How to manage money wisely – so you attract more.

How to manage money wisely – so you attract more.

Did anyone ever teach you how to manage money wisely when you were growing up? 

And I mean, someone showing you how to manage your money so it actually goes to work for you. 

So it grows and multiplies.

Knowing how to manage money wisely is the key to developing money confidence – and that is what helps you attract plenty more!

So today, I’m going to share my top 3 tips to help you manage your money wisely – that also make you magnetic to more.

 

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In my 13 years operating my finance business, I dealt with people from all walks of life and on all different levels of income.

And there was one really, really important thing I noticed. 

And that is that more money & more income did not change their money patterns one little bit!

People who were in the habit of spending every dollar would do that, whether they were on a 5-figure income or on a multiple 6-figure income.

They would do that when they had lump sums of money and inheritances come in – and when they didn’t.

On the other hand, people who were in the habit of always putting some money aside, they did it regardless of what income and bonus money came in.

This is a super important point to note:

More money does NOT change the pattern!

So the real work is to ensure your money patterns and habits are healthy ones that support you financially – that move you forward and help you reach and achieve your goals.

For most people, nobody showed us how to take care of our money. Personal money management isn’t taught in schools. And most of our parents have no idea either. They’re just winging it and making it up as they go along.

And so what that means is that we don’t have the confidence around money that comes from knowing that you’re on the right path.

And that creates MASSIVE vibrational wobbles. 

It creates a lack of certainty, fear and vibration of worry within you. And that is not at all conducive to attracting plenty more because when you’re worried that you won’t know what to do with your money when it comes – and you’re beating yourself up for having done all the wrong things in the past – that creates a vibrational block that doesn’t allow more to flow.

Plus, we’re passed down generational patterns and fears around money from our parents.

You know, all those silly things people say like, Oh, money, doesn’t grow on trees –  Who do you think I am, Rockefeller? or, I’m not made of money, you know!

My parents said those things too. They program us with those sayings, with those systemic belief systems. And so they’re passed down through the generations. 

We see our parents struggle – we see their money issues and all of that is passed down.

So if we want to break the cycle and break the pattern, we need to do it consciously.

We need to break the cycle and start by actually educating ourselves on how to take care of our money properly.

You need to learn how to manage money wisely.

Because once you build money confidence, and you get a money management system in place that actually works for you – one you’re really excited about because it’s helping you move forward and achieve your goals  – that makes you magnetic.

It gets you excited about bringing money into your life because you’ve got the system all set up to put it to work for you – and to help it grow and multiply  – so that you can keep moving forward in leaps and bounds. 

So the key to becoming more magnetic to money and breaking down a lot of the money blocks and the barriers, is to get confident about managing your money. You need to sit down and do the practical work and set up a money system that really works.

I’d love to know. Did anyone teach you how to manage money as you were growing up? And I’d love you to share with me in the comments what the best piece of money advice you’ve ever received is. 

Okay. It’s time for those top 3 tips to help you manage your money wisely so you become magnetic to more.

Are you ready? 

Tip #1: Make compound interest work for you, not against you. 

So compound interest was called the 8th wonder of the world by none other than Albert Einstein, because it has an incredibly powerful effect.

Compound interest is when you have interest earning interest and then the interest on the interest is earning interest. And then the interest on the interest on the interest is earning interest… and so on.

I have a term for that. I call it ‘Making money babies’, because it’s like a family tree. You start out with a few dollars and when you let that effect of compound interest build and grow, it’s like a family tree sprouting, growing and expanding.

So this is where your money is working for you to make more money. Pretty cool, huh?

See, there are two ways to make money, people working and money working. And that’s what compound interest is all about. 

So you want to make it work for you, not against you.

You probably have things like credit cards and other debts that have interest attached to them. If you’re not getting on top of that, then compound interest is working against you. You’re literally making debt babies (gah!!!).

So you need to turn the tide and get on top of that and switch that focus around to making compound interest work for you. You do that by investing in things that grow – things like shares and property – anything that has a return on your money that you can reinvest to get a return on the return.

That effect is really, really powerful. 

So tip number 1: Start thinking about compound interest and focus on turning the tide from having it working against you to having it working for you.

Tip #2: Give every dollar a job to do. 

Most people throw all their money into one big bucket.

Then they pay the bills… and oops, the kids need school shoes… and let’s get some groceries… let’s go out for dinner tonight… oh there’s another bill to pay.

And they don’t know what’s what. And so when it gets to the end of the month, they start to look at that pot of money and think, “Ooh, it’s not going to be enough!”

The problem is that you haven’t given those dollars their individual jobs to do. You’ve just thrown them all in there and started randomly pick at them, hoping that there’ll be enough money to cover everything.

