Why our money mindset matters
Women: why our money mindset matters
Money and mindsets – what do they have in common? Hint: it’s not just that they both start with the letter M!
The real answer is both money and mindsets require nurturing and attention to grow and produce positive results. With that said –what exactly is a money mindset?
Money mindsets explained
Whether we’re aware of it or not, we all have existing mindsets about money. These mindsets are our beliefs and attitudes about all things related to cold hard cash. That’s everything from how we spend and save to how we invest, what we think we deserve and how we feel about our financial futures.
These beliefs are usually formed during childhood through the experiences of our upbringing and the family and friends we have around us.
They’re important as they can influence the actions we take with money. A negative - or scarcity - mindset can lead to the belief there is never going to be enough money available, which can conversely lead to overspending and financial anxiety. On the other hand, a positive – or abundance - mindset can encourage saving, investing and nurturing a sense of financial security.
Why is developing a positive money mindset important for women?
A positive money mindset is a bit like a good investment - it can lead to greater financial abundance.
However, around the world, women still struggle with a pay gap and other structural inequalities that position men as the ‘’earners’’.
While improvements are being made, many women still grow up absorbing messaging from society that we aren’t ‘’as good with money as men’’ or that we have to choose between financial independence and having a family. That money just isn’t ‘’our thing’’. This can lead to a whole lot of self-doubt.
But we don’t have to tell you that men aren’t inherently better with money than women – they’ve just had a big head start.
We have some good news, though. By analysing your beliefs and attitudes around money and where they come from, you can start to create new ones that shift the dial.
Tips for forming a positive money mindset
It’s time to start building a healthy relationship with money – and this often starts with believing you deserve it. And you do!
Check out a few other handy tips for building a positive money below. Which ones resonate for you?
- Don’t beat yourself up. Hands up if you’ve ever put off thinking about finances, gotten into debt or made a financial decision you regret. That's most of us with our arms in the air! Try not to beat yourself up about it because this can trap you in limiting beliefs. No-one is perfect and you can’t change the past – but you can decide what you do next.
- Challenge negative or limiting beliefs. If you find your brain slipping back into thinking patterns like ‘’I’m just not good with money’’. Don’t let those thoughts gain traction. Remember you are capable – and you deserve financial wellness.
- Find the wins. Every negative belief you challenge is a great victory. Every step you take to create the financial future you want – such as making a budget or simply having an open conversation about money matters – helps to strengthen your new positive money mindset. Celebrate those milestones along the way.
- Speak up and get support. You don’t have to do it all alone. Start conversations with loved ones in your life – often they’re full of pearls of wisdom from their own experiences. Engaging in these types of conversations helps to normalise talking about financial wellness and creates a safe space for those seeking knowledge and support. Find resources, such as us here at the Table, to help demystify the world of finance as you begin your journey.
Nurturing a positive money mindset is a key part of getting financially literate and building the financial future you deserve. So go on, get to smashing those negative beliefs and have faith that you can do it. A happier, more financially abundant future awaits.
The above article is general information and does not purport to give financial advice. The Mercer KiwiSaver scheme and Mercer FlexiSaver are issued by Mercer (N.Z.) Limited. Product Disclosure Statements are available free of charge at seatatthetable.co.nz.