Transform your confidence by taking control of your finances...
Confidence is such a mighty word isn’t it? It carries so many different interpretations to people, that it is surprising that there is one official definition! What is clear though is that confidence is something that pretty much all of us aspire to have in some shape or form, and in my years as an independent financial advisor I’ve seen a lot of women whose confidence has been transformed by getting to grips with their finances. In this blog post I will be talking about how creating, building and nurturing your financial security can help you to be more confident in your life, and how it may not be as scary as you think to start tackling those big money topics!
Knowing your spending habits can help you understand your behaviour.
This may seem like a simple one but understanding your spending habits and your ‘money personality’ can be a great discovery, which can have a positive impact on your confidence. Understanding why you spend, who you spend money on and your feelings towards spending can literally be a liberating experience. I created a free money personality quiz which you can take to see what your money persona is – take it today and you can become more confident with your spending, and more able to tackle any issues you may have with spending.
Budgeting gives you structure, which can be really reassuring
Once you’ve established what type of spender you are, it is really good idea to do a proper analysis of your income and expenditure, this may feel really mundane but grab a glass of wine and your bank statements and get stuck in. Once you know what you are spending on, you can create a budget which, although it can seem arduous will give you a structure that means you can make more confident decisions about money, and look to plan for the future, so that you can realise those all important life goals which may have previously seemed unattainable! Unlocking your confidence in yourself is most definitely a journey rather than a destination (check out Shelleys 5 Ways to Jump Start Your Self Confidence as a great starting point) but taking meaningful steps to unlocking blocks, including the management of your day to day finances can be a great contributor to developing your overall confidence as a person.
Talking is a good thing…
A study by Lloyds Bank found that over a quarter of adults have found that talking about money has had an adverse effect on their mental health and relationships. This is a really worrying statistic, and one I’m really passionate about changing. Money is just money. It doesn’t need to define us, it definitely doesn’t need to dictate anything to us, and it can be a wonderful thing that facilitates the achievement of our life goals. So ladies, it’s time to get talking about your money! When working with my wealth creation clients one of the first things we do is have a deep conversation about money. The good, the bad and the rest. We explore fears and dreams, history, and future to create a full narrative of your financial story that we can then use to create a solid plan from. If the thought of this is a step too far, then start with a more simple conversation. It is really important to get talking, however you can start with a really small topic to help with building you confidence.
Tips for talking about money with a loved one / partner.
- · Find somewhere neutral to have the conversation – it can help with managing emotions – and keeping people in the room.
- · Make a list of topics to talk about. If you don’t make it through the whole list don’t worry, you can schedule in more time, but a list helps give structure.
- · Try to be outcome focussed and look at being really honest. Without honesty the approach won’t work – but if you take an outcome focussed approach then this can help to minimise any emotions that may flair up.
Talking about your money can be a real confidence boost – a bit like ripping the plaster off!!
Work on your money mindset to help you feel more confident.
How you think, talk and behave with money is a huge part of how you feel about confidence. Money mindset issues can cause real blocks when it comes to living confidently, so investing into your money mindset and working towards a positive and healthy attitude towards money can provide a huge boost.
What goes into your money mindset?
- Your childhood experience with money.
- Your cultural influences regarding money.
- Your family’s attitude towards money.
- Economic influences (like a recession for example).
Find out more about money mindset and how you can invest in your beliefs.
Long term planning gives peace of mind, which can be a real confidence boost.
The world of savings, pensions and investments can feel daunting, and to some it can feel out of reach if you maybe have more debts or are finding you have income shortfalls. It doesn’t need to be like that however! Thinking about all of the other areas that we’ve covered in this post, if you review your spending and create a robust plan then it can become much more attainable to think about savings, investments and pensions. There are some amazing easy to understand products which are available and from talking to an independent financial advisor you can get more detail about those.
Confidence is a journey, and so much more than about money – but money can help!
Being financially secure and having a positive mindset when it comes to money undoubtably has an impact on confidence. It is important to remember though that confidence and what constitutes confidence is different to every person and everyone is on a journey with it. I hope that this has been a useful insight – and has got you thinking about your financial future.
Rebecca Robertson IFA is a wealth creation coach with over 20 years of experience in the financial sector. Rebecca is passionate about helping women with financial advice and planning, and has created a number of initiatives to support financial planning for women in her business. Rebecca lives in Kent with her husband, two children and much loved horse called Goose!