What Are Limiting Beliefs About Money?

Let’s Talk about Limiting Money Beliefs

Written By Tiffany Woodfield, Financial Coach, TEP®, CRPC®, CIM®

First, what are limiting beliefs about money?

Limiting beliefs about money are any beliefs you have about money that hold you back from your dreams and goals.  

Often, these limiting beliefs are subconscious. A message plays in your head when you judge yourself or someone else around money.  For example, you see someone who is successful and appears to have a lot of money. Then you think, “I bet they aren’t happy!”

Or you think, “I bet they’re selfish.”

These subconscious beliefs about money and people with money hold you back from pursuing and achieving your most important financial goals. 

How Your Thoughts About Money Affect Your Spending and Saving

Your thoughts drive your actions, so they directly affect how you save and how you spend. 

They impact why you spend and whether you feel guilty after you spend. They also affect the message you tell yourself about your self-worth. Money is just the tip of the iceberg.

There is so much more going on beneath the surface. Your money thoughts impact who you spend time with, how successful you will be, and how happy you allow yourself to be. 

How to Change Your Money Mindset to Improve Your Money Habits

To improve your money mindset and money habits, try this two-week practice.

1. Reflection

Once a day for two weeks, spend 5-10 minutes in quiet reflection, working on being present.

This can be a meditation or sitting quietly somewhere you won’t be disturbed. Your mind will drift off, so keep returning it to your breath. You need to quiet your busy mind before you can genuinely understand your belief patterns. 

2. Brain Dump

On the first day, after meditation, ask yourself all your beliefs about money and write them down in a journal.

Allow yourself to create a brain dump on paper without judgment. This should only take 5 minutes. Then, close the book and start your day.

3. Money Habits Assessment

The following day, follow the same meditation process, and this time, ask yourself about your money habits and write these down in the same journal. 

4. Dreams and Goals

On the third day, meditate and then ask yourself what your dream and big goals are. Write these down.

5. Find the Supporting and Limiting Beliefs

On day four, you will meditate and then look at what you wrote as your goal.

Then, you will return to your beliefs and habits and circle the ones supporting your goal.  Write all these supportive beliefs and habits on a clean page with the goal at the top.  On a separate page, write the goal. Then, write all the beliefs and habits that don’t support this goal.

6. Assess How You’re Doing

On day five, you will have two pages to focus on daily after meditation: the goal with the beliefs and habits that align and the goal with those that don’t align. 

These two pages allow you to be accountable because each morning, you will ask yourself how many times an identified limiting belief came up during the day before and put a checkmark beside it. Do the same for your habits and add any new negative beliefs or habits you discovered the day before.

7. Keep It Going

Continue this pattern of meditation, reflection, and accountability with check marks for the next nine days, which will take you two weeks.

8. Stay Accountable

At the end of your two weeks, look at your goal and your belief pattern and habits with the most check marks.

These are the strongest pulls holding you back. Feel proud of yourself for being honest and accountable for your thoughts and actions because now you are aware and can make changes.  

9. Support Your Biggest Goals

Finally, you can continue this practice or just write out the large things to work on and ask yourself each night if you are removing the power of your limiting beliefs and becoming truer to your goals.

Circle your money habits that support your bigger goal and reflect on the ones that don’t. 

Getting Coaching to Overcome Negative Beliefs About Money 

A life coach, wealth coach, or strategic coach can help you overcome limiting money beliefs.

When looking for help in this area, the most important thing to consider is that you are ready to make change and be accountable.  Then, find someone who has experience dealing with people in situations similar to yours. 

For example, if you need help understanding your finances and dealing with money and generational wealth, ensure your coach understands this area. 

Final Thoughts About Money Beliefs

If this seems like a lot of work or you think you will never change, be accountable for these thoughts. 

Remember, it is you telling yourself it is a lot of work, and it doesn’t have to be a lot of work.  Remind yourself that the cost of not doing this work is that you won’t be living freely because your money beliefs control you whether you want them to.  

And when you say I will never change…again, it is all up to you!  

From personal experience, overcoming limiting beliefs about money is so worth it! Even with my extensive experience in the financial services industry, I underestimated the power limiting money beliefs had over me and the positive feeling of choosing what to spend or save for without guilt!

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💎 The Mindset of Money and How To Get Rich

💎 How To Get Your Mind in the Mindset of Saving Money

💎 22 Limiting Beliefs (Almost) Everyone Has and How to Deal

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