Creating financial space - what we need to think about
If you've been following my Instagram and FB page you would have noticed the mini-challenges that I've been running the last three weeks all focused on 'creating space' in our lives. So far I have focused on mental, physical and this week financial space. The challenge I wrote for this week was:
Think about your bank balance, your spending habits, and your money goals and ask the following questions:
💵 Am I happy with my current money situation?
💵 Am I spending my money wisely and in a way that’s helping me reach my goals?
💵 Am I aware of where I spend money day to day?
💵 Am I spending money in an attempt to create short-term happiness?
💵 Do I spend money on things that genuinely bring me joy and happiness?
The way we spend our money can be a reflection of how we feel (retail therapy) or what we think about ourselves or our circumstances (unhappy/comparison). I use to spend & save money for the wrong reason and over time I had to realise I needed to spend it in a way that was right for me.
This week is purely about asking yourself how you feel about your money situation. Can you create some space within it? Can you relieve some strain instantly and easily?
Pick one of the following to see if you can create some financial space:
💰 Make a double batch of dinner to have for lunch
💰 Reduce takeaway coffees by 1 a week
💰 Next time you have a girls/boys night do a potluck dinner instead of going out
💰 Before buying that new item (shoes, clothes, etc) ask yourself whether you really really need/want it (like really)
💰 Cancel a subscription you no longer get value from
💰 Unsubscribe from promotional emails that only contact you with the purpose of buying more and more stuff (and spending money) #consumerism
Money shouldn’t be a controlling mechanism and it shouldn’t control you or how you live your life. The mindset we have around money is important and so we need to create a healthy one. Awareness is the first step to creating a more spacious and healthy relationship with our dollars.
The feedback on the challenge this week was so positive. People were in agreement that this was a topic that needed to be discussed. I want to make it clear that I am not providing any financial advice or investment advice as part of this challenge. My focus and intention with this challenge is to prompt people to think about how they spend their money and if they are comfortable and happy with that behaviour.
Money is a topic that we don't want to talk about or seems to be this taboo subject but it literally impacts every single one of us. We are working for money, we use money to buy food, clothes, pay for cars, transport, entertainment, money is everywhere.
So how is your relationship with your money? Are you spending it mindfully? Are you spending it intentionally with your end goal in mind?
Consumerism is everywhere. We are led to believe that we MUST have the new iPhone, that we NEED to have that new pair of jeans or new season blouse. The marketing/advertising industry spend BILLIONS or even TRILLIONS on campaigns to get us to buy more and more. And in most cases, it works.
Because, we haven't taken the time to evaluate our current circumstance, we haven't taken a hard look at what we are doing day to day with our money and ask truthfully if what we're doing is helping and serving us. Don't get me wrong, it's a tough conversation to have with ourselves, but it's a necessary one.
If you genuinely love eating out 3 times a week and love the experience, by all means, continue to do it, but then you can't complain that you don't have money to put away in savings so you can take a holiday.
The decisions we make are a reflection of what we decide is important and valuable and when you decide to spend money on XX, you may have less to spend on YY - so we need to ensure that our decisions reflect the life and outcomes that we truly want.
The decisions we make are a reflection of what we decide is important and valuable.
Over the next month as you look over your budget or at your bank account, ask yourself these questions:
Am I happy with my current money situation?
Am I aware of where I spend money day to day?
Am I spending my money wisely and in a way that’s helping me reach my goals?
As with anything in your life, be mindful of your money and how you spend it. Be mindful of the things you purchase and ensure they align with your values and your intentions. The more often you ask yourself prompting questions like the ones below, the more mindful you will become about the day to day habits of what you're doing with your money.
"Why am I buying this item?", or;
"Could I reduce eating out so often by inviting friends over for a homemade dinner instead?", or;
"Could this splurge on another pair of shoes make me happier if I popped the money into savings for my European holiday instead?"
It's not about becoming so frugal that you no longer go out and enjoy yourself or your life - it's about choosing to spend your money on things that bring you joy and get you closer to your goals. It's about moving away from mindless spending and wondering why you haven't saved half of your $$ goal this month.
It's not about becoming so frugal that you no longer go out and enjoy yourself or your life - it's about choosing to spend your money on things that bring you joy and get you closer to your goals.
I will be diving deeper into creating financial space in my upcoming programme, which I'm super excited about. If you're interested in learning more about it when it's launched, you can sign up here.
- TashTastic -