October is my self-declared month of “money.” A few months ago I started thinking about making a cross country move (most of you know how much I travel to, and would love to live in, California). So, as of late, I’ve been doing a 360 analysis of my finances, this includes: a cash flow analysis, my personal budget, and most importantly, my mental “relationship” with money and abundance. I truly believe in taking a holistic approach to money just as you would your mind, body and soul. With the holidays just a few months away, and a potential move on the horizon, it’s time to take charge and save myself the financial stress and angst later on!
A Wealthy Attitude Starts with YOU:
I am a true believer that one of the secrets to wealth starts with having healthy attitudes towards money, attracting abundance and feeling good about your self worth (in terms of numbers). For example, when I work with small business owners and entrepreneurs, a lot of times they struggle to come up with fair prices for their products and services. Well, it all starts with how much you believe you are worth. And, I believe you are worth a heck of A LOT. If you believe in yourself, you increase your self worth. With a high self worth, you will attract more money and abundance. The law of attraction is as simple as that.
The Latte Effect…What would you do with an extra $600 a year??:
Since October first I have been calculating my cash flow and spending habits. I am an extremely visual learning, so I’ve created a chart to keep me on track. In an excel spreadsheet I have created a column for my income, bills, expenses, due dates, money spent and received. It is truly amazing how when you ask yourself “Do I really need this?” before making an impulse purchase, the chances are you don’t. And, therefore, you don’t need to be flushing money down the toilet.
For today on, I am challenging you to take a hold of your financial habits, and to hone in on your unhealthy habits, like “the latte effect.” Let’s say you buy a Latte 3 times per week, at approximately $4 a pop. That’s almost $50 a month JUST ON COFFEE! That’s $600 a YEAR! Would you pass up $600 on the street, or intentionally flush $600 down the toilet? I’m not saying that you can’t drink lattes; I myself LOVE a good vanilla latte once in a while. The point is = I am asking you to TAKE NOTICE of how quickly that $4 flies out of your wallet. I bet you aren’t thinking about how much $$ those warm beverages add up to, and what you could be buying with that extra cash. Examine your other quick-fix spending habits; identify the other “latte-like” things in your life.
Wealthy People Live Within Their Means:
In addition, last night, my Financial Advisor friend told me to STOP USING CREDIT CARDS ALTOGETHER. He said DO NOT SPEND MONEY YOU DO NOT HAVE, right now! And, it makes so much sense. A wealthy person is one who lives within their means. Stop focusing on making more money, and start examine what you do with the money you have. Of course, you will always have opportunities to make more money, but that is NOT the solution, that is the added bonus. More often than not if you develop a healthy foundation for money, set up a plan to save and get-out-of-debt, and start to live within your means, you WILL become wealthy. This is not easier said than done, you just need to attend to developing new healthier financial habits! Financial freedom = a less stressful, more enjoyable lifestyle!
Stop Giving in to Fancy Advertisements…You KNOW what You NEED!
Looking at my finances from the birds eye view has been a very empowering experience, in some way LIFE CHANGING. The most important thing that I’ve learned is that the credit card companies, banks and fancy advertisements WILL NOT dictate how or why I spend my money. I will make healthy financial choices that are good for me, and great for my wallet. Remember, you always have a choice.
Maybe the next time you’ll rethink how badly you “need” that latte?
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