‘Invisible’ Money Habits: How Small Changes Can Transform Your Financial Future

Invisible money habits can drain your bank account without you even realizing it, which can keep you stuck in the cycle of living paycheck to paycheck. That’s why it’s so important to become conscious of your financial habits, so you can take control of your money and build the financial success you desire. 

What are “invisible” money habits?

Invisible money habits are the unconscious things you do that make it easy to overspend. Not tracking your finances, paying with a credit card or using contactless payment methods, recurring payments and subscriptions you don’t think about each month, and low-cost impulse buys are just a few of the things that make it easy to spend freely, affecting the amount of money available at the end of the month. 

To break free from the cycle that can lead to debt issues, we must become conscious about our spending habits and our money, so we can develop a financial mindset that’s focused on success. 

What is a money mindset?

Your money mindset is the way you think and feel about money. It’s important to understand your mindset because it might not be fully aligned with the goals you are setting to attain financial freedom. 

Making money starts in the mind first.

To become wealthy your goals and beliefs must be aligned. If you say things like:

• Money doesn’t grow on trees
• I never have enough money
• Money is the root of all evil

Then your mindset and your desire for financial success are out of alignment and you could be doing things that sabotage your efforts to build wealth, continually reaffirming a scarcity mindset. 

Your financial mindset started to develop when you were young as you watched the way the people around you spoke about and handled money. It continues to be shaped and/or reinforced through your experiences today. 

Your personal values and your beliefs about what is important and worthwhile are a core part of your money mindset and have a direct effect on your money habits. This is one of the reasons why individuals can have very different attitudes about money, and why money works differently for women than it does for men.

Our finances impact all the areas of our lives, especially our closest relationships. It’s important to understand the different mindsets in your family, so you can work together and support each other to achieve financial success. 

>>If you’d like to learn How to Align Your Money Goals with Your Partner, CLICK HERE<<

So how do we shift our money mindset and transform our financial futures?

Here are 5 strategies to fix bad money habits and transform your financial future.

#1 Discover your values and beliefs about money. This will really help you make adjustments to your money mindset so you can develop the smart money habits that will set you up for financial success. 

Questions you can ask yourself to discover some of your unconscious beliefs about money are:

• What is a wealthy mindset and what does it look like in action day to day?
• What situations make you feel anxious about money and why?
• How does money impact your relationships with others?
• When do you feel guilty making a purchase?
• What makes you feel good when you buy something?                

As you work your way through each question, think about the stories that come up and the way you feel as you remember each one. Consider the belief that accompanies the emotion you feel as you answer each question. 

If you need to shift your beliefs toward a more positive money mindset, try:

• Challenging the belief. Sometimes we don’t actually believe it once we fully explore it, and/or we can find examples that prove the belief isn’t valid. 
• Write a new empowering belief to replace it. Post it where you can see it regularly and repeat it to yourself often.
• Develop an inspiring money mantra you can use to solidify your money mindset. 

#2 Track your finances. You need to know where you are now to set appropriate goals to achieve financial success. Tracking your finances and discovering your money habits will help you fix the ones that are not in line with your future financial goals. There are so many apps out there to help you do it! Or you can even go old-school and fill in a spreadsheet. 

#3 Identify the spending habits you want to change. Whether it’s impulse spending, paying for convenience, or not managing debt appropriately, you have to identify your areas for transformation. From there you can make your personal financial plan.

#4 Develop a spending plan. Establishing a spending plan will help you get ahead and reinforce your good money habits, as long as you stick to it. CLICK HERE for help developing a spending plan.  

#5 Decide to put your wealthy future first. It can be easy to fall back into bad money habits if you don’t stay vigilant and keep your mind focused on your wealthy future. What do you need to do to stay on track and put that future first? 

Consider the kinds of things that have previously thrown you off course and do what you can to anticipate possible future challenges. Then develop a plan for success ahead of time, so you know exactly what to do when one of those situations comes up.

By using these 5 strategies, you will rid yourself of the invisible money habits that are holding you back from financial success and take the steps toward the wealthy future that you so richly deserve!

BONUS! Sharon Lechter’s Millionaire Secrets

I am often asked for the secrets of millionaires. You might be surprised to know our financial habits are incredibly simple. 

Millionaires:

• Pay themselves first. They always ensure a certain percentage of their income is immediately invested to make more money. It’s a smart money habit we can all use!
• Avoid bad debt and live below their means. They are frugal in many ways, and don’t typically impulse buy. They are also very aware of the costs associated with debt when borrowing money and they do everything they can to avoid bad debt. They focus on investing, not spending.
• Have multiple streams of income. Real estate, rental properties, stocks and bonds and small businesses are just some of the many options that millionaires use to create financial success.
• Learn continuously and invest in themselves. When you want abundance to expand, you must expand yourself first. Millionaires understand they are their best asset, and that personal growth and development is the key to building further financial success. 

If you would like to learn more about building financial success, investing, and what’s happening in the financial world, I invite you to join me for Let’s Talk Money. It’s a monthly online Money Mentorship where you will learn from me about the economy, what is influencing my financial decisions and where I see opportunities for investors and business owners. 

Let’s Talk Money will help you master your money and create a life of greater financial confidence.

CLICK HERE TO REGISTER NOW!