Happy Monday, fabulous!
This week's bookkeeping tip: Set aside one hour, one day each week to review your income and expenses. I call this your "Bookkeeping date." This regular practice will make tax filing easier and help to reduce stressful feelings.
Did you know that Will Smith still stresses about money? It's true. In an interview with Oprah, he admitted that even though he's made millions of dollars he still lays awake at night worrying about his finances.
That's because money is a very emotional topic. Think about it. Have you ever made a compulsive purchase because in the moment you just had to have it? Only to regret it later each time you look at your credit card statement?
Have you created a really strict budget to only completely forget about it a month or two later?
Have you ever wished you could make money? Then when you do, you still feel stressed about money and want more?
We've all been there. Money affects almost every aspect of your life, and if you're like most people you either completely ignore it or hand it off to someone else because you don't feel confident in your ability.
If you want to immediately stop stressing about money you need to follow these three simple steps.
The first step is to start paying attention to it. If you are an entrepreneur, set up and stick to your weekly bookkeeping date. If you are a traditional employee, have a weekly money date to review your personal income and expenses. (Hint: if you're an entrepreneur, you should do both. Review your business and personal finances.) For more reasons why paying attention to your money is the key to stop stressing, check out my post from MindBodyGreen, "Track your money, transform your life."
The second step is to review your debt. If you're debt-free, congratulations! You can skip this step. But, if you're like most people you likely have credit card debt, student loans, a mortgage or something that is keeping you up at night. Review your current debt balance(s). Often times, we try to ignore the things that are stressing us out. By keeping it front and center, you reduce the grip it has over you while giving you the motivation to eliminate it. While you are reviewing your balances, focus on your breath as you are reading the numbers. Breathe in for five counts, and exhale for five counts. Focusing on our breath helps to eliminate feelings of stress. When you begin to feel stressed about money, turn the focus to your breath. As you inhale, imagine you are breathing in peace. As you exhale, imagine you are releasing feelings of anxiety, stress and overwhelm.
The third, and most important step, is to keep a gratitude journal. After you finish step one and two, write down three things that you are grateful for. Include one thing that you could purchase with the funds you have right now. If you have $10, write down that you can purchase a green smoothie from your local cafe. Or whatever makes you happy. Also write down two things that you're grateful for that money can not buy. Is there a roof over your head? Do you have a loved one in your life? Is the sun shining? Do you have an umbrella if it's raining? Are you breathing? Do you have the physical ability to write in your journal? Remember, what we focus on grows.
Bonus: Find an accountability partner. You can do this by hiring someone like me, a financial strategist/accountant, or finding another entrepreneur that will help you make sure that you stay on task.
By focusing on what we're grateful for, our world begins to look brighter and we attract more wonderful things into our life.
And now I'd love to hear from you! Did these tips help you? Do you feel less stressed or anxious about your money after completing these steps? Let me know in the comments below.
To learn more about my 6-week accountability program, visit Financial Foundations for Coaches and Consultants.
Cheers to your wealth and wellness,
Danetha Doe (@danethadoe) is a financial strategist and helps entrepreneurs understand accounting so they can honor their worth and live a life of purpose. Selected as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor, she is the creator of Financial Foundations for Coaches and Consultants.