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  • Writer's pictureAngela Belcher

Money Management

Mastering Money Management: Shifting Mindsets and Practical Tips

Managing a resource that’s so limited there’s never enough to go around requires careful and deliberate action. How we manage our money begins with how we perceive money. Rachel Cruze (2023) explains the money mindset as a set of beliefs and attitudes about money that determine how you save, spend, and handle finances. For some, a fear of lack can cause a person to unconsciously repel money. For others, peer pressure magnified by social media can lead to mishandling of funds (Seaward, 2020). It seems most people simply don’t know how to manage their money beyond the basics: make it, spend it. The truth is, money management is a learned skill like any other skill we use to navigate our world.

Changing Your Money Mindset

Your money mindset is crucial in shaping how you deal with finances. If you view money negatively or fear its scarcity, you might unconsciously sabotage your financial stability. Conversely, a positive money mindset involves seeing money as a tool that can help you achieve your goals and improve your quality of life. To shift your money mindset:

  • Acknowledge Your Beliefs: Reflect on how you think and feel about money. Are there any negative beliefs holding you back?

  • Educate Yourself: Learn about financial management to demystify money and empower yourself to make informed decisions.

  • Set Goals: Define clear financial goals to give your money purpose and direction.

Practical Tips for Better Money Management

Brian Seaward offers several tips to help control the ego that likes to live in the moment:

  • Remove the Temptation to Spend: This can be as simple as deleting certain shopping apps from your phone and making purchases only from a computer at home.

  • Ask Why Before You Buy: Give yourself a chance to think about whether you need something or just want it. Many things get left on the shelves with this method.

  • Avoid Impulse Purchases: Don’t buy things on a whim. Take time to consider whether a purchase aligns with your financial goals.

  • Steer Clear of Bargains: A bargain is often something you don’t need but has a price you can’t pass up. Many bargains have filled hoarders’ homes!

Finding the Right Financial Program

There are many programs available, from free online resources to personal consultants, that can help educate and guide you towards better money management and financial wellness. Generally, the majority of them follow similar principles:

  • Don’t Spend More Than You Make: Ensure your expenses do not exceed your income.

  • Create and Follow a Budget: Plan your spending and stick to your budget.

  • Keep Savings Equal to One (or More) Month’s Expenses: Having a safety net can prevent financial crises.

One size does not fit all when it comes to finances (or wellness), so shop around until you find a system or program that makes sense to you. If you don’t understand or can’t relate to it, you’re less likely to follow it.


Effective money management starts with a healthy money mindset and involves practical steps to control spending and save for the future. By removing temptations, asking critical questions before purchases, and avoiding unnecessary bargains, you can take control of your finances. Additionally, finding a financial program that resonates with you can provide the guidance needed to maintain financial wellness. Remember, managing money is a skill that anyone can learn with the right mindset and tools.


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