Finances are often seen as overwhelming, but the great news is they don’t have to be.
Whilst having all the pretty budget planners and debt trackers in the world can make you feel in control, if you are not internally confident with your position with money and more importantly, your mindset towards it, then even the prettiest money management tools out there are somewhat irrelevant.
Confidence does not come easy, it’s not something that can be bought or appears overnight but if you acknowledge the level of financial confidence you currently have and take steps in order to improve that, then you’re on the right track.
Money confidence is a topic we are passionate about and so to kick off content on this matter, we are starting with a few initiatives you can implement to learn more and build your money confidence.
Forget The Past And Move On
Our past experiences often drive our future ones.
Money isn’t taught in schools (yet), so the earlier years of your life may have been a bit of trial and error. The ages of 20-30 are the prime time for making money mistakes (not thinking it’s a smart idea to start putting money into your pension, blowing a lot of money in a short space of time – we’re talking the weekend, and putting everything on the credit card are some of the mistakes that can be made).
Just because we’ve made a mistake or few, doesn’t mean we have to hold onto them. Our past is a great learning experience. We can only learn from our mistakes right? There is no point dwelling on our past mistakes, because unfortunately/fortunately, we can’t change the past.
Letting go of the bad money things that have happened is a great way to gain confidence for the future instead of the reminiscing the past (no matter how good, bad or ugly it is), focus on what you can do differently in the future.
Ask for help
No man (or badass woman) is an island. Whilst you may not want or need a dedicated financial advisor, having someone to talk finances to goes a long way as they can offer support, be a shoulder to cry on or be your cheerleader. Although it may seem difficult, it is often not as hard as it seems to ask someone and then have those initial conversations.
I know we constantly bang on about this, but the more we talk about money, the less taboo it becomes and collectively as a society, we become more confident with it.
Seek financial education
Which brings us onto our next point. Educate yourself. The saying ‘Knowledge is power’ is oh so relevant, so stay in the know. Getting a sound understanding of the world of money is a great way to set the foundations and become confident in controlling your own. There are so many great ways to do this; books, podcasts, online articles and even Instagram accounts *ahem* Fempire Finance.
Have a money inspiration
We’ve recently started reading Maria Hatzistedanis book ‘How to be an overnight success’ and she is without a doubt our inspiration. We’re so motivated by her journey and her company, Rodial. So much that we are highly motivated to go out and make our dreams happen because of her. And that is what you need for your financial life, it doesn’t have to be someone you know but someone who is open about their money journey so you can aspire to be like them and their money picture.
Or if there is no inspiration, be your own inspiration by having a goal. Goals drive actions, so if your written down goal is to pay off your debt, you are 40% more likely to turn that goal into a reality.
Celebrate Your Small Wins
The mentality that you’re on the right track if you have bought a house or paid off your student debt is wrong. These are BIG goals and don’t happen every day. Instead of holding out for these, money confidence is being able to know there are smaller wins in your money life. For example – not buying a coffee, gaining £5 from your side hustle or any other smaller, interim milestones should be celebrated and you’ll see your money mindset improve if you do just that.