Navigating Financial Mindfulness Part 1: Money Mindset & Money Dates
Jenn Bieri, CPA, CA, CPCC, ACC, CSPO, RYT
Founder & CEO @ The Practice Space | The Peak's 2024 Emerging Leaders' List
Life has gotten more expensive than ever before. Interest rates keep rising, grocery store prices are outrageous (hell, it's $13 for four peaches), and I don’t know about you, but I think twice before spending my money these days.?
As a Chartered Professional Accountant (CPA), I’m well educated on financial intricacies and the importance of having budgets, savings and investments. Yet, I won’t lie to you; I’ve also ordered too much Uber Eats, bought so many things on Amazon that I can’t remember what’s coming and have most of my expenses on autopay.
Now, being an entrepreneur, I’ve realized just how loosey-goosey I’ve been with my own money, so in 2023, I went on a mission to start changing that.?Don’t get me wrong, I love travelling, investing in education and putting money into things I care about. I also believe you need to invest money to grow whether that's your business, company or yourself.
However, it’s also important to be conscious about that spending. There has to be balance.
Money Is the #1 Stressor
The FP Canada? 2023 Financial Stress Index reveals startling statistics: 40% consider money their top stressor, 36% battle anxiety and mental health challenges because of it, and a staggering 48% of Canadians admit to sleepless nights over financial worries. Money discussions can be challenging, but they don’t have to be.?
As a high achiever and emerging leader, we need to care about this because if we are constantly stressed about our financial situation, we will be stuck in survival mode - trying not to let it impact our work and the other aspects of our lives. Yet it does. And if you remember from one of my previous articles, chronic stress is bad .?
My Financial Mindfulness Journey
My financial mindfulness journey found momentum after connecting with Amy Getz, CPA, CDFA? , a US financial planner, in the Spring of last year. Between her idea of weekly ‘Money Dates’ and insights from the book "Profit First" by Mike Michalowitz , I was eager to step into the full picture of my financial situation instead of just pretending it would get better someday.
If we’re not actively putting time and energy into it now, someday will never come unless you win the lottery or come into a large inheritance (and I probably wouldn’t bet on that haha).?
The reality is that we need money. Money is the energy exchange that we live life with. We need it to buy food, pay rent or mortgage and do anything. So it’s time we get comfortable with it.
Over the next two articles, we will go deep on talking about financial mindfulness, money mindset and some tips to help you get more comfortable with your financial situation.?
Working On Your Positive Money Mindset
How did your family talk about money growing up? Chances are these beliefs and phrases like “we can’t afford that” might still be in your subconscious deeply influencing your current financial beliefs.?
Do you have personal money mantras? According to positivepsychology.com , the effectiveness of positive affirmations is grounded in established psychological theory. They can be a fun way to shift your mindset slowly.?
Here are a couple that resonate with me:
Use these mantras or craft your own. Recite them daily. Write them on sticky notes. Put them in places to remind yourself of these new beliefs you want to instill.?
The Transformative Power of Money Dates
A money date is a regular meeting in your calendar where you:
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At the heart of a Money Date is a judgment-free zone. It's about understanding financial patterns and refining spending habits. It’s about accepting the situation for what it is and slowly making changes to improve it. It’s not about making yourself feel like sh*t because your credit cards are maxed out, and things are looking dreary. That’s not only unhelpful but unproductive.?
This approach illuminated my own spending and helped me understand where I was wasting money and where I could be more intentional.?
The true strength lies in understanding where every penny goes without the hassle of detailed spreadsheets and complicated budgets. Conscious spending translates to a proactive financial future, aligning our aspirations with reality.
Everyone deserves control over their financial trajectory. Tools like 'Money Dates' and delving into our money mindsets can be revolutionary.
Becoming More Financially Mindful
I challenge you to have a money date with yourself. If you feel completely out of your element, consider getting some support from a financial planner or bank advisor. It’s time to own our money story and create a beautiful, stable financial future.?
And here are some fun resources too:
Note: I will get a small commission at no additional cost to you by using these Amazon links and purchasing.?
What are your go-to money mantras, tools, and resources? Share them in the comments below. Let's uplift and enlighten each other on our financial journeys!
Don't forget to join me in Part 2 of this article where we'll traverse the dynamics of finances within relationships.?Hit that subscribe button to the newsletter if you haven't already so you won't miss it.
The Emerging Leaders' Toolkit isn't just a newsletter; it's a compass for high achievers seeking happiness and balance in life, work, and health. Join me bi-weekly as we explore new ideas, tools, and strategies to navigate success in healthy and sustainable ways and break free from chronic stress and burnout. Our journey towards health, antifragility, and balance is a continuous dialogue. Let’s keep the conversation alive.
About Jenn
Jenn Bieri is a coach for emerging leaders, guiding high achievers to harmonize ambition with well-being. Through her potent blend of coaching techniques, energy work, yoga, and insights from the corporate world, she crafts a holistic leadership blueprint.
Over the course of a decade, Jenn progressed through the ranks of the corporate world in Toronto. Her journey culminated in a leadership role as a global finance and business operations leader. Along this trajectory, she confronted personal challenges, including panic attacks, chronic migraines, anxiety, imposter syndrome, and ultimately, burnout. Highlighting her resilience and strategic acumen, she played a pivotal role in scaling a tech startup from 40 to over 400 employees, leading to its acquisition in 2021. This success acted as a catalyst for Jenn to establish her own business, "The Practice Space."
Possessing a diverse set of qualifications, Jenn is a Chartered Professional Accountant (CPA), Certified Scrum Product Owner (CSPO), a Reiki L2 certified professional and over 650+ hours of yoga teacher training. She is currently delving deep into Human Design and pursuing her Professional Coaching Certification through the Co-active Training Institute for Coaches. Passionate about reimagining leadership paradigms, Jenn advocates for innovative ways to harmonize work, life, and health, ensuring that ambition can coexist with a fulfilling personal life.
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