When you give every dollar a job to do, assign different jobs to different pools of money and you give them their own workspace, which means you separate them.

And then you know that THIS is my fun money. This is the money for us to go out for dinner, to have a massage, for that new pair of earrings etc.

And THIS is the money whose job it is to pay the regular household bills.

And then THIS is the money whose job it is to work on that compound interest equation and turn the tide from having it working against me, to having it working for me. 

So every dollar gets a job to do and a place to do it. 

And that gives you peace of mind, knowing that you’re not robbing Peter to pay Paul. You don’t have to worry that at the end of the month, you’re suddenly going to be left short when a bill comes in.

So every dollar gets a job to do. That’s the very important tip number 2.

Tip #3: Always have ONE current financial priority.

At any stage in life, you should know what your number one financial priority is. And you should put as much focus on it as possible. 

This priority will be different for different people at different stages in life. It usually revolves around that wealth creation pool of money, where the compound interest equation is being swung from one side to the other.

So for example, you might be at a stage where your number one financial priority is to get rid of that credit card. So you want to focus on that and be really clear on that being your priority.
All spare money goes towards that.

This ensures you’re not spraying your spare money around, putting a little bit here and a little bit there –  because that gets you nowhere fast. When you know that your number one financial priority, every spare dollar goes there.

And guess what that creates? It creates focus. It creates momentum. It makes Law of Attraction kick in and send you even more money to put towards paying that one thing off or building that investment portfolio or your wealth buffer – whichever is your priority.

It allows you to attract more money towards that focus because it gets you excited about every dollar that comes in that you can put towards that priority.

The momentum builds, the energy builds, the excitement builds and Law of Attraction, and the Universe will keep sending you more and more money, which allows it to happen even faster.

That is how you quickly turn the tide from having compound interest working against you to having it working for you. 

So that is tip number 3. Always have one financial priority at a time and be crystal clear on what it is. 

There you have it. 

Those are my top three tips for managing your money wisely, so you become magnetic to more. 

Now don’t go just yet, because I want you to keep an eye out for a future video, where I will share  my five golden rules for setting up your money management system so it actually works for you (and so you actually use it)

In the meantime, be sure to jump on my free masterclass. The link is below.

In that masterclass, I show you how to completely transform your relationship with money and become magnetic to more.

Embracing your unlimited potential is all up to you, and it starts by taking confident control of your money. It’s a huge step on the journey.

Big hugs,

xx Miriam

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Magnetic Monday Live Manifesting Q&A | Your money questions answered

Magnetic Monday Live Manifesting Q&A | Your money questions answered

It’s time for another Magnetic Monday call!

This is a live manifesting Q&A, where you can get answers to all your money questions – including how to change your money mindset, how to attract and manifest more money PLUS personal finance tips to help you gain money confidence so you never worry about money again.

To get an invite for the next Magnetic Monday Q&A so you can join us live and get answers to YOUR biggest money questions, just register at: www.miriamcastilla.com/magneticmonday

It’s completely free!

Here’s a summary of this episode so you can jump straight to the bit that resonates with you – or grab a cuppa and watch the lot!

SHOW NOTES:

6min – I struggle with the spending part, mostly. So my question is, does that kind of block the flow of the abundance through me? 

18min – How do you manage the transition of your own mindset with your nearest and dearest who are not in a positive mindset? 

26min – You say “Every dollar needs a job to do” and I’m having trouble finding jobs for all my money 

36min –  I worry there won’t be enough money in ‘old age’

41min – My money is a mess! I’ve been trying to give it jobs, but I don’t know enough about investing and compound interest

 

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Here are some highlights from the call:


Rene said:
“One habit around money I would like to change is being worried there’s not enough in old age.”

As we do get a little bit older and start realising that life is not infinite in this 3D reality that we’re in, we do start thinking about that stuff. 

If that’s something that’s really bugging you, then I would recommend:

1. Look at the story

Look at what your parents modelled for you. Is that a story that you picked up because it’s what your parents either told you or what actually happened to them? 

And just because it happened to them – or it’s what they bought into – doesn’t mean it has to be your story. 

We do the hypnotic story process in Magnetic Money, and that is a huge part of it:
Realizing that it’s just a story – most of the time it’s not even your story – and that you don’t have to keep believing it. You can start telling a new story. 

That disconnects the emotional hook. 

So looking at where that story comes from that you’re not going to be okay in old age is a very important step.


2. Make a plan

On a really practical level, have a plan.

When you have a plan, you don’t have to worry so much anymore. 

