Money Mindset: The 5 Simple Steps to Help You Change Yours

Do you ever feel like you’re just going through the money motions? You make the money, try to save it, but really it feels like it’s going nowhere for you and never seems to actually land in your favour? It might have something to do with your money mindset.

What is a money mindset and what does it have to do with figuring out how to get ahead? Good question!

Basically, your money mindset is the way you think and feel about money. Your beliefs and the actions you take around earning (and holding onto) money.

We all have one, and often it’s our money mindset that actually causes us to fail with our finances. Not intentionally, but fail nonetheless.

It’s the little voice inside your head telling you what you do (or don’t) deserve. Saying things like, “I suck at saving”, “I can’t afford luxe items”, “I will never be able to get ahead” or worse yet, “I’ll never earn that much money”.



They’re all normal feelings, but they’re also very limiting. Thankfully, all is not lost and changing your money mindset is actually easier than you think!

So how can you change your money mindset to make it work for you?


Ask an expert!

We asked financial expert and author, Phoebe Blamey to share some of her money secrets, starting with money mindset.

Phoebe is a Former Financial Planner with over 20 years of experience and thankfully is well versed in helping women shift their money mindset and celebrate newfound financial happiness. Side note, if you’re in Melbourne, check out Clover Financial Solutions!)

Phoebe has a positive money mindset
Phoebe knows the power in shifting to a positive money mindset. Source: Supplied

Single, married, divorced, working, not working – we all deserve to feel in control and have a positive association with money. Phoebe has already helped countless women sort their money out and she’s assured us that it’s actually really easy to take this first step and change your money mindset.

Don’t worry – it’s doesn’t involve any strenuous exercise. Here’s how to do it.

HOT TIP: You might want to grab a notebook, or pen and paper.  It’s important to take your time and answer each question as truthfully as you can. Remember, while this part might feel difficult or ‘skippable’, it’s all part of the journey.


STEP ONE: Your money history

mum centralACTION: Let’s start by writing down your personal history of money. You might be surprised just how much impact this has on where you sit today and what you believe (or choose not to believe).

  1. Did you grow up rich or poor?
  2. Who taught you about money?
  3. What were they like with money?
  4. Big spenders or big savers?
  5. How did the people around you talk about money?

Done? See, easy so far, right? You’ve got this.


STEP TWO: What money means to you

Next, it’s time to identify your feelings around money. Sure, you use it to buy things, but how do you feel about money?

There are so many cultural ‘catch phrases’ about money that permeate our mindsets and can set us on a path of money management anxiety or avoidance. Some of the common ones are:

  • “More money, more problems!”
  • “Rich get richer, poor get poorer.”
  • “I work hard for my money, but I just can’t get ahead.”
  • “Money is the root of all evil.”
  • “I don’t come from money.”
  • “Money doesn’t grow on trees.”
  • “You have to have money to make money.”

And my very favourite …

  • “I’m no good with money!”

mum centralACTION: Write down what yours are. Make a list of the top beliefs that come to mind when you think about money. These can be both positive and negative but drill down and work out why you think this way. This is an important building block along your path to a positive money mindset.



Now that you have your common list look at how that is impacting or reflecting your beliefs.

mum centralACTION: Look at your list above and think about it as a list written by your best friend. Switch your mindset. Rewrite the phrases, and swap the word ‘money’ for others such as ‘energy’ or ‘flow’ or ‘control’ — whatever word you need to change the self-sabotaging chat.

Reframe some of the common catchphrases we associate with money. For example:

  • Swap I’m no good with money to “I’m okay with money, but I could be better”.
  • Swap I can’t afford it to “I don’t want to spend on that right now”.



STEP FOUR: Celebrate your money wins so far

mum centralACTION: Write down a gratitude list: Give thanks for the money you have had and spent so far. Think about your furniture, your home, your kids’ toys, your car, the trips you’ve taken. It’s hard to stay in a scarcity mindset when you’re feeling grateful about something.



Money has provided you with joyful, nourishing experiences as well as practical safety at least some of the time, list those achievements, big and small. You will be surprised by how powerful gratitude can be. In fact, it’s one of the biggest things that drives contentment in your life. And when you’re content with what you have, you are less compelled to spend, spend, spend!

When you are grateful, you focus more on the things you have that you are appreciative of as well as on all the good that has come to you.

STEP FIVE: Put this new mindset to work

This can take time but hopefully, you will be able to limit the negativity and stress that you feel towards money. So try to use this positive mindset when shopping, paying bills and sorting out goals.

Your beliefs inspire your behaviours. Some beliefs are clearly false, and some are self-sabotaging.  Taking a deep dive into these beliefs is a BIG step in changing your mindset.

One final, very important note! Don’t compare to others! 

Don’t get caught up in comparing yourself to what others have or what the standards in society are. Instead, ask yourself what YOU want. What’s your end goal here? Do you want to retire young, buy a house or travel around the world? Can you afford to put your kids through college?


The next step

Changing your money mindset is a massive feat and although it may seem like it’s not a big deal, it really is. It’s also the first step in finally getting on top of your finances, not just now, but for good.

Ready for the next step? Have a look at The Happy Money Journey. This easy-to-read book offers you everything you need to get ahead without the stress or shame that often comes with financial pressure.

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This book does not tell you what to do – it shows you! No one is born with the ability to make good money decisions – we learn, and The Happy Money Journey is going to give you the practical no shame no blame way forward.

You can pick it up at Clover Financial Solutions for $27.95. Add the workbook to your order for $11.95. You can also get a Try Before You Buy sneak peek over at Clover Financial Solutions.

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Make sure you also read Mum Central’s review of The Happy Money Journey here.

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