Here we are, and it is almost Easter/Passover 2022.  Have you been thinking about your finances?  That’s a sure sign it’s time to infuse your brain — (and perhaps your business/expensive hobby) with fresh insight on how to not only make more, but how to keep more of what you make.

If you’re not the “budgeting type” you’ll be glad to know that trying to force yourself to spend less is typically NOT the solution.

Budgets are like diets: they don’t usually work because they feel too restrictive and tend to stir up feelings of guilt and remorse, which leads to what is called the “boomerang effect.”

That’s when you bang your head against the wall, trying not to spend, only to later indulge in a spending spree that puts you right back where you started.

What IS critical is to know that women who are highly successful share several habits in common with each other. They’ve figured out how to balance treating themselves with life’s luxury items AND still save, thus securing their future.

And best of all, it’s never too late to start modeling the habits of successful women. Yes, it does take time to create these habits if they are foreign to you. We get it.

Which is why I’m sharing my 4 favourite habits to help you increase your “money mojo.”

Habit #1. Track Every Penny In And Out

When it comes to money, ignorance is NOT bliss. Consider this: Money loves to be paid attention to and it WILL capture your attention, one way or another.

By tracking what you make and what you spend (what comes in and what goes out) you’re giving money the attention it requires.

You can use a simple tracking sheet where you track all income. If you would like this form, let me know and I will email it to you. It is very simple.
Expenses can be kept in folders and kept for your bookkeeper.

You’ll be shocked at how quickly you start creating greater income — and effortlessly start spending less — following this simple habit.

Habit #2. Only Create Debt If It’s an Investment, Not an Expense

Purchasing consumables such as clothes, food, entertainment, gasoline, mani/pedi, etc. on credit is a big mistake. Reason is, once the money’s been spent you have nothing to show for it. (Now if you have the discipline to pay off your credit card balances in full each month, you’re ok.)

The only time it makes sense to use your credit card for a purchase that may not be paid in full at the end of the month is if you’re investing in training and education and you implement what you learn.

Face it, if you’re in business (or not) you’re likely to lean on credit cards to either get your business started or fuel your next level of growth. Investing in yourself is always the best investment you can make. Just be sure you have a clear payoff plan — including a payoff schedule — written out so you stay in integrity with your commitment to make your investment in your training and education pay off. Speak to me about my ‘Debt Power Payment Plan’ and how I may help you with this.

Habit #3. Always Pay Yourself First, Even When It Feels Like You Can’t (Or Shouldn’t)

Women are notorious for undervaluing themselves. But the truth is, if you don’t value yourself, why would you expect any one else to? (Yup, U-huh! Been there, wrote the book, saw the movie – No More!)
In the beginning the habit of paying yourself first is more important than the actual amount. Later on, you can give yourself a raise. For now, start writing a check to yourself once or twice per month (yes, even if you deposit it back into the account it came from).

Don’t settle for what’s left over at the end of the month. Instead, decide in advance how much you want your business to pay you as an annual salary, then divide by 12 if you’re going to pay yourself monthly, or divide by 24 if you prefer twice per month. (Don’t stop yourself here! Read on)

At first it may be a stretch to consistently pay yourself that amount but trust me, once you begin to respect that amount as non-negotiable, you’ll find yourself doing what it takes to make more money and grow your business or save from your pay.

Years ago, a mentor shared a story about a woman just starting out on her own who paid herself 10 cents a week. Nothing right! And over time, she continued to increase the amount and is doing multiple 6 figures.  It is about the action, not the amount!

Habit #4. Start Saving Today, No Excuses

Like paying yourself first, the act of saving money is more important than the amount. Over time you can increase the amount you save. What’s key is to have a compelling, emotional “why” as to what the saved money is for. The more emotionally connected you are to your money, the more connected your money will be to YOU (helping it to grow quickly and effortlessly).

It’s Time to Put Your “Big Girl Panties” On and Become a Financially Empowered Woman

Successful women understand that their relationship with money is one of the most intimate, long lasting and revealing relationships they’ll ever have. Just remember, by valuing your money you’re valuing yourself in a positive, powerful way that is truly priceless!

Believe in yourself!

Niki J. Klein, Your Money Mindset Maven