How To Cultivate a Positive Money Mindset

Author Rosie Hopegood by Rosie Hopegood

We all know that changing your mindset can have a powerful impact on your well-being. But no matter how much we work on boosting our positivity in other areas of our lives, somehow our finances are often the last place we overhaul our mindset.

Whether you’re a bury-your-head-in-the-sand kind of woman or an emotional spender who uses her credit cards to turn a bad day around, many of us suffer from a poor attitude towards money. But there are ways to reapproach your bank accounts with a positive mindset, from choosing a new money mantra to investing in yourself with a financial therapist.

Give Money Affirmations a Try

Money affirmations might sound a little “out there,” but according to Psychology Today, mantras have helped thousands of people make positive changes in their lives. They work by programing your mind to believe a repeated phrase, and the more you say it, the more effective it might be. In much the same way as gratitude practices can lead to a greater appreciation of what you have, a money mantra or two can lead you to have a more positive outlook on your finances.

Pick a money affirmation from the list below and repeat it to yourself aloud for five minutes at least three times a day. Try to really believe the words you’re saying. 

  • I am open to receiving wealth in many ways.
  • I am worthy of a wealthy life.
  • I am financially free.
  • My income exceeds my expenses.
  • I have a positive relationship to money and know how to spend it wisely.
  • I am a money magnet.
  • I can feel my abundance growing.

Of course, you can always choose your own personal money mantra too. It’s all about finding what works for you.

Be Confident Asking for More

Despite generations of feminists fighting for equal pay, it’s still the unfortunate case that American women on average earn 18.9% less than men. It’s a shocking statistic and an issue that needs addressing nationally.

As individuals, we need to get more confident in pushing for higher salaries. Men are four times more likely to ask for a raise than women, according to economics professor Linda Babcock, co-author of Women Don’t Ask. When we do ask for a raise, Babcock notes that we ask for an average 30% less than our male colleagues shoot for.

Plan your request carefully so that you can meet your manager feeling confident. To make sure you are certain of your own worth, jot down notes about your skills, experience and capabilities. Find out what people in similar positions are paid at different companies, and use this as a benchmark for your negotiations. Finally, before you meet your boss, role-play with a trusted friend or colleague so that you are fully prepared on what to say.

Consider Using a Financial Therapist 

If you have a lifetime of entrenched bad money habits or you use spending as an emotional outlet, you might want to consider seeing a financial therapist. It’s a relatively new field but one that’s growing in popularity.

Money is about more than just numbers on a page or having the ability to bankroll nice holidays. Our spending habits are also tied to our self-worth and self-confidence, and there is growing awareness of the impact financial literacy can have on our well-being — for example, 74% of those in debt report an impact on their mental health.

If money is tight, paying for a financial therapist may seem a tad frivolous. But all the budgeting in the world won’t help you get back to black if your overspending is tied to deep-set and unresolved issues from your past.  

The Financial Therapy Association has some great online resources, and you can also use it to find an accredited therapist in your area.

Invest in yourself by giving your attitude to money a positive overhaul. It might not happen overnight, but working on a positive financial mindset now will be worth it in years to come.

Rosie Hopegood is a journalist, editor and content writer based in London. Her work has appeared in publications such as The Guardian, The Telegraph, Vice and Al Jazeera.