Money worries are a common concern and can have a major impact on mental health. A 2023 study by the American Psychological Association found that finances and money rank as the top sources of stress for individuals.
But the idea of having money itself isn’t the main driver for people managing their finances differently; in reality, most want to change their attitude.
According to a Fidelity study, 58% of women cited their top financial goal as feeling secure and not worrying about money. That compares to just 36% of women who hope to “live the lifestyle I want.”
Ultimately, developing a positive money mindset can decrease worries about finances and give you an actionable plan to confidently work towards your goals.
In This Article
Identify your money scripts
A money script is a belief pattern usually developed unconsciously during childhood based on your personal experiences around finances.
For instance, you may feel uncomfortable talking about money if it wasn’t routinely discussed in your household. Or you may think that having credit card debt is a source of shame if that’s what you grew up hearing at home.
You could clear out metaphorical junk by identifying ingrained money scripts. Spend some time journaling, beginning with your earliest memories around money, or taking note of your feelings (particularly negative ones) whenever money conversations come up during the day and think about why those beliefs may not actually be true.
Log into your financial accounts every morning
Author Deepak Chopra says, “Whatever you pay attention to will grow.” This advice can be applied to building better money habits, starting with checking your financial accounts daily.
There are two reasons for adding this practice to your morning routine. For starters, looking at your accounts makes you pay better attention to your spending.
If you’re interested in taking control of your finances, you’ve likely made a budget at some point—logging into your accounts daily can help you stick to it.
Additionally, your daily check-in can motivate you to stay the course. Even if you make small contributions to a savings account each month, you’ll watch that balance grow.
You could also track your investment and home equity growth to confirm that you truly are building your finances. That contributes greatly to a positive money mindset.
Express gratitude for what you have
Incorporating a daily practice of gratitude can also cultivate a positive money mindset, not to mention an overall sense of well-being. Research shows that there’s a correlation between gratitude and life satisfaction.
And when you’re more appreciative of what you do have, you’re less likely to focus on the areas of your life that may be lacking.
You can take some time every day, either in the morning, evening or both, to express gratitude for something in your life. This practice of gratitude will help you recognize abundance in your life.
Avoid dwelling on your financial past
Everyone has a history of money mistakes, but that doesn’t mean your financial future is ruined.
Even if you’ve had a major setback like bankruptcy, you can turn things around. For instance, someone with a foreclosure could qualify for an FHA home loan after three years.
While reflecting on past mistakes or missed opportunities is natural, focusing too much on the past can prevent you from moving forward and making positive changes.
Instead, take stock of your current financial situation, set attainable goals, and plan how to achieve them.
Get clear on what you want
Prioritizing your financial goals is another way to create good money habits and the right mindset.
Here’s why: a Fidelity study on women and finances showed that those who took money-related action in the past six months were less likely to feel stress around managing their finances.
As you identify your goals, think about your knowledge gaps. For instance, if you know you want to save for retirement but don’t know what type of account is best for you, dive into some financial literacy resources.
Celebrate your progress on a regular basis
As you work on your financial habits and mindset, remember to celebrate your wins! These can be big or small.
Maybe you added an extra $100 to your emergency fund one month. Or perhaps you lowered your interest rate by transferring your credit card debt to a debt consolidation loan. Recognize the decisions you made to make those moments happen.
Looking to your future with confidence
Ultimately, developing a positive money mindset is about realizing you can take control of your money and use it wisely.
This may contradict some of your old negative scripts, but when you start incorporating these practices into your daily routine, you’ll feel more confident and less stressed about your finances.
Written by Lauren Ward | Edited by Rose Wheeler
Lauren Ward is a personal finance writer who is passionate about helping people simplify their financial decisions. Her work has been featured in outlets such as USA Today Blueprint, CNN Underscored, and many more. She lives in Virginia with her husband and three children.
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