Financial Wellbeing

Financial Wellbeing means different things to each of us.

It can be as simple as your ability to manage your money.  And isn’t necessarily dependant on the amount of money you have.

For me it is more than just being able to pay your bills.

For me it is a deeper sense of balance, a feeling of security that I am gaining control over my day to day expenses, and that there is an element of freedom to make choices to enjoy life and looking to the future having both short term and longer term financial goals.

Financial wellbeing and mental health (and then physical health) are closely linked: when one drops, we often see the other follow.  There are 5 keys to financial wellbeing – this is the first article in the series of 5.

5 Keys of Financial Wellbeing

Key 1

Your Money Mindset

Your money mindset is your unique feelings, beliefs, relationship and attitude about money.  It unconsciously and consciously controls your decisions around saving, spending and having money.  It’s our money story.

Broadly, the two ends of the scale are a “Prosperity Mindset” and a “Scarcity Mindset”. And, of course, there are shades in between.

When you have a Prosperity Mindset, you feel like there is plenty to go around.  This mindset may not only be about money but food, time, opportunities and possibilities.  You might be good at noticing what you have and have a focus on gratitude and appreciation.

When you have a Scarcity Mindset, you feel the lack of something.  This might show up as struggling to make money or keep it.  Holding on to possessions – just in case you need them, and running late because there isn’t enough time.

How did you get this mindset anyway?

The first seven years of our lives are foundational to our goals and perceived limitations.  During these years, we are like sponges, operating in a brain wave pattern like hypnosis.  Everything we are exposed to becomes our perception.  That subconscious programming directs us throughout our lives – unless we actively work to change it.

So the attitudes to money you grew up with are likely what you now have as your own. 

What phrases did you hear as a child?

●        Money doesn’t grow on trees.

●        Money is the root of all evil.

●        Don’t talk about money – it's rude. (This is one I grew up with – and as you can see, I’ve rewritten that part of my money story and now I love talking about money)

The good news is that you can change your money story and mindset.

The first step is to become aware of your thought patterns.  Observe your self-talk.  Notice where you are struggling.

Next, create a new story.  Then practice and repetition create new habits which reinforce that new story.  Developing a new mindset requires work, just like any other muscle in the body

If you’d like help with your money mindset – please reach out to Helen here -

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