Create a Healthy Money Mindest in 2025

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I recently participated in a #creditchat with other financial educations and professionals to discuss how to build financial confidence. Powered by experian, read along and find some helpful tips that might aid you in the new year.

What does “financial confidence” mean to you, and why is it important? 

Financial confidence means being certain in making wise money decisions. It is important, as making wise decisions now can make for a better financial future. 

There is no specific age or time that you can gain financial confidence, but rather something you can continue to work towards. Whether you’ve gained alot of credit card debt, are saving for your first home, or even still in school– financial confidence can always be improved.

What are the qualities of a healthy money mindset? 

1. Knowing when you should buy something and then knowing when you don’t need to
2. Not just saving but saving in a high-yield saving account.
3. Making your money work for you.

What are some manageable steps you can take to feel more in control of your finances? 

Budget every-time you get paid. This gives you a pile on what exactly is coming in and what is going out. Also ensure you are paying yourself first. Understanding the flow of your money in and out and that there is some socked away in savings gives you a peace of mind. It is very empowering. 

What are some common myths about money that can hinder a person’s financial confidence? 

That you need to be a millionaire to manage it better. No matter how much you make, having great money management skills are essential.

Another common myth is that only certain people mis-manage money. 

Another common myth is that you should not invest if you have debt. You can pay off debt while investing. 

How do you create a more positive relationship with money?  

Think positive thoughts. Get an accountability partner. Use resources to empower you. When you begin having a new mindset set you have a positive relationship with money 

How can understanding personal financial basics—like budgeting, saving, and credit—help improve confidence in handling money? 

I like to refer this these are the financial fundamentals. They are the solid foundation. Just like build a Josie you need a solid foundation first. This helps to build confidence in handling money.

Visit the Academy to learn more: https://www.itsmymoneyacademy.com

How might negative beliefs about money affect your ability to save, invest, or spend wisely? 

Negative beliefs impede your ability to learn and strategize on how to grow your money and manage it wisely. Replace the negative thoughts with positive ones. This is not a one time things, do this consistently.

What are some practical ways to shift your mindset from “scarcity” to “abundance” when it comes to money? 

Scarcity is limiting. Abundance is limitless. Believe that you can do amazing things out your money. Believe that you can make your money work for you. Think positively. Manifest the things you want. So a man thinketh, so is he. Claim it. Write it down and make it plain. 

How do you stay focused on your own financial journey instead of comparing yourself to others? 

Comparing yourself isn’t good. You can always be inspired by others but not compare. The best comparison to make is to yourself. Did you make any improvements from last month, last quarter, last year? Did you learn any more than last year? Your growth is the goal. Let’s go. You got this. 

What advice do you have for someone who has encountered a major financial setback or who feels overwhelmed by their current financial situation?

First tell yourself – it is ok. It will get better. Sit down and take time to make plan. If it is not night coming in, then learn yo monitor a skill you have. If it is mounds of debt, pay off one by one. If you need an accountability partner – get a coach. You can also use the resources in It’$ My Money to get back on track.