How to be "Good with Money"

I used to think I was good with my money, “I had paid off my overdraft so I couldn’t be that bad right?”

The truth is I am bad with managing my money! And maybe we are all bad with managing money to different degrees… stick with me.

But what does being bad with money really mean? Like how can we tell if we are good or bad with money?

The only way I used to check was to compare my current state with the outward appearances and well curated lifestyles of my friends and images of Richard Branson ofcourse. Not that this self inflicting exercise should ever have been a standard for how I lived.

What does “Bad with Money” look like anyway?

Is it the fact that I never checked my bank balance because I was scared of the number I would find?

The fact I never thought I needed to contribute to my pension because I wasn't retiring anytime soon?

Or that I used to judge my husband's generosity, especially to himself?

Maybe it is how I felt proud about the fact that I don't feel I deserve nice things unless they are on sale?

But you are Good with Money because

Maybe you are better because you max out your pension contributions to the point where you can't afford to eat well anymore.

Or maybe you are so in tune with your needs and self-care is a priority over your bills.

How do judge which actions lead to becoming good with money?

The answer? - You don't. No particular action in itself makes makes you good or bad with money. It is as important to Earn more, as it is to save more. For someone, it would be important to invest more and for someone else to give more.

“Here is a secret: Everyone is bad with money sometimes, some people are just better at styling it out and not letting on, some are rich enough they can keep it well hidden. We are psychologically programmed to make poor financial decisions… and because no one likes talking about money, no two people agree on what it is for, whether it is better to spend it or save it (clue, there is no right answer), the myth that others know what they are doing is rarely exposed” - Laura Whateley, Money

One thing I am learning is basing my financial progress on other people will halt my progress. Either by making me feel a false sense of “being good with money” and so I can afford to splurge or a false sense of “being bad with money” to the point of discouragement.

Keeping your eyes on your business is the only way to add zeros to your net worth.

It's all about perspective

Miss Cheap may look homeless and secretly have millions in the bank but it doesn't make her good with managing her money.

Mr. Popping may spend £1000 a month on partying with friends, and secretly have hundreds of thousand invested and saved. But that doesn't make him good with money.

Mrs. Wise may have thriving businesses, a mansion and a yacht, she may be very philanthropic also but she might have no emergency cash or savings and that doesn't make her good with

Mr. Seen it all, may be very hard working and generous, he saves and invests (when he feels he can afford to) and has just enough to stay afloat. But that also doesn’t make him good with money.

My Story

I had emergency savings but not investments.

I would pay my bills each month, but not pay myself what I am really worth in full.

A tithe payer but not a giver from my heart.

I tried to live beneath my means most of the time but would complain and have sporadic urges to splurge (felt imprisoning).

I would bargain hunt at the expense of quality ( you do get what you pay for sometimes).

Sometimes my wants clouded my judgment and sometimes my wants became my needs.

We see others how we see ourselves

Being good at managing money means something different to each of us. And it is based on our culture, upbringing and lifestyle. That's why it's important not to judge other people's behavior with money. Remember we only see things as we are and never as it really is. That means circumstances are interpreted differently to different people.

The secret is out!

The secret to being good at managing your money requires one thing only.

Your ability to think Bigger! (Not just big).

Thinking bigger than your ‘now’ into investing for your ‘future’

Thinking bigger than yourself and how you can use your money to help others and make a positive impact on our world.

Thinking bigger with your hopes and dreams and making financial decisions now that will move you closer to achieving them.

Thinking bigger involves planning and deciding how we will spend, save or invest our money

Thinking bigger involves being intentional with how we spend our money. Spending consciously and not on default .

Thinking bigger involves keeping our promises to ourselves and honouring ourselves by respecting our plans.

In summary, when we think Bigger we are not slowed down by how other people treat their money, or by our need for instant gratification. We understand our money is a by-product of thinking Big and a tool for Bigger impact in our world. How we manage our money will be different for each of us, because we all have different paths in life. However, Be Intentional and be aware of your spending, plan how you will use your money ahead of time so that it aligns with your hopes, dreams, and your values.

Let me know in the comments, if you are ready to think Big when it comes to how you manage your money and any insights you have to this approach of managing your money. I would love to hear from you.

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