People often shy away from talking about money, it’s a taboo subject at work, dinner parties, and basically everywhere apart from meetings with your accountant. This can mean we’re harbouring negative thoughts & feelings around money that we never end up confronting.

When it comes to financial & business success, having the right money mindset is just as important as the right tools and strategies. So if you’re starting your own business, confronting issues with mindset is one of the key first steps to take.

What is Money Mindset?

Money mindset refers to the set of beliefs, attitudes, and behaviours that a person holds and practices in regard to money and financial matters. It can cover a wide range, including things like earning potential beliefs, spending habits, saving money attitudes.

A positive money mindset can lead to clearer & better decision-making when it comes to all things money. Hence generally leading to more financial success.

On the flip side, a negative money mindset can slow down progress and ultimately lead to financial stress.

So do you have a positive or negative money mindset?

Let’s put it to the test – take a look at these questions:

Do you shy away from everything to do with money?

Do you go on spending sprees without checking the bank first?

Do you have limiting beliefs about your earning potential?

Are you fearful about spending money?

Do you think you’re not smart enough to understand finances & taxes?

Do you feel like your future finances are out of your control?

If you answered yes to any of these it’s likely you have aspects of your money mindset that are holding you back.

Three ways to improve your money mindset:

1. Educate yourself

One of the most important things to do to improve your money mindset is to keep educating yourself about all things money. ‘Knowledge is power’ and the more knowledge you gain the more confident you’ll feel about tackling money. This will also enable you to make smart financial decisions & therefore increase your chances of financial success.

2. Challenge limiting beliefs

Limiting beliefs around money are really common and we don’t challenge them enough because money is such a Taboo subject. Limiting beliefs include things like thinking you are not good with money, or that you’re not worthy of financial success, or that finances are too complicated for you. As an accountant of primarily female-founded businesses, I hear these kinds of statements all the time but I can promise you never turn out to be true. Try to identify & challenge the limiting beliefs you have around money. This will help you shift into a more positive mindset

3. Take action

Use the knowledge you’ve learned and put it into practice. Start by setting clear financial goals and creating a plan to achieve them. Then break the goals down into small bite-size chunks so it’s easy to manage. Things like looking at your finances daily or setting budgets for shopping trips.

Money mindset is something I always encourage business owners to check in on as it really can be the make and or break of running your own business. It’s also something you want to keep coming back to as your mindset shifts as you evolve.

If you want to take the first step in improving your knowledge around business finances and taxes why not book in a Power Hour with me where I can talk you through certain aspects of taxes or finances that will help you make smarter financial decisions.