Top 5 Money Tips for Creative Women
This month in The Loft it’s all about money: How to manage private and business finances How to learn to love...
This month in The Loft it’s all about money:
- How to manage private and business finances
- How to learn to love money
- How to learn to love making money and asking for money
- How to love focusing on money
Because money – despite everything that you might think of it – is neither good nor bad. It’s simply an instrument that we all need to achieve our goals, dreams, even if only a little bit.
Money is a subject that can be difficult for anyone – not just creative women. We don’t learn a great deal about money in school, the relationship that we have with it is often colored by how our parents dealt with money.
As well as the money stories that we grew up with, such as “money is bad”, “you have to work hard to make money”, “money is not everything”, or even “wanting money is selfish”. So money, to many of us, is difficult. I believe that the more creative you are, the more difficult it is. At least at first. Yet even the most creative among us can develop a healthy, positive relationship with money.
Here are my top 5 money management tips for creative women:
1. You Need a Budget
Yep, it sounds simple, but it’s true. That’s where it all starts. If you want to get a grip on your money, manage it well, you need to know what’s coming in, what’s going out. If you don’t know this, everything else is somewhat wasted. Because how can you improve a situation that you don’t know anything about? To help you get started, I’ve created an easy-to-use budget worksheet.
2. Be Real About Money
I used to be very loose when it came to money. Not that I had so much, or that I didn’t need to be careful sometimes, but simply because I didn’t want more attachment to money, out of a fear of selling out. I always pretended that money didn’t mean anything to me, or that it wasn’t all that important. But the truth is, we all need money. So, money is in fact important.
Money is what allows us to follow our callings, to chase our dreams, to achieve our goals.
Of course, sometimes your goals or dreams won’t require money, or at least not a lot of it. But in most cases, they will. Whatever your dreams, you still need to support yourself. So, to have more money, you have to be real about it – a.k.a. accept that money is important, be careful with how you spend it.
3. Fix Your Money Leaks
Once I became real about money, I realized that my loose relationship with money caused a lot of money leaks, both in my life, in my businesses. I overpaid for things most of the time, I was never aware of bargains or better prices, better choices. I certainly wasn’t aware of how much money was leaving the bank without providing me with value in return: subscriptions that were running on my credit cards, people that owed me money and weren’t paying me back, clients that were late in paying their bills, and so much more.
When my relationship with money improved, I realized how much money I was wasting. I was able to fix my money leaks, to almost magically have more money appear in my bank account.
4. Don’t Be Afraid to Increase Your Prices
In other words: ask for what you’re worth. This is an ongoing struggle for women in general, for creative ones even more. The truth is, people will only pay what you ask them to pay. Usually, that’s really what you want it to be.
It’s important to ask for what you’re worth, to not be afraid to do so.
Especially when you’re struggling financially, or when you have a big project to pursue, asking for what you’re worth is one of the most effective ways to get more money in the bank, have a happier, more fulfilled life at the same time. For, believe me when I say that not asking what you know you’re worth will eventually come back, you’ll be frustrated, or even outright angry at some clients for accepting your valuable work at such low prices. But what you have to know is that it’s actually on you: You’re the only one that can ask your worth, so do it.
5. Work on Your Money Story
I touched on money stories above, when I introduced some of the common stories people tell themselves about money.
Working out what your money story is, working through it to rewire your brain with new, positive beliefs about money, is incredibly powerful. It can help you to get from where you are right now to where you want to be.
I have absolutely no doubt about this – I’ve seen it so many times, experienced it in my own life, too. So, take the time to dig deep, think about what your beliefs are about money, always keeping in mind that money really isn’t good or bad.
Once you’re clear about what your money story is, rewrite it in a positive way, learn to appreciate money for the promise of infinite possibilities that it offers.
Just as I have done by accepting that money can do good, help you achieve your goals, work miracles even.
It all depends on you, and what you make money mean to you.
So tell me, what’s your money story?