend to equate wanting more money with being selfish or greedy.
But there are a lot of reasons why people might want more money, and it’s not always to buy a big house or collect designer handbags (though there’s nothing wrong with that)!
Maybe you want more money to send your kids to school or to take care of your parents.
Maybe you want more money to help others. How great would it feel if you could offer to pay your friend’s medical bills with no hesitation? Or write a big check every month to a cause you feel passionate about? Or have the ability to work less so you can spend more time with your kids—without stressing about paying the bills?
All of these things become possible with more money. Money helps you add more value to other people’s lives.
I didn’t always understand this. To be honest, I used to have some crazy beliefs about money.
I thought that I could either make money OR add value … but not both!
It’s common to have this type of limiting belief about money. And until we change our beliefs, we’ll stay stuck in the same pattern of feeling like we want or need more money—but struggling to reach our financial goals.
To change my beliefs about money, I started with a few small steps. You can do follow these steps too to change the way you think about money and start attracting more of it into your life.
1. Get a piggy bank divided into sections: spend, invest, save, donate.
You can also do this digitally by having separate savings accounts at your bank for “invest,” “save” and “donate,” or use an app like Qapital to set up these accounts and link them to your checking account.
Having a piggy bank sitting on your shelf can be a great way to remind yourself of your goals, but the important thing is to stick to a system that works for you.
2. If you have kids, save a set amount for each child every month.
I started out saving $50 per month for each of my kids, but you can choose to save as little or as much as you’d like. You may think now that $20 per kid sounds like a lot, but a few months from now you may realize that it’s not that hard—and increase the amount. Whatever amount you choose to save, just make sure you’re consistent.
When setting aside the money, think about how it will benefit your kids. Is it for private school? College? For dance and karate lessons? For family vacations and birthdays? For every penny that you save, appreciate your ability to provide for them.
3. Donate 10 percent of your income every month.
When we fall on tough financial times, it’s tempting to want to hold on tightly to every dollar. But when we loosen the purse strings just a little and give to a cause we believe in, it relaxes our dependence on money and makes us feel lighter.
It’s a big part of changing our beliefs about money from lack and struggle to freedom and fun. Plus, giving always makes us feel good!
4. Invest 10 to 15 percent of your income every month.
Investing is what makes it possible for people to become “accidental” millionaires or billionaires. They invest in real estate, stocks or mutual funds early on—and then reap the benefits over time.
No matter where you are financially today, aim to invest 10 to 15 percent of your income to set yourself up for a rewarding future.
5. Buy yourself something that is way more money than you ever imagined spending on yourself!
I know this one seems counterintuitive, but don’t forget there is a “spend” section in that piggy bank! Treating yourself every once in a while can help keep you on track to reach your financial goals, and it can alleviate the guilt and shame you may currently have about spending money.
Remember, to become financially free, you need healthy beliefs about money! And feeling like you can never spend money on anything you want will just leave you feeling like you’re in shackles.
Set aside money every month in your “spend” account, and then use that money however you please (after your bills are paid, of course). Buy yourself something expensive or treat yourself to a spa day. Whatever you decide to do, enjoy knowing that you earned it!
What will you do today to change your beliefs about money and reach your financial goals? What are you struggling with—or what has worked for you? Please leave me a comment and share.
The easier it becomes for us to talk about money, the easier it becomes for us to feel financially free!