Coach and Financial Healer Mark Bristow asks; Are you suffering a financial hangover after Christmas?
Statistics from the money charity, show that outstanding Consumer Credit lending was £196 Billion as at the end of February 2017, an increase of £15 Billion over the previous 12 months. This is equivalent to £289.79 for every adult in the UK.
Furthermore, the number of people declared insolvent or bankrupt in the last year was 90,520, more than enough to fill Wembley stadium (source: Money Charity, April 2017). What is particularly worrying is this is happening during a prolonged period of the lowest borrowing rates in living history (The Bank of England base rate being 0.5% or lower since March 2009)
So how do we allow ourselves to get into debt? A simple solution is to ensure we spend less than we earn, so why is it so difficult to implement? The answer may come from an unexpected source, rather than look for answers externally, we may have to work on the inner game.
What are your beliefs around money? Do you remember being told that “money doesn’t grow on trees” “it isn’t for the likes of us” or that “money is the root of all evil”… If you have carried these beliefs from childhood into your adult life, is it any wonder your financial situation isn’t how you would like it to be?
Furthermore, our beliefs go deeper than just about money, our financial situation may be an indication of how we value ourselves. Usually a core belief exists which focuses on not being good enough or deserving enough to have an abundance of wealth.
When I first started in this work, I was constantly surprised by the number of clients who had no problem in making money but could not keep hold of it. A bit of inner detective work always highlighted a lack of self worth.
There are also a number of other areas where a lack of self worth can be highlighted, such as weight, health, relationships and careers, so what can be done to change your self worth and increase your net worth?
The first step is to take responsibility for your current financial position. This is not the same as wasting countless hours blaming yourself, or others, for your overspending. It is about accepting where you are right now and making a promise to yourself, or to others, to finally do something about it.
Secondly, get to work on your core belief. Once your core belief is identified, it becomes far easier to change and take the first steps towards living a life of abundance in every meaning of the word.
On an ongoing basis, we can train our minds to think differently about how we spend our money. Think before every purchase. Have you ever bought something and then on reflection wished you hadn’t? This is the financial equivalent of eating chocolate cake when you are on a diet. It seemed a good idea at the time but is followed by days of regret. Instead of that impulse buy, consider asking yourself the following:-
Do I really need to buy this?
If yes, is there a cheaper alternative that will do the job just as well?
What are the consequences of not buying it?
For example, £5 spent on buying a coffee and sandwich every working day adds up to £12,000 over a ten year period. At the very least, asking yourself these three questions each time you make a purchase will create a habit of making you think before you buy.
… And if you buy something you later regret purchasing, you can always send it back.
Taking these first small steps can make a huge difference in the long run, remember to increase your net worth, you may first need to change your self worth.
About Mark Bristow
Mark Bristow is a Money Coach, Author Broadcaster, EFT (Emotional Freedom Technique) Trainer, a Matrix Reimprinting Practitioner and a NLP Master Practitioner.
He is the author of the Amazon best-selling book “The Financial Healer – change your self worth to increase your net worth” and has contributed to the “EFT for Everything” book . He also co-wrote the book “Running away from ME” with Alison Christensen which documented how EFT and Matrix Reimprinting helped her cope with Fibromyalgia.
Mark hosts “The Spirit of EFT” show on EFT Radio online which aims to bring EFT to a wider audience.
His Life Purpose is to “inspire fresh insights and share wisdom with the world which if they knew, understood, and acted upon would transform their experience of living”