Learn more about how you can change your money mindset
As you head towards the end of the year, it can be normal to look back over your highlights and lowlights especially in relation to your finances.
What is a money mindset?
When it comes to your money mindset, no matter where you are currently in terms of income, spending patterns or your budget – nothing is permanent. With information, support and willingness to adapt, your money mindset can always grow.
How can you change your money mindset?
Understand your money personality
Identify your money personality so you can better understand if your current habits work for you or if it’s time to try a new approach.
CAP’s new money personality quiz is a great way to support you in recognising where you are. The quiz is a fun and informal way to understand your current financial attitude so that if you do decide to adapt and form new money habits you’ll be able to.
The quiz outlines five different money personality types. There is no right or wrong personality to have, again it’s a part of recognising your money habits and understanding if it works for you and your current situation.
Recognise where you are currently
It’s a positive thing to recognise where you currently are and review the pros and cons of that. Take some time out to look into more detail at your recent spending habits to see where you can make improvements and better understand how you spend. Read your bank statement.
Identify the areas where you’re spending most regularly. Are there any surprises on there?
Reflect on how you got here
Often, our earliest money habits were shaped by childhood experiences. Did you know our attitudes about money start forming as early as age seven? Even if your household dynamics set certain foundations, remember: mindsets can change.
Be kind to yourself as you consider how your upbringing has shaped your early money habits and how you feel you want to adapt for where you are now.
Forget the former things; do not dwell on the past.
Isaiah 43:18
Want to understand your habits a little more? Click here for more information on handling your habits.
Renew your mind
Change is a process and it doesn’t always feel great when going through it. With insight from the quiz, you’re ready to adapt and grow your mindset.
There is surely a future hope for you, and your hope will not be cut off.
Proverbs 23:18
Here’s how to get started:
Gather information to guide your journey, for example if you want to save more create a list of documents that can help you grow that savings mentality.
Share with a trusted friend or loved one for support and accountability.
Be patient with yourself as growth takes time.
Read some affirmations that you may find useful in gaining confidence.
Resources to help you change your money mindset
Change requires the right tools and resources. Take advantage of these tips and insights to help you along the way, and lean on friends or family for support. With a little encouragement, you can build the mindset you want!
We’ve put together some resources for you here to start you on your journey:
Learn how to bring up money in a conversation
Take part in some money saving challenges
Download a free budget worksheet
Our money coaching is also another tool that brings you into a community of people all wanting to achieve the same goal: to gain valuable tips and tricks to grow a healthier relationship with money. Join our free money coaching course
