Money beliefs

What you believe about money impacts how you interact with it. These beliefs can be either positive or negative. They can either help you or hold you back from reaching your financial goals. Understanding your money beliefs can be a key step in creating and sticking to a personalized spending plan.

Money beliefs are:

Often learned in childhood
Passed down through generations
Often unconscious
Partial truths
Responsible for our financial outcomes

Consider the following to change negative money beliefs:

Realize when they happen
- There are many activities, such as keeping a money journal, that can help you become more aware of how your money beliefs shape your financial habits.
- If you experience an undesirable financial outcome, consider your thoughts during the process. Make note of thoughts or beliefs that could be harmful to your money plan.
Take time before making decisions
- Waiting even 24 hours can help you decide if a purchase is important or not
Check your finances on a regular basis
- Continuously monitor your budget and spending to make sure you're on track
- Experts recommend reevaluating your budget at least once every three months and any time an event happens that could impact your finances
Set S.M.A.R.T goals
- S.M.A.R.T is an acronym that guides us to create quality goals
  - S = Specific (be as detailed as possible)
  - M = Measurable (you can see your progress)
  - A = Achievable (it's realistic and you can do it)
  - R = Relevant (it's helpful to you and your financial plan)
  - T = Time bound (there is a deadline for the goal)
Create a realistic spending plan
- Remember to include needs, wants, and savings goals in your budget
Continue your education by checking out our Education Center

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