Published on May 11, 2015 11:13 am, by Beck Cofrancesco
It’s time to re-frame the internal money talk that stops us from living a life of financial wellness.
When I mention I’m working for a great start up company helping people (lots of nodding) with an easy, automated way to manage their money and budget I physically see people switch off at the word budget. They take a step back, get a glazed look in their eyes and politely excuse themselves with a look akin to horror on their faces.
Surely, they are not scared…… These same people who appear to be living a great life on the surface, probably have a good education, working, and usually earning decent money?
It got me thinking… I had them at helping people but lost them at budget. Why is that?
One reason has to do with our psyche, for what-ever reason we associate the word Budget with PAIN and FEAR.
Pain because it will force me to look at my position and Fear because I think I will miss out if I have a budget, I won’t be able to ignore my money habits forever.
This money talk we associate with the word budget is holding us back. What if we didn’t let it? What if we changed our minds about what it means to have a budget?
What if we consciously made a choice to think good things about budgets instead of bad?
Now, I’ll admit, a budget is still a budget, and it does take time to set up, but it’s not something to be scared about and definitely not something we should ignore. It’s time to think of budgets’ as helping us get more not less.
The New Budget = Spending Plan
A spending plan is simply taking stock of what money comes in, what money has to go out, and what’s left over for the fun stuff. Then prioritising what you spend so you get to do more of the fun stuff (and have money left).
Repeat after me… A spending plan helps me spend more on the things that are important to me.
Now that wasn’t so scary was it? Try saying that every day.
Then there’s the FOMO mode of thinking.
HANDS up if you’re familiar with the concept of FOMO (aka the fear of missing out). FOMO is the niggling suspicion, (you know those bubbly exciting Facebook feeds), that your friends are, hands down, having more fun than you.
Well? So what? Would it matter if they did…what if you Chose to Miss out? With the emphasis on chose here.
What if you didn’t spend more than you earn? What if you had money left over each pay? What if you invited people over instead of shelling out $500 on a fancy restaurant? What if you knew what you want and had a plan to get what’s important to you?
What if you flipped that thinking to JOYMO? The joy of missing out? Where you mindfully consider how you spend your time (and Money). Would that change the way you feel about having a spending plan?
Repeat after me…. There’s real joy in missing out on things or experiences that don’t fit in with my bigger picture of what’s important to me.
My question to you? Do you want to be afraid of the word budget forever?? If you don’t, what are you waiting for?
If you need help and want to master your budget once and for all, MoneyBrilliant can take away the pain of entering data, with the automated budget categorisation feature.
This is one of the only apps out there where you don’t have to enter everything yourself .. the read only feature makes it easy.
Try it out for yourself.