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October 11, 2021

Meeting Your Money Milestones

By Wendy Wright, LMFT, Financial Therapist

As we enter the last quarter of the year (!), it’s important for small business owners to get grounded in their own numbers and identify their money milestones. Maybe you want to wrap up a project and ensure that you have time for a new one come January. Maybe your focus is hitting your annual revenue goal. Or maybe you just want to see how 2021 compares to the ups-and-downs of 2020. Whatever the reason, it’s normal to feel some pressure to finish on a high note before the holidays. 

So what do you need in order to meet your money milestones? Let’s take a look at some financial therapy tools that have worked wonders for other small business owners!

Know Your Numbers

I know it may seem like a no-brainer, but it isn’t uncommon for a small business owner to experience avoidance, overwhelm, guilt, or shame when trying to get closer to their numbers. Think about the following questions:

  • Do you know your monthly expenses? 
  • Do you know how much you make each month? 
  • What are your periodic expenses for the year, divided over 12 months? 

Although it may be emotional, using this opportunity to get closer to your money has long-lasting, positive effects, including increased confidence and security in your business. Do you feel like you already have these elements locked in? Consider the 50-30-20 budget rule for your business versus your personal expenses. As a driven professional, this exercise can be a thought-provoking way to heal your relationship to money.

Rename Your Accounts

It’s amazing to see the shifts that happen when business owners rename their accounts to something that has more emotional buy-in. How different would it feel to see a savings account named “Vacation to Hawaii” or an account that says “Dream Home” when putting money aside each month? How would it feel to rename a credit card to “Life-Changing Trip to Italy” rather than “Credit Card Debt?” This simple but powerful pivot in how we think and feel about our money can make all the difference in staying committed to our savings goals or our debt reduction plan. 

Talk About Money

This tip may seem strange, and yet, talking about money continues to be a taboo conversation for many people. Maybe it was discouraged in your family. Maybe it leads to a visceral reaction to talk about money with your partner, spouse, or business partner, which has caused fighting in the past. However, in order to heal your money story, you have to get close to it and talk about it. 

To be clear, I’m not suggesting you go around saying, “I can’t afford ______.” That’s a self-limiting belief that we have all been caught saying to ourselves. I’m talking about taking the power out of money by making it a more casual conversation. Perhaps it’s celebrating a milestone with a colleague you trust. Or having what Bari Tessler calls a Money Date with your partner or spouse to check in on your goals. 

Revisit Your Money Milestones Monthly

Lastly, once you start the work of knowing your numbers, don’t forget about them! The work of money healing is not a one-and-done process. You have to check-in once in a while. So what would it be like to schedule a money date with yourself? Some ideas include: 

  • Running a P&L for your business 
  • Reviewing your bank statements to see what you made this month 
  • Utilizing a tool like TillerHQ, MoneyGrit., or YNAB, all of which give you a snapshot of your month 

There are plenty of possibilities here, so discover what works for you and go for it.

Master Your Money Workgroup

I hope these tools are as impactful for you as they’ve been for other brave small business owners who wished to redefine their wealth, worth, and work-life balance. These ideas are just the tip of the iceberg of what financial therapy can offer.

If you feel inspired, intimidated, or just want the accountability of doing this work with someone who can offer the safe space and compassion to create a difference, consider joining our upcoming Master Your Money workgroup, set to begin in January 2022. This six-month program involves one 90-minute session per month with expert guidance and one-on-one help. During this workgroup, you’ll learn how to get out of debt, save money, grow your practice, and gain financial freedom. Plus, you’ll be working with a supportive group of entrepreneurs like yourself, all using your newfound knowledge and tools to bring about real change to your businesses. 

 

Khara Croswaite Brindle is a Certified Financial Therapist-Level I™ Professional and a contracted therapist with Financial Therapy Solutions.

I hope you’ll join us for the upcoming Master Your Money workgroup and start the new year strong! You can reach out to wendy@financialtherapysolutions.com with questions.

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I’d highly recommend working with Wendy. Her mastermind group was fundamental in helping me build my counseling business. It has helped me get past beliefs about money that were unhelpful and limited my progression.
Kathryn EllwoodOwnerSalt Counselling
Wendy helped me look critically at my relationship with money so I could overcome limiting beliefs. She also helped me get more comfortable talking about money because she’s so open about it. I’ve actually had people tell me I’m easy to talk to about project rates and fees—that’s thanks to Wendy!
Ali WeeksOwnerMoxie Writing Co.
Wendy offers a wonderful blend of business knowledge, talk therapy, and financial recovery that can help just about anyone heal their relationship with money. In our work together, I’ve seen her wisdom from such varied life experiences and her true passion for helping clients. Wendy will help you gain clarity and confidence in how you deal with money, all in a way that feels like talking to a friend. Congratulations to Wendy! We’re thrilled to have you as part of the Financial Recovery Institute family.
Karen McCallFounderFinancial Recovery Institute
Working with Wendy has been one of the best decisions I have made for my career. I was able to dig deep into my money bias and see that I was getting in my own way of success. I always saw myself starting my business a few years down the road, but during the workshop, I took the leap and stopped waiting for the “right” moment. If you’re wanting to grow your business, understand your relationship to money, or just gain more confidence in the mastermind you are – work with Wendy. You won’t regret it!
Sarina PonteOwnerBridgewood Recovery
I loved Wendy’s energy when I first met her. I knew she was a good fit for me and I felt like her presence would also resonate well with my husband, which it did. We deeply explored the sensitive topic of money and our relationship. Wendy held the space for us to feel the entire spectrum of emotions. My husband and I felt more empathy and, from that place, we were able to have more effective conversations, identify goals, and create strategies for achieving them. We are both grateful for the container Wendy created and support she offered on a challenging journey.
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Wendy is one of my most trusted referrals. She is able to work with a wide array of diagnoses and specializes in financial therapy and education, which is a perfect fit for many of my clients. Wendy and I have collaborated on challenging cases, which has only reinforced my confidence in her abilities. She is a talented clinician, highly professional, and an excellent collaborator. She is not afraid of a challenge and rises to the occasion with expertise and grace.
Dr. Katie SpencerFounderNorthbound Consulting
As soon as I start talking money with Wendy, I can exhale and feel my whole body relax. Her empathic, compassionate lead makes me feel good and confident about my relationship with money and how it shows up in my business. I’m always eager to talk money with Wendy!
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