The Money Mindset Tips You Need In Your Life
It is no secret that we are big on money mindset.
We talk about it a lot, mainly because we believe it is integral to develop as an entrepreneur, freelancer or CEO.
So, we wanted to share with you some of our top tips and ideas to implement in your life to enhance your money mindset. First up, one that has recently featured on our Instagram: taking a money minute.
Taking a Money Minute
A money minute is essentially taking one minute out of your day to skim over your finances, looking at the money coming in, money going out, evaluating the quality of your spending and ensuring it is money well spent, for example, something that is going to enhance your life or help you grow.
But this does not mean for you to resent paying your bills, in fact…
Be Grateful For Your Bills
Being grateful for paying your bills may sound crazy but here is the thing, as long as you are respecting your money, the bills that you are paying should be enhancing your life.
Whether that is paying for the internet that allows you to grow your business or your staff member’s salaries which enables you to serve your customer base, the fact you have the money to do these things is something to be grateful for.
Money Mondays are an extension of a money minute.
If you do your own bookkeeping, this is a time to do this, but if you have someone like us doing it, it is just a case of checking for any updates or queries. Something as small as staying on top of your bookkeeping is an excellent money mindset.
Money Mondays are also a time in which to look at the money that you have had come into the business over the last week or so and apply any money management methods you may have.
A popular one to use is the profit first method, you can get the book here, but the general idea is that when money comes into the business, you split it out between a number of factors by percentage, including directors salaries, staff salaries, equipment, charity but most importantly (and perhaps kind of obviously), profit first.
A To- Buy List
Often we buy things that we do not need, which is not only disrespecting money but it is stunting your growth as that money could be invested back into you and your business.
A 'to-buy' list can help with this.
Essentially anything you want to purchase goes on the list before you actually buy it.
Depending on the nature of the product will depend on how long it is on the list. Substantial investments may be on the list for a little longer whereas, for smaller purchases, you may keep it on the list for 3-7 days before purchasing it.
A 'to-buy' list allows you to be more intentional with your spending, which is crucial when it comes to money mindset.
Acting As If
Now, this is not to be confused with the fake it ‘til you make it type of attitude.
Acting 'as if' is all about showing up in a way you would if you already had the funds and clients that you wanted.
Resources and Structure
Invest money in the long game: resources and structure.
I am talking about applications and services that are going to make you and your business more streamlined whether that is an accountant, coach, virtual assistant, social media expert, or investing in software and applications that will make your life easier.
For example that may be investing in something like Xero or Receipt Bank (which is what we use,) or Lead Pages or Clickfunnels. Anything that may up your efficiency and improve your business and growth.
Diversifying Income Streams
Diversifying your income streams is something to think about. Keeping an eye out for trends or gaps in the market, or even offering a service or product that your audience needs. Even if it is not something you implement immediately, it is something worth keeping your eye on.
So what do you think about our money mindset tips? Pretty easy to implement, right? Start with one of these tips and aim to integrate them all within your life, let us know how you get on and stay up to date with all money mindset tips over on the 'gram.
About the author
Chloe Slade is the Marketing Manager here at Cone and focuses on creating content that brings business and lifestyle together. Chloe is a keen makeup lover, foodie and loves to work from luxurious destinations.