Mastering Your Money Mindset

Most of us have aspects of our money psychology that could use improving or are even holding us back – whether we’re aware of it or not! With that in mind, here are some of my favourite tips for boosting your financial self-confidence.

Invest in your financial education
As a child, I was lucky to learn about money management from my financial advisor Dad, but many Australians wish they knew more about their own finances. Don’t be ashamed if you don’t – yet! Dine on in and get better educated through podcasts, books or courses. We have resources, including free eBooks, on our website aimed to help you improve your financial literacy.

Overcoming self-doubt and fears
Creating a healthier mindset can start with simply acknowledging your fears. Write them down and, if possible, discuss them with someone you trust, and seek professional advice if necessary. Getting a better handle on our fears helps set us up to conquer them and play to your financial strengths instead.

Celebrate your financial wins
Take the time to celebrate your financial wins, no matter how small. Acknowledging your progress reinforces positive money behaviours and keeps you motivated to continue your financial journey. By celebrating your achievements, you'll reinforce your confidence in your ability to manage money effectively.

Focus on the fundamentals

It can be hard to think big picture when you’re worrying about rising interest rates or how to prepare for a recession. However, going back to the basics – paying off debt, saving for retirement and establishing an emergency fund – is actually always the smartest response to short-term market fluctuations.

Get expert financial advice
When it comes to financial decisions it’s rarely a mistake to seek expert financial advice. Reach out to a professional financial advisor, like myself and our team, as we can help guide you through the maze that personal finances can be. We can work together to develop a tailored financial plan, educate you on investment opportunities, and provide insight into risk management to help better equip you to make informed financial decisions.

Cultivate a mindful money attitude
Developing a mindful money attitude involves being aware of your spending habits and making intentional choices. To cultivate mindfulness, track your expenses, and evaluate where your money is going. Create a budget that aligns with your financial goals and values and commit to sticking to it. Sticking to your budget may require finding creative ways to save more money. However you get there, knowing you’ve gained more control over your spending gives you more confidence in your financial future.

Are there aspects of your money psychology you’d like help changing or something else you wish to discuss? Call
us anytime on (02) 8268 2900 for an obligation-free chat. We’re always here to help.

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.