Spending Habits - Have you got a champagne lifestyle on lemonade money?
My lovely friend Meg Roundall Green - catch her on Linkedin and Facebook she's an incredible mentor - spoke very eloquently about having a tolerance level of how much you have in your bank account right before payday.
So for her she found she could still afford something right up until the -£5000 mark.
For me I'm sweating at -£100.
She found that even though she would periodically "sort herself out" and clear her overdraft, before too long she'd revert to type and spend away until she was back in her comfort space.
This took a lot of mindset work for her to undo this belief that this was ok, to ask herself why she felt this way, to recognise how harmful it was to constantly owe money especially as she had an excellent paying career.
It's fascinating how we all have our thing with money. Do you feel like you want to spend it quick, like a hot potato in your hands?
Is it because your experience in life taught you that money wasn't great, that it caused friction and arguments or it was so hard to come by it was spent quickly & enjoyed? A feast & famine scenario?
What is your tolerance level?
How much regularly to do you have available in your main account right before being paid?
What would you like it to be?
Do you need to create a new habit?
What could you do to bring about this change?
Zero Based Budgeting isn't about getting down to your last penny, it's about portioning out down to your last penny so that every £1 has a job to do.
It's either keeping a roof over your head, food in your tummy, kids at swimming lessons, nice haircuts, saving for Christmas or whatever your money plan is.
You've got a money plan right?
We'll come on to that another time.
Like your email inbox.
If you organise your emails so that they've all got a job to do;
Save to read later
Read & action now
Read & delete
Delete & unsubscribe
Then you've created a simple system to prevent overwhelm, to enable you to be on top of things, to ensure you don't have that red circle on your phone email app with a white number on it bigger than your shoe size!
What's your system?
Need an ebook / workbook to help create yourself a system?
Here's one I made earlier:
Until next time
Comments