Actually, it’s just the opposite. If you want to UPGRADE the amount of money you make, you have to first UPGRADE the way you manage the money you have. It sends a powerful message to your unconscious mind that says “Okay, I’m ready to manage more now!” Plus, when you feel good about a topic, you more easily can lean into more of it.
Below I’m sharing practical ideas to UPGRADE your Money Management so that your business can naturally grow and you won’t feel stuck in this area anymore. Plus, the practical stuff strengthens the mindset, and the mindset strengthens the practical stuff!
- Track and plan your personal/family spending.
Connect your bank account to software that automatically tracks and categorizes your spending. Examples include: Quickbooks, Mint, YNAB, and many banks include this with certain types of accounts now as well.
Tracking is good, but you actually need to utilize that information for planning and budgeting. Just start with one category of budgeting at a time. If you haven’t been tracking or budgeting much at all it can seem really overwhelming. You know how it goes – we wait until we have hours at a time and feel like doing it…and that time never comes. Write out intentions to add a category each month and you will feel SO much more in control. Knowledge is POWER!
- Track your business expenses.
There are some easy ways to track it now through online software such as Quickbooks and there are even various apps that make it easy. You should take advantage of the tax write-offs you deserve for the miles you travel, networking and workshops that you pay for, and meals you have over business. It also gets you in the energy of a “real” business.
- Get real about your debt.
The debt is there whether you are acknowledging it or not.
Set up a chart of each bill with the interest rate and monthly payment for each. Take a deep breath and set your intention to start paying down one just a little more than the monthly payment each month. Track your progress and make it a game. When you can take the shame and blame out of it and treat just as information, you can tackle it head on and pay it down more quickly.
- Pay your bills with more ease.
Gradually start setting up bills on auto-pay. I know it can make you nervous when there’s lot of different due dates and cash flow may vary through the month. But just set up one or two to start with that are under $50/month and get comfortable with that first and then add more as your comfort level and your income increase.
- Other fun ideas (because we need to stop being so serious about money!)
*Keep your cash nice and organized – respect it!
*Buy a new wallet that you love
*Collect all the change in your house, from your car, and your purses and take it to the change machine at the grocery store to exchange for dollars. I got $35 once!
*Keep a fund for YOU. Even just $20 a month to allow yourself to spend frivolously will take some of the seriousness out of your money management.