What stories do you tell yourself about money? Do you feel like it’s important to prove to everyone that you’re succeeding in your business by having the biggest TV or the newest model car? Do you want to be seen as a bootstrapper, so you scrimp on important purchases that end up costing you more in the long run? Maybe you don’t think much about why you spend at all, and your daily drive-thru coffees have become an early morning habit (after you were running too late to make it at home one day).
The stories we tell ourselves about how we should be spending our money can unintentionally keep us from achieving our goals. There’s the story about how it’s important that your family and friends think you’re doing well. There’s a story about how you need a fancy lounge suite in your first home, and one about getting a flash new car after you finish your apprenticeship. These stories (and many others like them) help to give the illusion of having wealth, but actually keep us from making true financial progress.
It might be time to re-evaluate your goals. Do you have any ideas about getting ahead, buying property, saving for your kid’s education or building up your super? Achieving the long-term goals often require small, consistent efforts over the long term. Can you honestly make those efforts and maintain your current spending habits? If you are willing to cut back but you’re worried about what people will think, here are a couple of ideas to keep in mind:
· No-one thinks about your purchases as much as you do. Everyone is busy worrying about their own lives, and most people genuinely won’t notice if you stop spending to impress,
· You can control how you spend your money, and it’s no-one else’s business if you want to spend less and save more,
· Changing your internal stories about spending can help you to earn more money.
New stories, new future
It might be time for you to sit down and take an honest look at where your money is going. Identify where you might be able to redirect your spending to create more benefit. Depending on what you’ve prioritised, you could be saving hundreds or even thousands of dollars a year. What could those extra dollars do for you, or for your business?
· Upgrade equipment to increase production?
· Pay down high interest loans?
· Increase super payments to secure your retirement?
· Pay for extra qualifications so you can take on higher-paying clients or contracts?
· Get your kids into better schools?
If the idea of spending less makes you feel uncomfortable, that’s ok. Sometimes challenging habitual thoughts feels strange, but don’t let that be your excuse to give up and spend. It’s possible to find gratification from other sources. Change the story you tell yourself about what financial success looks like. Find your bigger goal and let that be more important.
About Tanya and Pure Innovation
I know that small business owners are often working under pressure with too many balls in the air. I can work with you one on one to help you identify your goals and create a plan to get you results. Contact me today to find out how I can support your business success.