Why do you need a purpose for your money?
Very early on in our marriage, we realised travel was important to both of us, we identified that we needed to have the money and time to travel whenever and wherever we wanted. I am pleased that we have not let our passion for travel be overtaken by life and living and have managed to go somewhere most years, with or without our children. We have always had travel in our budget, but more important we have budgeted time to travel as well.
One thing I have learned is whenever I am not focused on a purpose for my money it seemed to fall through my fingers and disappear. I quickly realised that if I didn’t plan and budget the money we earned, somehow a purpose from outside me was always found and not necessarily what I had imagined.
As a young mother, I remember feeling guilty if I spent money on myself. I would always put my children first. I don't know why women do this, but one thing I do know is that I have many friends who do the same. When I discussed this with my husband he said I was being silly, but I couldn’t remove the guilt I felt if I put myself first. Then it dawned on me, he did not seem to suffer the same guilt and had no problem with spending money on himself. Please don’t get me wrong, my husband is not an extravagant man and in no way has he ever thrown money around. I’m talking about simple purchases. Lucky for me he is very understanding too and after discussing my problem in detail with him we decided to open separate bank accounts and paid each other an allowance for personal spending.
Our relationship thrived.
From that day forward I thrived as a mother, wife and as a business woman knowing that I always had money to buy the things that I wanted. Having a purpose for my money proved to me that I deserved to have it in my life.
Now, I don’t tend to waste money on unimportant things. It gives me a great sense of clarity and personal confidence knowing that I have the money to provide myself with all that I want and need.
I know this may be starting to sound a little selfish.
However, the minute I started to put myself first everything fell into place. My kids were happier, my husband and I started to go out on dates together. Because we had our own money we would pool it to go out for dinner or spend at a bar. It became fun to shout each other a drink or dinner all because we had allocated money to spend on ourselves.
Even if you don’t have a partner I still believe it is important to put aside your own spending money. The reason is because our children or bills or other things that are not ‘me’ focused will take over. Putting aside your own spending money says you are important and worth having that money to spend on yourself and it not for any other purpose - it’s for you. So, make sure you spend it on yourself.
This experience has shown me many things and I have implemented a budget and allocated money for all aspects of my personal and business life.
Having a clear goal and purpose for your money is the greatest thing.
The greatest thing I have learned is that being clear on your financial goals creates results. I spend a great deal of time going over my business financials to make sure I can cover all my bills, and I allocate money to all areas using several bank accounts.
One of the first initiatives Lindsey and I did was to make sure we paid ourselves from our business first, which we have now been doing for years. We have also given ourselves pay raises regularly and have now reached the level of paying ourselves a very decent amount which comes on top of the profit we make from our business.
I remember when I first started out it was scary. Putting myself first was hard and yes, I made some mistakes. But I dusted myself off and kept my resolve to keep budgeting and making sure every cent had a purpose.
Control your spending instead of your spending controlling you.
In my business, I see many people who do not have clear financial goals and do not manage their money well, they always seem to be scrambling to get ahead. Having a plan beats aimlessly going through life not knowing where the next pay cheque is coming from and how you are going to pay the bills. A clear outcome will help you control your spending instead of your spending controlling you. Being clear on your wants and needs provides the lifestyle you desire for your family, instead of just accepting what you are given.
I believe there is a spiritual aspect to having a purpose for your money
By showing you can manage what you’ve got there is much more likelihood of being given more to manage. Planning with purpose has helped me move myself to the next level of wealth. I have proved to myself that I deserve more money because my purpose for it has been clearly measured and managed. Over the years, I have been able to increase the amount of money I give to worthy causes, which is how I manifest my spirituality. I believe in helping others where I can and sharing my knowledge is important to me.
A favourite saying of mine is ‘that which gets measured gets managed’. It gives me confidence in my ability to control my life when I plan properly for the things I want and when I am on purpose they always come to fruition. When I am wishy washy with my thoughts and planning processes my goals never seem to eventuate.
When I have a goal, I am focused and stable. It makes me happy when I achieve it and I am a better person for it. I can build and grow my business and it enables me to give back to society. I can see that my future is provided for and I can thrive not just survive.
Three essential thoughts to impart on your money management
- Budget and have a clear direction of your wants and needs
- Put yourself first
- Always measure and control your money
Be inspired by your money.
Think about what you want in your life and write it down. Put yourself first and know that there is plenty left over for everyone else. Don’t think too small or too grand, this will hold you back from really going for it. Where there is the inspiration the money will come, where there is desperation the money will go. Have confidence that there will always be money to cover the bills because you have allocated money for that purpose.
Always measure and control your money.
Below are my reasons for having a purpose for my money, see what you might come up with.
Why do I need a purpose for my money?
So, I don’t waste it.
So, I am clear on my financial goals.
So, I can control my spending, not my spending control me.
So, I am clear on my outcomes.
To prevent others from having a purpose for my money.
To show the universe that I can manage what I have got.
To prove to myself that I deserve more money.
To move me to the next level of wealth.
To prevent financial institutions from controlling me.
To ensure I have enough to cover my wants and needs.
To be clear that I am planning for the things I want and not just accepting what I am given.
Because when I plan properly for the things I want they come to fruition.
Because I know when I plan wisely I always get what I want.
That what gets measured get managed.
When I plan for all the things I need they are always looked after.
I see those who do not manage their money always seem to be scrambling to get ahead.
It gives me confidence that I will always have money to cover my bills.
It gives me confidence in my ability to control my life.
To build and grow my business.
To enable me to give back to society.
Because having a plan beats aimlessly going through life not knowing where the next pay cheque is coming from and how I am going to pay my bills.
It gives me a great sense of clarity and personal confidence knowing that I have the money to provide myself with all that I want and need.
To provide the lifestyle I want for both myself and my family.
To stop myself from feeling guilty when I buy myself something.
I am confident to put myself first.
Because I deserve to have what I want and have my needs met.
Because as a mother I have always been last, but if I plan my money and budget I can put myself first, knowing there is plenty left over for everyone else.
When I have a goal, I am focused and stable, it makes me happy when I achieve it and I am a better person for it.
Because I can plan and allocate money for the things that are important to me.
To thrive not just survive.
To ensure my money is safe and that I have enough to cover any unexpected bills.
To give me confidence that everything is covered.
So, I can see that my future is provided for.
Because when I don’t manage my money someone else must and I don’t want others spending it on things I don’t want.
To show the universe I deserve more.
One of the hardest parts of being in business is trying to judge how much tax you will pay and make sure that you don’t spend the GST money.
Compliance companies must pay all wage earners tax and super benefits.