How to manage your money
By Juliana Kassianos, Transformational Fertility Coach, Yoga Teacher and Founder of The School of Fertility
WHY MANAGE YOUR MONEY NOW?
To earn more money to pay for fertility related expenses
To save more money to pepare for another mouth to feed
To guarantee you and your family’s future
POTENTIAL EXPENSES WHEN TRYING TO CONCEIVE:
Fertility treatment and drugs
TAKE IMMEDIATE ACTION
Expenses can escalate when trying to conceive, especially if you’re paying for your fertility treatment. This can have a direct hit on your finances and may even mean taking out a loan.
If you’re in a situation where you’re in the negative or just about scrapping by, you may feel scared and anxious. You might try to get away with not dealing with the situation, hoping it will just go away, such as avoiding looking at your bank statement and praying for a Lotto win.
Don’t pretend the problem doesn’t exist, as this will make the problem even bigger and take you further away from achieving the life you wish to live. Sit down with your partner and face the reality of your nancial situation together. Acknowledge that you need to get a grip of your finances with immediate effect and that it’s time to formulate and put into place, a plan of action.
PLAN OF ACTION IDEAS
Clean out your purse or wallet
Ask anyone who owes you money, when you can expect it back
Review credit card statements, check for errors and list what your spending your money on
Create a spreadsheet to itemise your essential expenses, such as your mortgage, bills and food shop
Stop living beyond your means – strip out anything you don’t actually need
Take any spare change to the bank and exchange for notes
Keep all your bills in one place and note in your calendar when you need to pay them by
Set up automated transfer of a certain percentage of funds into a savings account each month
Immediately unsubscribe to anything that isn’t essential, such as Spotify or Netflix accounts. You can re-subscribe once you’ve got your finances back on track
It may be difficult in the short-term as you’re taking away all the little things that give you pleasure in life, but keep in mind why you’re doing it – your long-term goal
Ask for help from your friends and family. This can be hard as it puts you in a vulnerable position. You may not feel comfortable asking for a handout, so instead, why not see what ideas they have for how you could earn or save a little bit extra
Be brave and ask for a pay rise. Think about what additional value you could add and what new skills you need. Websites like Coursera offer free courses to help you up your skill-set. You may wish to stay at your place of work for maternity benefits, but your partner could be on the lookout for opportunities
WHAT IS YOUR RELATIONSHIP TO MONEY?
Have you ever questioned what your relationship is to money? Our culture tends to have a way of making us see money in a negative light. We grow up hearing messages such as ‘money is the root of all evil’; we hear people described as ‘filthy rich’; and see those who have money as ‘greedy and corrupt’.
How about if you changed this perception and instead saw money as a way of enhancing who you naturally are as a person? For example, if you’re generous, warm and thoughtful, money could give you the ability to not only let you make your own dreams come true, but help those around you achieve theirs too. Is it time you redefined what money means to you personally, instead of going by a definition culture has installed in you?
WHAT ARE YOUR DISEMPOWERING BELIEFS?
Do you have thoughts and beliefs that are holding you back when it comes to having more money? Do you feel:
Afraid of taking responsibility and being financially grown up
Afraid of failing and losing all that you do have
Afraid you’ll turn into someone you don’t like
Afraid something bad will happen
Afraid of what others might think of you
You don’t deserve to have financial abundance
You’re not clever enough to earn more money
Think about what your own hidden disempowering beliefs about money are and jot them down. These beliefs stem from your programming, which forms as you grow up and is usually of family origin. It’s your programming that underlies your beliefs about money.
Think about what story you grew up with when it came to money and how this story has shown up in your life. What positive value was behind this story? Think about how you can honour this positive value whilst creating a new story about money, one that serves you better and includes the values you now hold. For example: “I am a creator of wealth, so that I can make my dreams come true and help others achieve their dreams too”.