What is your Money Mindset?

Planning your finances can be a very challenging and frightening task.

Most people do not even like to talk about money or make conscious decisions of where it is coming from, how it is being spent and how they can allocate it to be resourceful for them. Thus, many people develop a scarcity mindset and bad relationship with their money.

No one really taught me the principles of money or savings or even how to invest, however; I am grateful for my late grandmother who would often say to me; "It's not how much you earn, but how much you save". She was poor when it came to the accumulation of money as a means of value but rich in wisdom and knowledge and because she helped raised me her principles still lives on today. We didn't have much growing up and we would pinch a dollar here and there when we could. This helped to set a mindset of savings but it was not enough.

Do you feel like you are running in a ditch when planning your finances?

I have been there, so remember you are not alone with this. A quick story for you; So some time ago I went to do my usual pick up from school, there's a gas station nearby and my tank was on empty. I decided to stop and full my tank, While driving into the gas station my son asked me if I could purchase a hot dog, I said fine I mean it's only $2 plus he wanted a soda. Since I had to now get out of the car and walked inside the store to swipe for the gas and food. We picked up the items and walked up to the register, I said " Please put $30 on pump number 20 and I would like to pay for these as well. The attendant swiped my card and said it was declined, I was like " are you sure I don't think it should I have money on it "She swiped again same result. Now imagine i was paying $33 for two items and could not pay for it. I quietly said " It's OK please collect the $3 for my sons meal.

I went to my car, feeling depressed and broken and most of all frustrated with my situation, I said this ends today. This was my wake up call, this was my mindset shift. I decided I was not going to continue with the poor and lack mindset. Do you know what it feels like to want something and not being able to afford it. You want to purchase something for your kids but there's not enough? I said " Lotoya, this is it you have been working too hard to not have any money". I had to make a change for myself and my family.

So fast forwarding, I started reading books, blogs and educating myself financially as I needed a new money blueprint around money and money management.

I learnt about my money triggers, Do you know what that is? We all have them it is just identifying what and who they are.

Your money triggers is that feeling you get, like a rush to spend right now or you will miss out on a feel good experience. My biggest "money trigger" was buying clothes. If you can identify with mine raise your hand! Well I love buying clothes even when I would stash them in a closet for a year and not wear them. I just believed I had to get everything especially if it said "on sale".

A money trigger could simply be ordering food out every night instead of cooking at home, or purchasing the latest gadget to keep up with "The Jones's". Money triggers tend to be more physiological, as humans we tend to buy with emotions and then logically we think about it after (Logics vs Emotions) If you can really afford to purchase and not feel guilty by all means treat yourself, but if you keep finding that you are getting into deeper financial debt, bills backing up, credit card debts are high then you may need to sit and realistically think if these unnecessary spending I had to make a true transformation and be where I am today by developing a new money mindset to move from lack to an abundant mindset.

Here are three ways to relinquish your money triggers;

1. Avoid saving your credit cards to websites for quick purchase

2. Think about the purchase three to four times before you decide to purchase

3. Ask yourself? Can I afford this right now, is it necessary?

We can not truly take control of our finances until we make the commitment to do so, the more we keep ignoring the financial situations the worse it will become.

Take a look at where you are right now, are you happy with your situation? Do you have a budget? Do you have a savings or savings plan? Do you understand your income and expenses? Do you know how to manage your finances?

I would love to hear from you, please leave any comments or feedback and I will gladly reply. Thanks for reading, please share with someone who may need this information.

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