Improve Your Money Mindset for the New Year

Every new year kicks off with renewed hope and expectations for the year ahead. We make resolutions, create vision boards, start new systems…that we eventually forget about. 

If you tend to fall off the wagon year after year, or you’re feeling behind on your goals, you might want to take a look at your mindset.

“Mindset” is defined as an established set of attitudes, or the beliefs you hold that shape your world. It affects how you act and respond to different situations, and it can have a much stronger influence than you might think.

So how do you use your mindset to make real, lasting changes? Here are some ways to get started:

Go for a Growth Mindset

“Growth mindset,” or the idea that success comes from time and practice, has become more popular recently, but it’s not new. Scientists have been studying this approach for decades.

A positive mindset can make you feel good, but remember that your thoughts can change dramatically through the course of a month, a week, or even a day. So relying on positive thinking can be detrimental, especially when things get hard. 

Growth mindset is different. It allows you to say, “What I’m dealing with is really difficult. What can I learn from this?” Or, “Things are going really well, and here’s why.” It enables you to look for the growth and potential in every opportunity, so setbacks don’t feel so defeating.

Learn from others

We know that challenges, failures and roadblocks are key ingredients for success, but it doesn’t always feel that way. 

If you’ve had a hard time hitting your goals over the past few years, you’re not alone. There have been many hurdles to overcome, and you might not be where you hoped to be at this point. This is when it helps to learn from successful people who have struggled, overcome, and learned from challenging times.

A few books to get you started are Atomic Habits by James Clear, You Are a Badass at Making Money by Jen Sincero, and Ride of a Lifetime by Disney CEO Bob Iger.  

Bring in Accountability

If the last several years of your life look the same – similar unmet goals, less progress than you’d hoped – then it might be time to bring in an accountability partner.

For some people, just knowing that someone else is going to check up on their progress can be enough to help them make real changes. That’s why people employ fitness trainers, business coaches and financial planners. You bring in someone who is really good at the thing you’re hoping to achieve, so that they can walk alongside you and keep you accountable.

Yes, working with professionals costs money. But if you find the right person, it can be an excellent investment, giving you the push you need to finally hit big goals. You don’t have to do it alone; successful people rarely do.

Money Mindset: Know Your Priorities

When you’re in the thick of things, it’s easy to push off what you want most for what you want right now. And sometimes it’s necessary. Sometimes you need to pull resources away from your long-term goals to deal with something that needs immediate attention. 

But if you don’t have a firm idea of where you want to go, and what matters most to you, then you’ll end up drifting away from it. Going into this year, try to give yourself some milestones and goals along the way that will help you stay on track. Break those down into quarterly or monthly goals and put them on your schedule so you remember to make time to review your progress.

Here are some additional posts about setting practical goals and creating habits that will make real changes in your life:

Systems to Help You Hit Your Money Goals

Roundup: How to Set Achievable Financial Goals

Resolutions for the New Year: 5 Great Ideas and How to Implement Them

About Your Richest Life

At Your Richest Life, Katie Brewer, CFP®, believes you too should have access to financial resources and fee-only financial planning. For more information on the services offered, contact Katie today.

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Improve Your Money Mindset for the New Year