Budget Boot Camp: Having the Right Money Mindset

by Becky on March 27, 2012

Having the Right Money Mindset

Sometimes the most difficult thing about finances is having the right mindset about money.  It is amazing to me how our perspective can hold us back or propel us forward when it comes to anything in life, especially money.  To start in the right direction read our previous Budget Boot Camp post on How Your Spirituality Impacts Your Money since our spiritual life will and does have a major impact on everything that we do, it is important to have a good foundation.  And, if you want to find out exactly where I’m coming from you can read back on Our Story about how we got where we are financially.

Although there is no magical formula to having the right money mindset it does help to commit your finances to prayer, to put yourself around others that want to be in control of your finances, and to consider these three tips:

1. Be on the same page with your spouse.  This is one reason why I can not say enough good things about Financial Peace University. The time my husband and I spent chatting about your finances and where our hearts were with everything was unmeasurable.  And, since the primary cause of divorce is money there is no telling what conversations like these in a neutral environment can do for your marriage!  Many times marriages will have one spender and one saver.  This make-up can cause a lot of tension.  And if you are a woman you often want to feel like you have security when it comes to finances.  I know that men need security too, but it is a lot different of a reaction than the way women react.

2. Have a regular budget.  For your budget to work, you must first apply tip #1.  If your spouse doesn’t work with you to stick to your budget then you can just forget the whole thing.  I’ll give some tips on budgeting in the next Budget Boot Camp post, but here is what we do to keep on the same page.  We sit down at the end of every month to figure out our budget for the next month. We also sit down to review the goals that we set at the end of last year to make sure that we are following through with them and meeting them.  Ever since I have been budgeting and sticking to it, I really do feel like I am giving myself a raise.  I actually know where my money is going!  But, just make sure you give yourself some space to breathe.  Have a “blow money” section built into your budget in case you go over in any area.  After all, we are all human.

3. Don’t spend more than you make.  Whatever you do just don’t do it.  If you want a happy budget, and overall happy finances health this is self explanatory.

What do you think?  Do you have any more thoughts or tips about having the right mindset about money?


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{ 1 comment }

Lisa March 27, 2012 at 8:07 PM

Those are excellent tips. If our family had followed them with any kind of discipline, we wouldn’t be in the financial mess we are in now, or at the very least, it would have helped us stay afloat. These are a good starting point for young people beginning their independent lives. I hope they read them and take them to heart. Thanks so much for sharing!

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