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  • John Dunbar

5 Tricks to Fostering a Positive Money Mindset

The following article is for entertainment and educational purposes only, and should not be considered financial advice. Please contact a licensed professional for individual financial advice. Some links below may be affiliate links which generate a small commission for the site at no cost to you.


Do you struggle to save money? Your mindset might have a bigger impact on your financial status than you would assume. You may have picked up unhealthy or unrealistic beliefs about money at an early age, and making decisions based on these beliefs in adulthood could be holding you back. Today, Making a Millennial Millionaire explains how to reduce your spending, increase your income, and keep your financial information organized.

Shift Your Thoughts Around Money

Your emotions can affect the way you manage money - you might associate spending with happiness, prioritize short-term spending over long-term saving, or feel guilty about asking for a higher salary. To let go of your limiting beliefs around money, My Self Love Supply recommends identifying them and writing them down, digging into the roots of these beliefs, and focusing on new affirmations. You might tell yourself that you’re capable of learning personal finance skills, living frugally, or receiving a raise.

Change Your Financial Habits

Now, it’s time to focus on improving your financial habits. Firstly recommends automating your bill payments and savings contributions, taking a conscious approach to shopping and cutting back on your discretionary spending, putting your spare change in a savings jar, and checking your credit report regularly.

Keep Your Documents Organized

How can you stay on top of your finances? Coming up with a clear organizational system for all of your financial documents is key. You’ll be especially grateful for this system when it’s time to file your taxes! While it’s a good idea to hold on to physical copies of essential documents, you can also digitize your files and then use online tools to organize and store them.

Perhaps you’ve had to digitize some long documents, and you’d like to divide them into several smaller, separate files. You can tackle this task by using your best option for a PDF splitter tool. Once you’ve saved the new files, you can rename and download them, and then share them with others as needed.

Lower Your Expenses

As you reevaluate your financial habits and your beliefs about money, Clever Girl Finance points out that you might notice that you’ve been spending too much on things that don’t actually improve your quality of life. Perhaps you’ve been stretching your budget on housing, and you’re interested in moving to a less expensive home or apartment. To find affordable rentals, you can browse online listings with filters like monthly rates, home type, and the number of bedrooms and bathrooms you want. If you don’t have the time to tour rentals in person, look for listings with virtual tours.

Boost Your Household Income

You may have realized that even if you curb your spending, you may need to increase your income in order to reach your big financial goals on your desired timeline. You might want to aim for a promotion at work, pick up a part-time job on the weekends, or even launch your own small business!

If you’re interested in starting a business, it’s a good idea to register your company as an LLC for benefits like limited liability, tax perks, and flexibility. While you could hire a lawyer for help with this task, it’s considerably cheaper to file through an online formation service. Before you submit your documents, double-check that you’ve fulfilled all of your state’s requirements.

Changing your money mindset is a big step. Your thoughts influence your actions, and by adopting new perspectives on money, you can adjust your financial habits. With these tips, you can slash your expenses while raising your income with a new business - and stay organized in the process!


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