How to change your approach to money builds on last weeks episode. You can, and should change your approach to money to supercharge your finances. If you find you don’t handle money well, don’t save money, or just don’t know how to budget, here are seven ways to change your money mindset.

1.      Firstly, Acknowledge your fears

We all have fears when it comes to money. Ignoring them doesn’t help anything though. Instead, you need to sit with them and get comfortable with them. When you recognize your fears, you can find ways to push through them.

If you let fear run your life, you won’t make good financial decisions or any decisions because you’ll feel stuck in your tracks. Instead, acknowledge anything you’re afraid of with money and take baby steps to overcome the fears.

2.      Secondly, Set goals

You can’t achieve financial goals if you don’t set them. No matter what you think about money and how you handle it, set financial goals

You can’t budget or save if you don’t know why you’re budgeting or saving. Write down your goals, both short-term and long-term. Make sure they are SMART goals

3.      Thirdly, surround yourself with like-minded people

You are who you surround yourself with so it’s important to spend time with people that have the same money goals as you.

If you spend your time around people that complain about being broke and live a scarcity lifestyle, you’ll start doing the same. Instead, surround yourself with people that have the same beliefs about money that you do.

They don’t have to be identical goals, but at least surround yourself with people that have a positive money mindset and aren’t negative in general so you don’t start acting negative too.

4.      Fourthly, stop comparing yourself

If you want to change your approach to money then don't compare yourself to others.  The only person you should compare yourself to is you. Don’t try to compete with anyone else or keep up with the Joneses. Set your own financial goals and find ways to achieve them.

You do what’s right for you and find ways to make your goals happen. But don’t let other people’s successes or failures change how you think about yourself. For example, if your neighbor buys a BMW, don’t let yourself feel less than because you drive a Toyota. You never know what type of debt your neighbor put himself in to buy that BMW.

5.      Dream big and make it happen

Even if retirement is 20+ years away, dream about it. What will you do in retirement? At what age do you want to retire? Do you want to work or be completely free?

Even if you’re drowning in debt and don’t have any money in your emergency fund, believe that you’ll get there and make it happen.

6.      Learn to be grateful

We’re all programmed to focus on the negative things in our lives, but what about the positives? Moreover, look for the positives you’ll find them, just like if you look for the negatives, you’ll find them.

Take, for example, your debt. You might look at it and think ‘I’m such a loser, I have $5,000 in credit card debt and I’ll never get out of it’ or you could look at it and say, ‘I’ve knocked my debt down from $7,000 to $5,000, if I keep going, I’ll be out of debt before I know it.’

7.      Know your why

You can’t be financially successful if you don’t know your why. Think about the reasons you want to be financially successful.

In your money mindset do you want to create a future for you and your family?  Does debt make you feel stressed? Write down your why and keep it posted so you can see it. When things get tough, always go back to your why.

Conclusion

Knowing how to change your approach to money, your money mindset has a positive impact on your personal finances. The way you think about money consciously and subconsciously has a big impact on how you deal with your personal finance.

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No matter what your money mindset is right now, you can change it for the better. If you find you don't handle money well, don't save money or just don't know how to budget, here are seven ways to change your money mindset.

You're listening to the I Hate Numbers podcast with Mahmood Reza. The I Hate Numbers Podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Hi, folks. Welcome to another weekly episode of I Hate Numbers, the podcast with a clear mission to improve your financial awareness, improve your money mindset, help you and your business make more money, save tax and time. Let's crack on with the podcast. Firstly, acknowledge your fears. We all have fears when it comes to money. Ignoring them though, doesn't help anything though. Instead, you need to sit with them and get comfortable with them. When you recognise your fears, you can find ways to push through them.

If you let fear run your life, you won't make good financial decisions or any decisions because you'll feel stuck in your tracks. Instead, acknowledge anything you're afraid of with money and take baby steps to overcome the fears. Tip number two: set goals. You can't achieve financial goals if you don't actually set them. No matter what you think about money and how you handle it, set financial goals. The rest will fall into place. You just have to trust the process. You can't budget or save, if you don't know why you're budgeting or saving. Write down your goals. Make sure they're smart, both short term and long term.

