Do you feel like you should be further along in your financial journey? Are you constantly wishing your money situation was different? Well, what are you doing about it?
The cold hard truth is that you, and only you, are responsible for how things turn out in your life and in your finances. You have the power to stop holding yourself back with your money.
I know it’s easier said than done, but that doesn’t mean it can’t (or shouldn’t) be done. If you’re ready to stop getting in the way of your own success, then this article is for you! Keep reading to learn the 6 ways to stop holding yourself back financially.
#1 Change your mindset
The beauty of changing your mindset is that you have full control. You can decide to see your money (and the world!) in a positive or negative light. You can decide if you want to look at the glass as half empty or half full. You can decide to make the most out of any situation you’re in. Changing your mindset is a conscious decision.
Admittedly, it is a decision that takes effort, especially if you’re used to thinking negatively. However, when you change your mindset from one of negativity to one of positivity, from one of scarcity to one of abundance, or from seeing the glass as half empty to seeing it as half full, you’ll stop holding yourself back when it comes to your money.
Changing your mindset allows you to see opportunities and solutions, not just problems. You’ll be able to get out of your own way and shift your focus to doing the things that will actually help you get ahead.
Change your mindset and you’ll change your life. I highly recommend listening to the Life Coach School podcast. It’s a great resource for thought management and shifting your perspective.
#2 Step out of your comfort zone
Do you really want to stop holding yourself back with your money? Then you have to get uncomfortable. I hate to break it to you, but no huge changes will come from doing the same things you’ve already done. Nothing worth having comes from your comfort zone.
Most successful people learn to get comfortable with being uncomfortable. They learn to take risks, even when they don’t know the outcome. When it comes to your money—and your life—you have to be willing to do what you’ve never done to get what you’ve never had.
You can’t become debt-free if you keep racking up charges on your credit cards. You need to get uncomfortable and cut them, and your expenses, down to size! You won’t be able to stop holding yourself back until you take new risks and try new things.
#3 Work with a therapist, coach or advisor
After working with countless women on budgeting, controlling their spending, and reaching their financial goals, I can honestly say that some bad money habits have deeper roots than mere impulse. Money is tied to so many things—our upbringing, our social status, our wellbeing, our emotions, and more. It’s important to understand how your deeper-seated issues come out in the form of bad money behavior.
You can’t take care of those issues until you work with someone who can ask the right questions and help you identify what’s really going on. You can stop holding yourself back with your money by working with a therapist, financial coach, or life coach.
If you think your bad money habits are tied to things learned from your parents or upbringing, consider working with a therapist. If you see your bad spending habits as a justification for how hard your work, consider hiring a finance coach. Working with a professional will help you get out of your own way!
#4 Think about what you really want out of life
Do you feel stuck in your current situation, or like you can’t move forward? You may not be stuck—it might be, instead, that you don’t have direction. Have you ever taken the time to sit down and really think about what you want out of life? More importantly, have you written those things down?
If you haven’t ever thought about what you want from life, you may find yourself miserable in the day-to-day routine you’re in. Once you get clear on what you want and where you’re going, you will quickly become unstuck. You’ll stop holding yourself back and start moving in the direction of the things you want most.
Take some time to imagine your dream life. If money was no object, what would your life be like? How do you want it to feel? How do you want it to look? Be clear and specific. Write down what your dream life looks like.
Then, start putting the actions into place that will help get you there. It won’t happen overnight, but it will never happen if you don’t make a plan! As time goes by, you’ll get closer and closer to that dream life.
#5 Stop complaining about things
Nothing good ever came from complaining. If you feel like you’re holding yourself back when it comes to your finances, complaining isn’t going to help. In fact, complaining can actually make you feel worse! Especially because you’re probably complaining to other people, who might validate your negative feelings instead of supporting you in finding solutions.
Some people are so lacking in awareness of their own complaining that it becomes their form of socializing. Our brains want to do the same things over and over; we value repetition. So if you’re a habitual complainer, it can be hard to break the cycle—but it’s not impossible.
Start paying attention to what you say when you’re conversing. If you find yourself complaining, stop and reframe the topic in a more constructive way. Try sharing what you’re happy about as it relates to that situation, instead! A shift in perspective goes a long way.
#6 Avoid the comparison trap
As the saying goes, “Comparison is the thief of joy.” If you want to stop holding yourself back with your money and financial decisions, you have to stop comparing your situation to others’! Unless you have secret insight into someone else’s finances (and I’m talking bank statements, credit card receipts, etc.), then you don’t really know what that other person has.
Too often, we’re comparing our “worst” situation to someone else’s “best.” No one is going to flaunt their lack of savings or their sky-high auto loan—they want to show off their cool vacations and their sweet new car. Without full insight into the whole picture, we wind up with a skewed comparison that only makes us feel bad.
Instead, focus on your own goals, your own progress, what you have now, and where you want to be in the future. If you’re not happy with something, take steps to change it, and only measure success against your own standards!
Related: How to Stop Worrying About Money
You have the power to turn things around with your money. You get to decide whether you break free or stay stuck. If you want things to change, it’s time to start moving in that direction. You’re more than capable, you just have to get started.
Have you found yourself being held back with your money? What have you done or tried to do to change your financial situation? Share your tips, experiences and frustrations by posting a comment below.
The CGS Team