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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