Here’s how to switch up your money management style!
[adrotate banner=”4″] [bctt tweet=”Much of our anxiety stems from the fact that we just don’t know what’s going on with our money” username=”SheLeadsAfrica”] Have you ever interrogated your feelings about money? How would you define your relationship with money management; comfortable, in control, dysfunctional? Even with solid financial advice, some people still feel a level of anxiety around personal financial management. Sadly the topic of money is still viewed by some as ‘the last taboo’, and as a result, many of the attitudes we have towards it go unexplored. As budding #MotherlandMoguls, building a healthy mindset around money management should be a priority. Here are a few tips to help you to make peace with your bank balance, manage your personal finances and develop a healthy money mindset. Determine your ‘money personality’ A useful place to start is to try and understand how you instinctively relate to it. Similar to taking a regular personality test, this will help you to understand some of your predispositions toward money management. You can find a whole bunch of free ‘money personality’ tests here. Keep good records, make good plans Recognizing your financial patterns and setting financial goals is the key to building a healthy relationship with your money. Much of our anxiety stems from the fact that we truly just don’t know what is going on with our money. Sound daunting? Don’t worry, we are here to simplify the struggle. Finance guru and friend of SLA Samke Ndlovu Ngwenya put together this worksheet to help you think through your goals, and keep track of your personal financial management. While you are doing this, take a look back at money management mistakes, or successes you have made and look out for patterns and lessons. Figure out your conditioning We all have a certain level of conditioning when it comes to money which has been proven to affect how we relate to it. For example, if you sincerely believe you deserve to make money, and that you are able to do so, this conditioning is considered positive. It can also be negative and limiting, for example, thinking about money with fear or scarcity. This conditioning is the filter through which you interact with your money. Money coach Lynette Khalfani-Cox says, “You have to ask: what falsehoods and ideas am I believing that are actually sabotaging my efforts, or keeping me from fulfilling my potential?” Work to change these ideas. You could even try out money affirmations if that’s your thing. To help you out with all the serious introspection you are about to do, I caught up with two savvy businesswomen. They gave me some insight into how a successful entrepreneur relates to their money. [bctt tweet=”Money means the ability to uplift – Carol Bouwer” username=”SheLeadsAfrica”] Carol Bouwer is the Founder and CEO of Carol Bouwer (CB) Productions. This pioneering businesswoman is a committed champion of women. Her company PB Productions is behind The Mbokodo Awards which celebrate the work of South African women, as well as The African Odyssey experience. What does money mean to you? For anyone with an entrepreneurial spirit and a desire to be part of shaping our community for the future- money gives you the ability to uplift. Materially and psychologically- money gives you the opportunity to create employment and empower others. It gives you the ability to inspire others to see what results could be possible if they apply the same level of discipline. Money is not the goal but it helps you achieve the goal. Is there a specific event/lesson that has shaped how you relate to your money? Losing it young. Some of the mistakes I made with money management as a youngster have been the greatest gifts in my financial life. The lessons are etched in my mind so they can never be repeated. My big thing with this as in everything in life- don’t lose sleep and lose the lesson- lose the former and gain the latter at all times! What do you wish you knew about money management when you received your first salary/ paycheque? Budgeting! I had a whole list of needs and wants but lacked the wisdom to differentiate between the two. To this day I remain grateful for being raised by an “interfering mom”… many of the mistakes I could have made did not happen thanks to her wise interventions. What habit have you formed, or what trait do you possess, that you believe helps you with your finances? Sobriety and respect. This applies to finances and many other aspects of life. It is easy to be impulsive but the most important trait one requires is respecting the work that goes into building one’s wealth. Being mindful of the energy you put into making every cent is what makes you more discerning about the choices you make when parting with it. Mindless spending is sometimes unavoidable in our youth but in this day, if I am not mindful of what I am spending my money on then I don’t deserve a cent of it. [bctt tweet=”If I’m not mindful of what I’m spending my money on, I don’t deserve a cent of it- Carol Bouwer” via=”no”] Where do you go to get sound financial advice? I could tell you to get a financial adviser or acquire financial planning services but I am not one to say that. My answer is, go internal. You inherently know what to do. You had the wisdom to acquire it, trust in your wisdom to grow it. Read and study the markets. Even when you go to your broker, ensure you are not solely an audience but participate. This is even more important for times when there are losses. It allows you to feel you made empowered and informed choices rather than blaming those to whom you hand your money over. [bctt tweet=”Be honest with yourself and those who need your financial support – Nicolette Mashile” username=”SheLeadsAfrica”] Nicolette Mashile is a social entrepreneur, property investor