Getting to the point where you can enjoy a more positive relationship with money – and all the benefits that brings – isn’t always straightforward. The important thing, however, is that it can be achieved. All it takes is a little thought and effort, and a sounder financial future awaits. But what does changing your money mindset mean in practice?
Rewriting your brain to have a more positive attitude about money means shifting from an attitude of scarcity to one of abundance. There are lots of tricks you can use for a positive money mindset, including challenging your beliefs, practising gratitude and visualising success.
Don’t worry if that still sounds confusing. In this blog post, we’re going to take a closer look at what it really means to change your money mindset – and share six practical, down-to-earth steps you can take today. That way, you can start building a more confident relationship with your finances. Ready to start thinking differently about money? Let’s dive in.
Keen to hear how STARTrading can help you take the next step? Secure your place at one of our upcoming events, and start reshaping your financial future today.
What is a Money Mindset?
A money mindset is a combination of attitudes, feelings and beliefs that we have about money.
Your money mindset has an effect on how you approach everything to do with your money and finances including how you talk about money, to how you choose to save, spend or invest.
6 Practical Ways to Change Your Money Mindset
1. Find Your Why
The first thing you should do is consider why you feel the need to change your money mindset. One of the most effective ways to do this is to write out the story of your relationship with money. What beliefs do you have? Where did they come from? The answers to these questions are the key insights you’ll need before you can change your mindset. After all, you can’t change the way you think about money without some understanding of what’s shaping those thoughts.
For lots of people, these core beliefs are formed in childhood, so it might help to reflect on what your parents said about money. Though many people worry about bills, often for no reason, when children hear their parents talk about scarcity, they tend to believe it. And when we think this way about money, we’ll never have enough.
2. Daily Affirmations
Now that you’ve identified the root causes for your negative relationship with money, it’s time to start thinking about what you can do to change it. To this end, affirmations are a powerful tool for helping you shift to a more positive money mindset. Just in case you weren’t aware, affirmations are uplifting statements like, I am capable of overcoming challenges, that reinforce desired thoughts and behaviours.
As far as money goes, some of the affirmations we’ve come across can be a little unrealistic, so steer clear of anything you can’t see yourself buying into. If you’d like a few to start off with, here are some that we’d recommend to anyone looking to rewire their brain for a positive money mindset:
- I am a positive force in my financial life.
- I am worthy of being wealthy.
- I boldly conquer my money goals.
- I invest in myself and my financial future.
- I have a good relationship with saving money.
While we’ve heard of people falling asleep to these, you certainly don’t have to! Saying positive affirmations a few times a week – at a time that’s best for you – is enough to start enjoying the benefits.
Combine affirmations with a real financial education such as our online trading courses to boost your progress. Secure your place at a STARTrading event and put those words into action.
3. Recognise Your Negative Money Self-Talk
Negative money self-talk is characterised by self-criticism. Think about all the times you’ve said to yourself, I can’t afford that or I’m no good with money – exactly the kinds of statements you need to cut out.
Getting over this can be tricky, but it’s an important part of changing your money mindset and enjoying a better relationship with money. If you’re not sure where to start, we’d recommend a five-step process:
- Be Mindful – Pay attention to what you think about money.
- Keep a Journal – If possible, write down your thoughts in a journal, along with the situations that trigger them.
- Identify Patterns – Reflect on what you’ve noted and whether you can identify patterns.
- Challenge Your Thoughts – Are your thoughts accurate, or do they come from a place of self-doubt?
- Seek Support – If you’re having trouble cutting out your negative self-talk, a therapist or financial coach might be able to help.
Your relationship with money won’t change overnight, but instilling the right attitude is one of the most important steps to long-term financial security.
4. Read Books About Money and Success
Having challenged your ideas about money, you’re ready to pick up some new ones. Reading books about how to manage your income can help in a number of ways. For starters, you’ll become more financially literate, with a greater understanding of things like compound interest, investing, and so on. You’ll also pick up some practical tips and motivation from people who have faced similar challenges. All of this helps to rewire your brain for a positive money mindset.
Not sure what to read first? Publications like Business Insider write regularly about the best books on personal finance. Likewise, our free 50-page trading ebook is the ultimate starting point for anyone learning to trade. It breaks down key concepts and strategies, giving you all the tools you need – without the jargon.
5. Create a Vision Board
While positive affirmations and reading about personal finance can certainly help, there’s nothing like visualising your financial future to encourage a more positive money mindset. To get started, think about how much money you need to feel financially secure. Then, try to picture what your life would look like when you’ve achieved your goal.
If it helps, you can put together a mood board of how you see your life. It could be pictures of a white, sandy beach or your new home after you’ve made some improvements. There’s no right or wrong answer here – it really depends on what motivates you.
6. Take Responsibility for Your Finances
The final step is the hardest yet, but if you’ve worked through everything else, you’re already well on your way to financial security. Rewiring your brain isn’t just about thinking carefully – at some point, you have to put thought into action. That means actively engaging with your finances and taking responsibility for them. Some practical steps you could take include setting goals, tracking your spending and reviewing your bank statements.
Remember, we’re thinking long-term here, so it’s not about being perfect straight away. The most important thing is to keep plugging away despite any setbacks. Slow and steady wins the race.
Taking ownership is easier with guidance to follow. Come along to a STARTrading event, and learn how to manage your finances with confidence.
Your Money, Your Mindset, Your Future
To wrap things up, rewiring your brain for a more positive money mindset won’t happen overnight, but taking action – starting today – can lead to long-term security. Whether you need to work on cutting negative self-talk or visualising your future, each small step brings you ever closer to your goals.
At STARTrading, we believe that having a positive money mindset is every bit as important as following practical guidance. That’s why we work closely with our clients to help them achieve financial peace using trading as the vehicle. So if you’re ready to take control of your finances, then you’ve come to the right place – we’re here to support you every step of the way. Secure your place at one of our upcoming events, and let’s start building your positive money mindset together.
