It is worth taking a moment to really think about and write things down for the following exercises.
- Keep a Diary of Your Spending.
Get a notebook and once or twice during the day write down what you have spent your money on. You could even write beside it how you were feeling or what happened when you bought the item. Many people who splurge money on clothes and gadgets etc may be doing it for emotional reasons. There are many people who spend unconsciously; this diary will help you to be more conscious and mindful of your spending.
You will begin to identify spending patterns after 2-3 weeks but the longer you can do this the better. You'd be surprised how much a month you are spending on tea/coffee in the morning, magazines or on the gym membership.
Once you identify the area(s) which are draining your money, ask yourself -
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How important is........?
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Do I really need............?
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How much would I save a month/year if I went without.....?
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How would I feel if I had to give _______ up?
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How would I feel if I continued to spend € on _________?
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What could I do instead of ______ e.g. what could I do instead of buying lunch each day / going to the gym?
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How was I feeling when I splurged money on ______? What triggered this splurge _____?
Be honest with yourself. You may find that once a month you'll arrange to go out for lunch rather than eating out every day, you could take up walking and cancel your gym membership if you don't use it or use the public gyms/pools. You may identify that if you are stressed at work then you go out for food/drink that evening.
- Identify Your Outgoings from Your Diary.
This is like maintaining a simply budget where you write down your known expenditure e.g. mortgage, loan repayments, rent, other monthly direct debits. You can also use this to plan ahead and include once off expenditure like car insurance, birthdays, weddings etc... You can plan ahead for one month, two months or six months - whatever suits you. This can help you see where your money may be going for the next few months, what your necessary expenditure items, what items you may have forgotten about and what are your luxury items. You can then ask yourself do you need these luxury items.
Start saving even a little. It is recommended that you save at least 10% of your monthly income. As we all know a little adds up to a lot over a period of time. When I was a trainee account I got into the habit of saving even if it was only €25 a month. It was this money that I used for rainy days e.g. wedding presents, xmas presents, unexpected nights out or even as a treat to myself. Save whatever you are comfortable with as a little can add up to alot over a period of time.
If you have credit card debts, mortgage or loans check out other banks for competitive rates, you could end up saving yourself money. You could get a loan to clear your credit card and then either cut up the card or cut across the strip so you can't use it in shops. Ask your friends what bank they use. Many of us feel we have to be loyal to the banks we are with but if they are not working for you then change.
- Identify your Beliefs about Money
What are your beliefs about money? How did your parent feel about it and what did they teach you? What feelings about money did you experience? Everyone has inherited beliefs, values, thoughts and attitudes from their family, friends and society at large. By examining and exploring your habits, thoughts and beliefs about money, you can find insights into your relationship about money. It is a fact that many of our negative beliefs come from our childhood, so if you heard messages like "Money is hard to come by", "blood, sweat and tears is the only way to get rich" or "You have to work hard for your money", then
these are very negative beliefs. Ask yourself if these beliefs are true for you now. If they are negative, you can re-examine the belief and release it, replacing it with a positive, prosperous thought - see affirmations below.
- Identify your Core Needs and Desires
Instead of thinking about the money, I want you to think about the things you most want in your life, write them down if you like. Think about what is really important to you and why? True prosperity, for you would be to have all those things and to be able to enjoy them. Many of these things many not cost you money but a little time e.g. spending more time with family, visiting places you love or taking a few hours to yourself for a bath etc...
You don't need to stop spending on everything as this will keep you thinking about lack. If you deprive yourself of spending money on anything beyond your basic needs then after a month or two of deprivation, there is a greater chance that you will go out and splurge. It is easier to cut back on the non-essentials but still treat yourself every so often e.g to a facial, dinner in a fancy restaurant or clothes. It is about finding a balance in your relationship with money.
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Start a Gratitude Journal
Look around in your life, there are many big and small things for you to be grateful for e.g. family, friends, roof over your head, children, little things that bring a smile to your face. Every morning or night, write down or think of 10 things you are grateful for that happened during the day - this will allow you to see that your life is already full of abundance but often you choose to ignore it. By setting your intention to be grateful for what you already do have, you can begin to attract more abundance into your life.
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Use Positive Affirmations
Please see below for information on affirmations.
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Identify any blocks to your deservability
As you say your affirmations, or when you think around money, it is likely that you may experience negative reactions. If you say something positive, but inside your thinking 'Not a chance" then you know that there is an issue there that needs further attention. If this happens, take time to re-examining your beliefs and experiences around it. See if you can identify trigger events or influences that make this inner gremlin come out. When you are ready, allow yourself to release this negative belief.
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