1. Change Your Mindset
Is meditation a mainstay of your morning routine? Do you dedicate time on a Sunday to prepping healthy meals for the week ahead? Or perhaps you’ve started a gratitude journal? Changing your mindset is a huge part of self-care and wellness, and the same approach can be applied to your bank account, says Emilie Bellet. “Our money mindset has a direct effect on how we manage and deal with our finances. Thoughts such as ‘I can’t’ and ‘It’s too hard’ need to go. Altering your mindset will help you become more rational about money and less controlled by your emotions. This in turn will allow you to take control of your money – as opposed to being controlled by it.”
2. Stop The Comparison Trap
We all know that constant comparison with others can lower self-esteem. The same goes for your finances. “No matter how successful you become, in whatever field, there will always be someone who has a bigger house, more extravagant holidays and greater financial security,” says Emilie. “When your thoughts wander to the Joneses (or even the Kardashians) with their easy life, counteract them by dwelling for a minute on all the great things that make you feel wholly unique from them.”
3. Find Your Tribe
Staying accountable with your money is hugely important. Do you have a PT? A nutritionist checking up on your diet? “If these things help you achieve your goals, extend that to your personal finances,” says Emilie. “Whether it’s a financial adviser, friend, or even an online community like Vestpod, having the right person by your side can really help you get things done.” Or your phone can be your personal financial guru. Apps like Money Dashboard, Moneyhub, Emma, Plum and Chip, or online banks such as Monzo and Starling, have been designed to help you control your spending.
4. Get Educated
If you spend hours swotting up on the latest nutrition trends and know your HIIT from LISS, dedicating the same amount of passion to your finances will also reap rewards. “Becoming money literate really helps,” says Emilie, “Whether via books, blogs, friends, TED talks, financial seminars or by taking professional advice, you are going to feel so much more empowered if you know you are doing all you can to learn about new ways of saving and spending. Knowledge is power and power is freedom.”
5. Know Your Self-Worth
“You are the only one responsible for your financial future,” says Emilie. “Most people, especially women, don’t think to negotiate their salaries. This needs to change. The workplace is a competitive arena, and we have to fight for what we’re worth.” That starts with salary negotiations. “When accepting a new job, we don’t want to start on day one by feeling undervalued. At any time, we don’t want to lose out in comparison to others who are more willing to put their worth on the table.” Emilie’s top tips? Write down all your achievements during the year so you have a record of what you’ve been doing (this will also boost confidence) and keep in touch with recruiters and head-hunters, who hold a wealth of information on salary levels for specific industries or expertise.
6. Plan For The Future
If you have a solid wellness routine, you understand it’s all about the long game, not instant wins. This mindset is hugely powerful when applied to your finances. “Pensions are too often thought of as being just for older people, but the reality is that if you don’t contribute today, your retirement pot may well be empty by the time you retire”, says Emilie. “This long-term pocket isn’t perhaps as exciting as saving for a holiday, or as crucial as paying off your debts, but it’s just as critical to your quality of life.”
DISCLAIMER: We endeavour to always credit the correct original source of every image we use. If you think a credit may be incorrect, please contact us at firstname.lastname@example.org.