Make sure they're specific and measurable. For example, don't just say I want to save money. Instead, say, I want to save X amount of pounds by this date. This gives you a deadline. It's a positive affirmation and a purpose to help transform how you think about money. That's two tips under our belt. Tip number three: surround yourself with likeminded people. You'll have who you surround yourself with, so it's important to spend time with people that have the same money goals as you.

If you spend your time around people that complain about being broke and live a scarcity lifestyle, you'll start doing the same. Instead, surround yourself with people that have the same beliefs about money that you do. Together, you can cheer one another on and keep each other accountable so you can both achieve your financial goals. They don't have to be identical goals, but at least surround yourself with people that have a positive mindset and aren't negative in general, so you don't get overwhelmed and start acting negative, too. Tip number four: stop comparing yourself.

The only person you should compare yourself to is you. Don't try to compete with anyone else or keep up with the Joneses. Set your own financial goals and find ways to achieve them. It doesn't matter if your goals come short of your neighbours or if it's wildly different than your siblings’ goals. You do what's right for you and find ways to make your goals happen. But don't let other people's successes or failures change how you think about yourself.

For example, if your neighbour buys a BMW, don't let yourself feel less than because you drive a Toyota. Each person should do what feels right to them and helps them achieve their financial goals. You never know what type of debt your neighbour put themselves into into buying that BMW. So we've covered four valuable tips. Tip number five: dream big and make it happen. Even if retirement is 20 years away, dream about it. Visualise it. What will you do in retirement?

At what age do you want to retire? Do you want to work or be completely free? Write down your retirement goals, create a vision board and then make them happen. No amount you save is too big or too small. Just like no dream is too big or too small. Even if you're drowning in debt and don't have any money in your emergency fund, believe that you'll get there and make it happen. Tip number six: learn to be grateful. We're all programmed to focus on the negative things in our life.

But what about the positives? If you look for the positives, you will find them. Just like if you look for the negatives, you'll find them. Take, for example, your debt. You might look at it and think, I'm such a loser. I've got £5000 in credit card debt and I'll never get out of it. Or you could look at it and say, I've knocked my debt down from 7000 to 5000. If I keep going, I'll be out of debt before I know it. This is the difference between focusing on the negative and looking for the positive. Focusing on the good transforms how you look at money and what you're capable of doing.

Let's summarise six of the tips, that we've looked at so far. Acknowledge your fears. Set goals. Surround yourself with likeminded people. Stop comparing yourself to others. Dream big and make it happen. Learn gratitude. Learn to be grateful. Finally, our last tip about how to change your money mindset and supercharge your finances is to know your why. You can't be financially successful. If you don't know what your why is, think about the reasons you want to be financially successful. Do you have kids? Do you want to create a future for them?

Do you want to make sure you've got a solid retirement? Does debt make you feel stressed out? Write down your why and keep it posted so you can see it. When things get tough, always go back to your why. Folks, let's recap what we've said so far. So to supercharge your money mindset, and improve your personal finances and your business finances, acknowledge your fierce, set goals. Make sure those goals are smart. Surround yourself with likeminded people. Stop comparing yourself to others. Dream big, make it happen. Learn to be grateful and know your why. Now, if you're ready to supercharge your personal finances, it's time to look at your money mindset.

What do you think about money? Is it good? Is it bad? Once you realise what you think about money, once you start taking these tips to change your money mindset, anything can change. You'll get back to where you want to be - budgeting, saving and reaching your financial goals. But it all starts from the beginning with how you think about money (check out last week's podcast for that) not how much money you have. When you start thinking about it that way, then you can see the changes and implement these seven steps, these seven tips, and you'll be on your way to supercharge your personal finances. Folks, I hope you got some benefit from this podcast. If you have, I'd love it if you could share it with those who you feel would benefit. In the meantime, good luck with those tips, supercharge your money mindset and I'll see you guys on the other side next week.

We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.