Many of us do not usually take a step back and think about the thoughts that we have about money. Each of us thinks about money many times as we navigate our way through each day. We stop at the gas station and realize that the cost keeps going up and up. We then wonder whether we should cut back on driving or just figure out how to accommodate the extra cost somewhere in our already thinly-stretched budget. At meal times, we decide whether we will dine out or eat at home – each of those choices involves spending money, but in different ways. We make a lot of decisions about money each day, and while many of them are small or seem small at the time, they are all a part of a larger picture.
The way that you think about money shapes your relationship with money. There are, of course, other factors that influence how much money any person has at any given time and some of them are things that we do not have control over. Fortunately, you can consciously work to redefine your relationship with money by examining your money thoughts with a critical eye and looking for areas where you could improve them.
Yesterday, as I was writing a post for this blog, I came across a quote by Thomas Stanley and William Danko, authors of “The Millionaire Next Door”. They said, “wealth is what you accumulate, not what you spend”. That quote hit me hard, in a good way. I am a spender by nature – whenever I know that I have money coming my way, I start thinking about what to use it for. Reading that quote has made me realize that in order for me to accumulate any money, I have to stop spending every penny that makes its way into my hands. Even though there is not a lot of room in my budget for maneuvering, I believe that I can find a way to make a commitment to accumulating money (saving it) even if the amount that I save each month is small. The very act of making a commitment to setting aside a certain amount of money that will sit there and accumulate is the beginning of a shift in my money consciousness.
How have your thoughts about money shaped your relationship with money? Take a moment to reflect on your “money thoughts” and see what direction they are taking you in. It is never too late to steer yourself in another direction if you do not like the way that things are currently going.