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How can you change your mindset regarding money? If you want to become more financially savvy, you’re going to need to develop a positive money mindset.

The great news is, there are numerous tips and tricks you can try out to turn that mindset around. Here, you’ll discover 5 failsafe ways to develop a positive money mindset you can start using right now.

1. Forgive yourself for money mistakes

It’s hard to develop a positive money mindset when you’re fixated on your past mistakes. For example, if you’re in debt now, it’s pointless blaming yourself and beating yourself up.

You can’t change the past and holding onto it will only limit your future. So, forgive yourself for those past financial mistakes. You can’t change them and moping over them isn’t going to make your finances any better. Let it go so you can start to develop a healthier money mindset.

2. Recognize and stop emotionally spending

Another way to develop a better money mindset is to recognize and stop emotionally spending. This means, not spending money in order to satisfy an emotion. Hoarders are a perfect example of this. You aren’t buying what you need now, you are buying mutiple items or a lot of one item, so you don’t run out.

It could be that you use spending as a way to lift your mood. Not only is this dangerous to your financials, but it’s also not going to make you any happier in the long-term. The initial joy you feel from the purchase is quickly replaced by guilt, shame and worry.

Start to recognize when you’re spending money to satisfy an emotion. Then, you can figure out healthier ways to handle how you’re feeling.

3. Let go of limiting beliefs

Are you guilty of having limiting beliefs? Many of us have limited beliefs that we aren’t aware of. For example, do you tell yourself you’ll never be able to afford something? Or, that you’re limited to how much you can earn? These types of beliefs can really hold you back from reaching your full money potential. Rich Dad, Poor dad is a wonderful example of this. Check out the book here!

You need to believe you can achieve something in order to actually achieve it. So, instead of listening to those limited beliefs, start to tell yourself you can achieve all of your financial goals. Say it as your mantra every day until you start to believe it.

4. Don’t compare your finances to others

As easy as it is, it’s important not to compare your finances to others. Just because you see someone who you think is doing much better than you financially, that doesn’t necessarily mean they are.

That new shiny car they’re driving could be on finance, and the lavish lifestyle they’re funding could have pushed them into a debt they’re now paying off. What you see isn’t always as real as you think it is.

Even if someone is doing better than you financially, that doesn’t reflect on you. Everybody’s situation is different. What you need to remember is that no matter what your current financial situation, you can turn it around.

5. Start developing good money habits

A surefire way to get a positive money mindset is to develop good habits. That means saving money where you can, working to pay your debts off and not giving in to impulse buys.

Start with one habit at a time and be consistent. You may find it takes a while to alter your negative money mindset. The more you persevere, the better you’ll become at building up those good habits.

You’re going to need to be persistent when trying to develop new habits. While each of the methods above can help, you’ll need to be dedicated to working on them in order for them to be effective.

Start with one habit at a time and be consistent. You may find it takes a while to alter your negative money mindset. The more you persevere, the better you’ll become at building up those good habits.

6. Find a Successful mentor to follow.

Why Mentors Can Prove Invaluable When Developing a Money Mindset

Have you considered hiring a financial mentor to help you develop a better money mindset? If not, you might want to! Mentors can have a powerful effect on our likelihood to succeed. These days, you can find a mentor for everything, including mentors who specialize in money mindset.

You’ll be able to utilize the best methods to dramatically switch your mindset. What’s more, mentors are used to working with a wide range of personality types. So, they’ll be able to tailor their advice to match you personally.

If you try and change your mindset by yourself, you don’t which methods really work. So, you could end up wasting a lot of time, getting frustrated with methods that aren’t effective. A mentor will eliminate this, guaranteeing results first time.

Find someone to hold you accountable

A mentor doesn’t just tell you what works, they’re also there to hold you accountable. When you’re trying to change something by yourself, it’s easy to come up with excuses. Your motivation can also suffer if you’re relying on just yourself to keep going.

When you have a financial mentor, they’ll want to know what progress you’re making. Having somebody there to answer to can make you much more inclined to stick to your money mindset plan.

Maintaining motivation

In order to change anything in your life, you need to be motivated to do it. Initially, this isn’t a problem. When you reach the point of wanting to change, you’ll have a lot of motivation to get you started.

However, over time this motivation can easily fade away. That’s where a mentor can prove invaluable. They’ll be there to help you maintain that motivation. By helping you to set daily and weekly goals, it lets you see progress continually being made.

The key to maintaining motivation is to see progress. After all, why would you carry on doing something if you never saw any changes? A financial mentor can ensure you keep seeing those changes and address any challenges which may crop up along the way.

Develop an effective plan

Often, it’s knowing where to start which can be the hardest part of changing your mindset. A mentor can help you to develop an effective plan that you can follow.

You’ll have a structure, which can be really useful if you tend to have trouble staying motivated. They’ll show you exactly which steps you need to take in order to achieve your financial goals.

Choosing the best mentor

NO! NOT WHAT I MEANT! LOL! It’s important to realize that not all financial mentors are equal. If you want to take advantage of the benefits a mentor can deliver, you’re going to need to make sure you’re choosing the best one.

Each mentor has their own personality and way of doing things. So, you’ll need to find one which complements your own personality. Do your research and ask people you know for any recommendations. Get to know the mentor before you hire them. If you choose the wrong one, it could further damage your finances and your money mindset.

Having a financial mentor can prove invaluable when you’re developing a positive money mindset. They can deliver a lot of fantastic benefits, helping you to stay on track and come up with an effective plan. Just make sure you’re taking the time to choose the best mentor to fit your personality. 

One example I always think about, in the past, I have always thought, I’m to broke to save money. My mom used to say, if you don’t save money, you will always be broke. That’s how teachers, on a normal yearly teacher salary, could save over a few million dollars to retire. Thinking compounding math. I will review over that in a future blog post.

Make sure to sign up below to get your free savings trackers! I will upload those in the next 24 hours! After you enter your email, check your email for the password and the link!! Please let me know what some limiting money beliefs are that you have had, or that your parents have, that you do not have?