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As entrepreneurs in small businesses, our relationship with money can significantly impact our success and well-being. In a recent episode of the Seriously in Business podcast, I chat with guest expert, Katy Almstrom, diving into the importance of understanding and transforming our relationship with money.

Let’s explore the practical tips Katy shared to empower you to take control of your finances and thrive in the process.

1. Recognize Influences on Your Money Mindset:

– Take time to reflect on the sources that have shaped your views on money, whether it’s family, friends, or societal norms.

– Identify any negative beliefs or limiting mindsets that may be holding you back from financial success.

– Challenge and reframe these beliefs to align with your entrepreneurial goals and aspirations.

2. Envision Your Ideal Relationship with Money:

– Visualize how you want to feel about money and what financial success looks like for your business.

– Set clear intentions and goals for your financial journey, focusing on growth, stability, and abundance.

– Create a vision board or journal to reinforce your positive money mindset and keep your goals in sight.

3. Track Your Income and Expenses Regularly:

– Implement a system to track both business and personal finances, including income, expenses, and savings.

– Use tools like accounting software, spreadsheets, or apps to streamline your financial management process.

– Regularly review your financial data to make informed decisions and maintain financial stability.

4. Create a Strategic Financial Plan:

– Develop a comprehensive financial plan that outlines your business revenue, expenses, and savings goals.

– Allocate percentages for self-payment, taxes, and business expenses to ensure financial sustainability.

– Plan for future spending and build a financial buffer to avoid making desperate decisions during financial challenges.

5. Practice Mindful Spending and Financial Discipline:

– Avoid impulsive purchases by using strategies like wish lists, delayed gratification, and setting spending boundaries.

– Evaluate purchases based on their alignment with your business goals and long-term strategy.

– Foster a mindset of intentional purchasing to minimize clutter, optimize time management, and support your business growth.

Transforming our relationship with money is a powerful step towards achieving financial empowerment and entrepreneurial success. By recognising influences, envisioning our financial goals, tracking income and expenses, creating a strategic plan, and practising mindful spending, we can take control of our finances and pave the way for sustainable growth and fulfillment in our business ventures.

ABOUT KATY ALMSTROM:

Katy is a leading money mentor and wealth coach, a teacher and speaker who works with ambitious women who are ready to steward their money in their business and life by creating a sustainable strategy, simplify their process, and build limitless confidence in their money habits and behaviors. With over a decade of experience in teaching and coaching combined with her own debt-free entrepreneurial journey and simplified life, Katy provides a unique service for her clients to help them slow down, map out their own joyful wealth-building journey, and create a life that has WAY less stress around money.

CONNECT WITH KATY:

Instagram: https://www.instagram.com/katy_almstrom/

FB community: www.facebook.com/groups/networthwoman

Free gift: www.katyalmstrom.com/10-ways

Messy to Magnetic Podcast: https://podcasts.apple.com/us/podcast/messy-to-magnetic/id1594671912

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