Are you a chronic saver? Do you pride yourself in the savings that you have amassed but have trouble spending it or investing in yourself?
You hear mostly about money advice for those opposite to your situation. The ones who are looking to save or cull in their spending. But you have been such a good saver that you can’t determine when it is best to actually spending it or take a financial leap.
This post is for you, my friend.
As an ESFJ (from Myer’s Briggs), I am a personality type that is one of the least likely of all types to go into business for myself. I can completely relate to wanting financial security and confidence that things will be ok even when faced with disaster.
It took a rather traumatic accident for me to stop for a moment and realize that no matter how much planning, saving, analyzing and running through different hypothetical scenarios, you can’t prepare for the inevitable.
For the first 18 months of running my business, I knew deep down that I was the only person getting in the way of my success. I didn’t leave my job until I had a “runway” (amount saved to sustain myself) of 8 months. When I left my job, I spent the first month going between working 12 hours days and freaking out that I had just done the most irresponsible move of my life.
It took months of persistence, mindset work, tears, and many failures to realize that I was finally in the place to gain awareness of who I really am and why I am here.
Below I share 5 tips to help you gain awareness, shift your mindset and take the leap to invest in yourself without the guilt. Don’t feel like reading through?
Know this one thing. It all starts with your thoughts. The most powerful, liberating thing we can do is to break from the fear-based thinking that dominates us – to surrender the mind-set the world has taught us and accept a new one instead.
- Confidence. Do you have it? Confidence in yourself and your abilities and judgement is the single, most important component to build faith and trust in yourself so that you can spend money and be assured that it was money well spent. Think about your own judgement, ability to see the value and ask yourself if you know that it would improve your life and outcome if you invest. Once you trust yourself, decision become light and easy instead of a weight on your shoulders.
- Visualizing the outcome of the investment and fully embracing the reality of that outcome resulting from your investment and seeing where you will be after the purchase or experience helps you analyze if the investment will pay dividends. It took me a long time to truly embrace this concept and apply it to my life. For many years, I never took a financial leap of faith. I then realized that those that have faith that the decision is true and right, and surrender to that faith, receive the outcome that is meant to be. Regardless of whether it was the intended outcome, the space created by the outcome is exactly what is needed to take the next step. Want to learn a bit more? Consider reading Chapter 8 and Chapter 9 (Spiritual Surrender and Transcending Fear) from Marianne Williamson’s The Law of Divine Compensation.
- Determine your own risk threshold an savings buffer or “runway.” We all have different thresholds that we are comfortable with and understanding that it is most important that you are clear on where you need to be to keep your heart open and your creativity flowing. No one can determine this threshold other than yourself. With time, this threshold can also change. As confidence in yourself and your value that you offer to the world grows, you may find that your risk tolerance naturally increases. A great podcast to listen to a couple of entrepreneurs discuss this in detail can be found here. I found it interesting to hear this perspective not often written or talked about.
- Reduce or eliminate bank balance budgeting. This is probably one of my favorite tips as it really was revolutionary when I approached my money this way. This is the core principal and foundation for my Profit On Purpose Collective that will be starting later this month. Click here to be first to know of the upcoming round. Imagine putting aside money that is on part of your overall plan and then being able to spend it GUILT FREE because you have purposely put it there to spend. You no longer are looking at your balance, but instead a number that allows you to feel free to enjoy some of your hard earned money. Think of it as an envelope system with vision boards, mind maps and purpose.
- Be aware of your vision and ultimate desires and give yourself PERMISSION to realize them. What does your vision look like? Have you made a dream board? What does your vision feel like? Dream-lining and visualizing are incredibly powerful tools that help you get clear on why you have been saving this money. Why are you desiring it? When you determine what you are striving for, it allows you to also enjoy the present moment and feel in control with your action plan. This action plan will reduce the anxiety and fear that there “is never enough.”
If you are up for the challenge, I encourage you to take some time and journal through point 5. Think about what it is deep down that requires you to save and rarely spend your money. Once you have done that, take it a step further and set up a 30-minute coffee chat with me to investigate this further in a safe and beautiful space. I would love to meet you and help determine what shift may need to take place for you enjoy what you have earned while still feeling comfortable, confident and in control.