We are pleased to share with you a special piece from renowned Australian money educator Vanessa Stoykov.

Below, Vanessa discusses the negative impact that limiting thoughts and beliefs around money can have on you, and your finances, and how to change your mindset for the better.

How to improve your finances by thinking by Vanessa Stoykov

When it comes to money, most of us would say we could use more. Or, at least have enough to have real financial security, and never to worry about how the bills are getting paid. Of course, what many people don’t realise is that how you think about money is one of the biggest reasons there is a struggle to pay the bills.

I know this sounds very new age, but as someone who has spent over 25 years educating people around money and finance, I have found time and time again that limiting thoughts and beliefs have been a big reason for people not getting the financial outcomes they want and deserve.

Which is why I am now focusing on helping people develop their money mindset. And, it helps greatly that COVID has brought sharply into focus the realities of mental health and the benefits of mindfulness and meditation. It is now scientifically proven that meditation and mindfulness can lower anxiety, create greater happiness and help people cope with a world that has changed forever. What I am asking people to do, is to include their financial health in this realm.

Worrying about money is a toxic exercise. It takes away your sleep, your joy, and your peace of mind. Instead of worrying about money, you should be focusing on taking control of it—and the first step toward doing that is believing that you can, and knowing that you deserve it.

Many of us have grown up with family and friends who have taught us deeply ingrained beliefs around money. That it is hard to get. That there is never enough. That it is always a struggle. Or, that people with money are greedy. All of these beliefs are played out in the way we deal with money.

And, when we are thinking in the negative about money, we are sure to attract a negative outcome. The first thing to change about your thinking with money, is how you deal with it. Are you denying yourself a treat or something you want, in order to save, or are you investing in yourself and your future by saving? In theory, you are doing exactly the same thing, setting some money aside for the future. But one train of thought has you suffering and doing without, the other has you doing something positive. Which one do you think is more likely to take hold?

Changing your mindset around money will not happen instantly—it is a process of doing the work and changing your thoughts over time. You can also start reading and following people on social media who are in a positive money mindset—letting new information be absorbed in your brain every day.

I also like to develop a money mantra that I say every day when I wake up—in fact, I have mantras stuck on my wall that I see before I sleep and when I wake up. Good examples are:

• “My money situation is constantly changing for the better.”
• “New opportunities keep coming to me to make money.”
• “Making money is easier than it has ever been.”
• “Money is attracted to me all the time.”

There are a million ways you can craft positive statements about money that you can keep repeating to yourself. The way to learn is to train your brain to think more positive than negative. And remember, the anxiety and fear around money will never completely go away—it just becomes much easier to manage once you train yourself to think a different way.

You deserve it, and I know you can do it.

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