It’s totally normal to struggle when it comes to money. Whether you have difficulties saving or you don’t earn enough to cover your rent and bills, we understand that money is a topic of some frustration! It’s normal to cringe when someone asks you what you earn, and to think you’re the only one that struggles, but we went to a business seminar recently where confident, successful women stood up on stage and voiced their money worries, here are the top worries and their solutions!
#1 I’m not making enough money
It’s normal when you’re just starting out to feel as though you’re not making enough, but you need to decide what ‘enough’ actually is for you and whether you can make that salary with the job you have. If you’re already established in your workplace and you feel like you’re not making enough, it might be time to evaluate those feelings.
Don’t be over the top and expect one million a month, but be realistic, what is realistically enough for you? What are your coworkers earning? How can you make enough money? Do you need a side hustle? Can you ask for a raise or discuss your salary expectations with your boss? There’s no need to feel desperation about the amount you earn, you should voice your concerns with your friends and family and start thinking about ways to make what you feel is enough. It’s a tough one, and the solution is different for everyone depending on your workplace and your responsibilities, but actually writing down your ‘dream income’ can help you decide whether to keep pushing yourself.
#2 I’m not careful with my spending
We all do it, I spend my money on expensive faux fur coats I only wear once and impractical shoes that make my feet bleed, but there comes a time when we start to realise that all our impulse buying is getting in the way of our saving! There’s nothing better than splurging with no second thought, but it all adds up! You might need to take a closer look at your incoming and outgoing money and have a monthly plan, even if you write down a budget including expenses and things you want to purchase, you’ll have a clearer view of the money you own.
The benefit of planning ahead is that you know how much money you have for spending and you can reward yourself for being good by spending your money on things you really want!
#3 I don’t feel like I deserve this money
A common theme amongst successful women is that they don’t feel as though they deserve the money they earn. Think back to the first paycheck you ever received, didn’t it feel amazing? And well earned? Well, the more successful you are the less you feel that you deserve the money you earn, and you crave that first paycheck, the paycheck you worked your butt off for. It’s all part of impostor syndrome, which makes us feel as though we’ve somehow faked our way into the position we’re in, and it’s totally normal.
If you ever feel as though you don’t deserve the money you’re earning you need to work on how you perceive yourself. You might think you faked your way into the company, but there are people in positions all over the world that feel that way, maybe even the President of the United States, but if you really feel undeserving you could maybe give a little to a charity or cause of your choice – and remind yourself that you’re awesome, too.
#4 I don’t feel connected to my money
If you vocalise this money worry, you might get puzzled looks and a few scoffs because it sounds as though you’re saying ‘I’m so rich I just don’t feel the money I have and I spend it without second thought’ but this worry applies to everyone, whether you only earn pocket money or are on a six figure salary. In the 21st century, there is more emphasis on the digital, from contactless card payments to paying with your phone, and so it’s easy to feel nothing.
You can’t see the money leaving your hands so you don’t feel as though you’re actually spending it, which makes it tough to save. I think we all suffer from this in some degree, so keeping a money diary is probably the best way to change your attitude to money. If you log on to online banking and check your balance more than once a week you’re more likely to feel that money when you’re about to spend it, and if you really need to stop using your card withdraw some cash and keep it in an envelope in your room. Spend that cash on travel, lunch and essentials and only use your card for emergencies and big purchases.
#5 I’m too generous with my money
Some of us are too generous, but we don’t want to admit it. We might be struggling with money, but we feel it’s our duty to care for others and help our friends and family out. Whether it’s constantly footing the bill for lunch or loaning large sums of money to untrustworthy friends, it’s easy to fall into the trap of being the giving friend.
The key here is to work on saying no. It’s unconnected to money in that learning to stay firm and say no is essential to every part of your life, if you can’t master it then you open yourself up to being used by people. I’m not saying that generosity is bad, giving to others and to charities and causes is amazing and a great way to share your wealth, but the problem here is usually spending beyond your means – giving away what you don’t have, being used for money, or lending to people who never pay you back.
It’s all connected with the way you view yourself. If you do these things you are worried about being judged, and about how people will perceive you if you are frugal. But you need to shake those worries off, stay firm, offer to split the bill, get your calculator out and say ‘so how much are we paying each?’ and don’t worry about being judged. If people are still insistent that you should pay for them or loan them money simply say you’re in a tight spot and don’t have enough money to help them out. It’s always better to give on your own terms than to give to people who you think might be using you.
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