The Money Management exercise can help us gain better control over our financial situation and money handling mindset. This exercise is for those who would like to sharpen their money management skills and develop a more mindful relationship with their money.
Financial success starts in the mind. We have to decide first what we want to add to our lives with the money we make. Next, we have to believe that we deserve what we want and know that it is possible to achieve. Once we decide that it is worth the energy and attention, we need to visualize it as if it were already ours. Then, so long as we are willing to pay the price to get it, we will see our rewards with perseverance and time. It is important to be mindful and go through the conscious stages of gaining wealth. Without mindfulness, it can be easy to get caught up in the mind thinking we cannot or will not gain what we deserve.
The first steps to becoming wealthy are to identify and replace any negative beliefs we may have about money. It’s odd to think that anybody has negative beliefs about wealth but in many cases, people do. These kinds beliefs may have been programmed into our subconscious minds. You may have heard: “Money doesn’t grow on trees. “, “Money is the root of all evil.” or “You have to have money to make money.” These messages, heard from early childhood, are wrong and can actually sabotage us later in our financial success.
Example: Here are three steps that can help us turn around our limiting beliefs about money:
- Write down all your limiting beliefs about money.
Example: Money is the root of all evil.
- Challenge, make fun of and argue with your limiting beliefs.
Example: Money is the root of awesome vacations!
- Create a positive turnaround statement.
Example: Money can help create more fun in my life
Use the power of releasing to accelerate your millionaire mindset. Whenever you have a negative thought about money, use the following exercise to release it.
Preparation: Have a pen and paper ready to take notes.
One Minute Meditation: Take a moment to relax, take a few deep breaths and center yourself.
Begin the Session: Answer the following questions…
- What am I feeling right now? Focus on the feeling that arises as you experience your negative limiting belief.
- Do I want to welcome and allow this feeling? Experience the feeling whole-heartedly, acknowledge it and let it be. Our tendency is to ignore negative thoughts and feelings, but doing so tends to keep them around even longer.
- Can I let this feeling go? Ask yourself this question, yes and no are acceptable answers.
- Will I let it go? Ask yourself if you are willing to let this go. Would you rather have this feeling or would you rather be free from it?
- When will I let it go? This is the last invitation to let it go now. Remember that letting go is a decision that you can make anytime you choose.
Keep using this exercise every time you have a negative or limiting tough about money until you feel free of that particular feeling.
Visualize what you want as if you already have it. Take the time each day to see all of your financial goals as already being accomplished. Visualize images that affirm your desired outcome. See the check you want with whatever big numbers you want on it. See the people handing you the cash! Visualize what you want your bank statement to look like. Finally, remember to always include the feeling of gratitude and appreciation for having any financial abundance. This feeling will attract more abundance to you.
Become aware of your spending. Most people aren’t aware of what they spend in a month. The following exercise can help us become more aware of what we spend per month.
Get a journal or notepad and write down how much you earn per month. What is your total monthly income?
Now make a list of all of your monthly expenses such as your mortgage or rent, car payment, insurance, electricity, gas, water, sewer, phone, internet, cable, food, fuel, etc. Average the amount spent on each of these things each month. Keep a detailed record of spending for the whole of the month then compare to your estimates and adjust accordingly.
Make a note of everything you spent money on.
Now put a star next to your needs. These are the things you have to have.
Put a question mark next to the things that were more of a want than a need. These are the things that you have more of a choice on.
How much money did you have left over? Did you put any in savings?
This exercise helps us to become more conscious of the things we spend our money on.
Ask powerful questions:
Is there something you would like to buy or do?
How much money would you have to save for it?
How much money could you put in savings, if you saved over time, each month?
Realistically, if you saved this much per month, when could you buy or do it?
Focus the session: Are you willing to use this exercise and keep track of your spending per month?
Create an action plan: What action are you willing to take? Write it down.
When using this exercise with your client: Ask your client what action they are willing to take to create better agreements in their lives. Write it down.
Close the Session: Thank your client. Acknowledge them for being so open and willing to look at these areas of their life with you. Use the 1-10 scale. Schedule a follow up session.