I mentioned to you that I am on a mission! I want to help people to learn about money, make them comfortable with the topic, learn how to manage, and how to get more in your pocket.
Part of that process is to track your money. Yes you heard right! I have recently read that Australians ‘lose’ around $60 a week! That is money they have taken out and have no idea where it went to. That’s $3,120 a year! Could be half the money for that holiday they are talking about. I also think that $60 is just what they are comfortable to admit to!
So if you feel like you never have enough money. Or have no idea what is coming in or needs to go out. Or feel like you are not getting ahead, but not really sure why. This is where to start!
Tracking your money is a great daily habit to get into. Doesn’t take long. Helps immensely at tax time – never know may even get a better return when you can account for your expenses.
Now I don’t want to hear excuses! Tracking has nothing to do with accounting! Tracking is not boring if you focus on the end picture it helps you achieve!
Tracking your money helps you:
1. Become a Mindful Spender
Have you heard about the gap? If I asked you how much time elapses before you think about the latest shoe/shiny gadget and you having it, what would your answer be?
If it is a very short answer, we have a problem! It means that you are spending mindlessly on things. Easy to say that you like buying to fill the void, not because it is something you actually need. In the long run that sort of behaviour will leave you broke.
If you track your money, and become aware of your spending, you can eliminate bad money habits. You can mindfully spend on things that will help you get ahead in life and as such you can mindfully build wealth.
2. You can cut the story that is holding you back
Most of us put limits on ourselves, sadly enough not even based on our own thoughts. The stories come from our perceptions of ourselves and the world based on previous experiences.
Mostly it comes back to our self-worth worth. And they show up like:
- I am broke. There is NO money coming in.
- I can’t ask for a pay rise, we hit depression, people are lucky to have a job.
- I am not lucky enough.
- I always lose.
I have seen people that were making over $100K and still had this mindset ingrained! Just couldn’t see the forest from the trees.
Money has nothing to do with your worth. The price tag we put on a task may be, but not the person!
When you start tracking your money you will find that the Universe, somehow always provides what you have asked for. So be careful what you ask for!
3. Improved Bottom Line
What gets measured, gets improved. – Robin S. Sharma
When you start looking at how much you spend on what, you will start amending your wasteful spending habits. I have found this many times over.
As awareness increases, focus on the end financial goal increases, with that spending on items not required decrease. As you are going through this process, you will find that your relationship with money changes also.
I find that the fear around not having any tends to decrease as you are aware of what is happening, so it is no longer scary, or ‘unknown’.
Going through this process Money becomes your friend.
I have tried money tracking on my 13 year old, it is amazing how quickly his view on what he wanted to spend his money on changed! Savings have sky rocketed.
4. Open your Receptors
When you become more aware of your money, and start creating further positive habits around your spending, you actually open up your receptors to more.
You will find loose change around the house, and even the streets. – I found $5 in the bin at a craft fair!!! Not often that I look in the bin for money, but it was there, so I took it!
You fill find that money is flowing to you from all sorts of avenues that were previously unseen.
You will probably find that you have already reached your goal but you didn’t realise because you were looking in the wrong spot to start with.
5. Become Grateful
Once you realise that you are constantly kicking goals, and that money pops up when you ask for it and you are ready to receive, you will also become grateful.
I am a strong advocate for being grateful for what you have before you get what you receive to start with. Lt’s face it however, it is human nature to want to ‘see it before we believe it’! So when you are open and aware, gratitude will be much easier also.
With gratitude you will raise your vibration further and more good will come to you.
So let’s begin! Track all income – cash or otherwise. Every coin you find in the street. Every source of job income. Every monetary gift. Interest. Free money. Easy money. Cash money. Paypal money.
Money is money. Coming in and going out.
Whilst the aim of this exercise is not to stress you out, so you don’t have to use it for accounting purposes. But… if you can’t account for something, you need to step back and figure out the feelings you had from the time the money has gone missing from. So then even if you don’t find the money, you will find the trigger that made you lose it!
How often should you track your money? Do it DAILY. Because it’s easy to get out of the habit and forget.
I actually do mine multiple times a day, I shared my tracker with you on the bottom. If I can’t get to the spreadsheet, it goes on my note pad just as I spent it. Each time I record my income or expenses I feel excited, grateful or at time intrigues what my spending was about.
What if NO MONEY is coming in? There is always something coming in! Even if you are getting some sort of an assistance at the moment, it is still money!
If you don’t acknowledge it and feel grateful for it now, then guess what will happen? The focus of being broke will bring you more being broke. Just how the Law of Attraction works.
I understand however that if you feel broke, it’s hard to get out of that mindset. All of your “reality” tells you the same thing. You might stay in denial, stop opening your bills or feel powerless about your financial situation. This will not lead to anything good!
Those action will not serve you and they will not create positive action. And that is a must when you feel no money is coming in!
And seriously – tracking your money and working on your mindset is free, so what have you got to lose?
Intention and focus are incredibly important to get what you what. Mix that with the right emotions and you will be on a winning streak. When you track your money, you can see whether those are at play to your advantage.
And here’s my challenge for you. Just track your income over the next 30 days and tell me what happens. I think it will give you some really valuable insights into some money blocks you can uncover and release.
If you’ve been wanting to manifest more money this year, then this could be the habit that changes EVERYTHING.
Are you ready for the challenge to tackle money? Join our FREE 7 Day Money Mindset Makeover.