Money is something that affects all the women I talk to. They often ask me how can they find a job and career that not only fits their values but what they want in life too. So, I want to share some tips to help with this.
1. Why do you need the money you want?
Be realistic and think about the main objectives behind what you need the money for? If you want to have more money what will it bring you and what is the goal behind attaining it? Don’t just go after the money and feel deflated once you get especially If it doesn’t fulfil you. Sometimes if you have more money you can overspend it so it’s important to make smart decisions. There is a saying the more you have of something the more we use it and the same goes for money itself.
2. What is the cost of living for you and does the money you earn impact on your lifestyle?
If you live in London or another expensive city important factors to consider are rent, living costs and day to day expenses this can factor into the money you want to earn. So be practical and realistic about this. Millionaires and six figure earners say money gives them freedom and flexibility. Remember though when you earn more money you may also pay higher tax rates. There is nothing wrong with wanting more money. Start thinking about, what do you need to, do so you can earn more? For example, do you want more then £4K per month. Do you need more money for your children or expecting a child? Perhaps you want to invest it in an ISA or bond? Lastly you may need to pay off debts, spend it on home renovations or a family holiday. Why is it important for your lifestyle and circumstances? Make a list of all the reasons you want to earn more money and put a why next to each reason. Then assess how important this list is to you. In some cases, you may need money to pay off an important debt. The most important debt that a lot of homeowners have is of course a mortgage.
3 .What do think about money get your emotions around money sorted first.
What does money mean to you and why is important to you emotionally. A fear of losing money can be a strong emotion for many especially if in their past this has happened to them.
Whenever money and emotions are mentioned to my clients they don’t always like talking about this. This is not to say that money is a bad thing but many of us are brought up to believe wanting more is bad. Your emotions around it may bring up things from your past. For example, did your family make you feel guilty about spending too much money when you brought something expensive for yourself and didn’t buy anyone anything else? Or did you live in a house where your parents were always struggling to keep up with payments and as a result you feel you aren’t good with money and it’s a tough subject for you talk about.
You may think it’s silly to think about money and emotions, but a lot of our money-making decisions can be linked to emotions. For example, when we go shopping how often do we feel driven by our favourite food items and stick to that without sometimes looking at the cost. In the UK we spend a lot on monthly food shops and it can be said we end up spending more when we see things on special offers or we spend less if we are budgeting.
A lot of financial psychologists say money and emotions are directly linked to our childhood and a passed down belief of “Do you really need that” may have been indirectly passed down to you. Thus, making you feel guilty when you have spent a lot of money even if you can afford it.
4. If you are being undervalued or underpaid do something about this.
Are you being undervalued and underpaid, if so. Why do you deserve more? If you aren’t getting paid what you want right now what are the legitimate reasons for wanting more.If you know you want more and are worth it discuss this and negotiate a salary with your boss or line manager.
It may help you to journal about all the ways in which you feel you have added value in the time you have been in your current job. If you have only been there a short while this may be harder to prove unless you increased sales or did something to redefine how others thought of you. If you are not able to get the salary you want really assess why do you need it.
For example, if you are buying a new house or need it to pay off something very important like outstanding credit card bills after you got married. Think about what it will cost you financially to live on a budget for a short while and in that time look at jobs you want and apply for them. It’s important you think of a figure you want to earn, so you can pay for all the things you want and need.
If you have been preventing yourself from getting paid what you know you truly want and desire think about the tips discussed above. Think about why you need more money, what kind of lifestyle you want, what are the feelings around money and lastly are you acting to make sure you get paid what you want. Lastly your idea of what you want will be different to your friends and family. If you are reading this and know your emotions are coming from others around you sort out what you want first.