In Australia, we have a great book called The Barefoot Investor. The author Scott Pape talks about this myth that you need a million dollars in the bank to retire comfortably. 

And it’s just not true. 

We have the age pension, and you’re still allowed to work part-time. And who wouldn’t want to work a couple of days a week and do something that gets them out and engages them in the community? 

He breaks it all down and shows us that we don’t actually need a million dollars in the bank! We on;y need a fraction of that!

Most people live in a state of fear trying to figure out where they’re going to find a million dollars cash and a freehold house to retire with, so it’s about 1 – shifting the mindset and 2 – actually having a clear and educated plan. 

So number one – what’s the story you’re telling yourself? And why do you think that that’s got to be your story? 

And then marrying the magical with the practical, and putting a plan together, asking yourself what your retirement plan is, what your finances are looking like, and then what needs to be a priority.

Give every dollar a job to do and look at what your number one priority is right now.


It might be: 

  • Paying off credit card debt 
  • Paying off your home loan
  • Starting to put more money away into your superannuation
  • Starting to put some money away for investing

Knowing what that wealth creation plan is, which stage you’re at, and actually knowing that you’re underway, that really settles all those fears and nerves.

That’s why to me, doing the practical side of money and not having it go hand in hand with the energetic and the mindset stuff is madness. 

And the same goes with the energetic and the mindset stuff. 

That’s all very well, but if you don’t walk the talk, then you’re still just hoping for the best. And at worst, you’re repressing all your fears and pretending everything’s okay because you’re not willing to step up to the plate and actually take care of your money. 

When you do take care of your money and you put that plan in place, then you can relax and spend a certain amount of money on yourself without worrying – because you know you’ve earned enough and that money is earmarked for having fun. And all the other stuff that your money needs to do is all being taken care of as well because every dollar has a job to do.

Some of those dollars have the job of helping you to achieve financial stability and financial freedom, and some of those dollars have the job of helping you take of yourself, feel great about yourself and enjoy life along the way. 

And that helps to raise your vibration, keep shifting your mindset around how abundant life is, and then allows MORE money to flow, which means there’s going to be even more dollars available to grow your wealth. 

And it builds and builds and builds.


NEXT:

Kim asked:
“I give my money jobs to do – all the bills are paid and I started a business so that I could have that, but I don’t know what to do with the leftover. There’s not a lot leftover, but enough that I know I should be doing something with it. I don’t know what to do with it.”

In Magnetic Money, we set up a ‘bucket system’ where there are different buckets of money that serve separate purposes.

There is one bucket that pays the bills.

Another bucket is your fun bucket and discretionary spending (ie. groceries).

Then there’s the wealth creation bucket. 

(Forget about the word ‘compound’ for a moment if it confuses you.) 

The wealth creation bucket is everything that has interest attached to it.

Things that charge you interest could be:

  • Credit card
  • Mortgage 
  • Car loan

But then on the flip side, there are things that you earn interest on such as investments and term deposits.

So that wealth creation bucket is everything that has interest involved.

What compound interest means is (and it doesn’t really work like this but it keeps the numbers simple): If you have a credit card owing $1,000, and you’re charged 20% interest per annum, in a year you’re charged $200 interest. If you don’t pay that down, then you’re going to be charged interest on that $200 as well as the $1,000 that you already owe.

So if you don’t pay that down, you’re going to be charged interest on the interest and so on.

And that’s what compound interest is – it’s the interest making more debt babies.

It’s like this family tree that’s working against you.

What we want to do is make sure that some of your money is being pointed at that bucket.

This is a really great job to give some of your money, as it reduces that debt effect as quickly as possible, and tips the scales into starting to grow your wealth.

That’s a super quick lesson on how we do it.

Want to join me LIVE for the next call?

I’d love to help you master your money and your mindset so you never feel like you need to worry about money again.

Just register here to receive your Magnetic Monday invitation: www.miriamcastilla.com/magneticmonday

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The easiest way to save money – even when money feels tight

The easiest way to save money – even when money feels tight

If you’re somebody who would LIKE to save some money, has been told they SHOULD save money, and thinks that it would be NICE to have some to spare, then this tip is for you – so stick around!  
 

I’m going to tell you an easy way to save money – even when you feel like you have none to spare.

 

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Here’s the thing, we all know that it’s really important to start saving some money and put it aside – whether it’s for investing or just for a buffer in case of emergency. 

And also to start creating some positive energy around money. 

But when you’re so broke that you just have nothing to spare… What do you do?

What’s an easy way to save money – something you can do even when you have barely any?

I’ll tell you what I did because I went through a stage where my total income for the year was $10,000, and my rent was $320 a week! 

If you do the maths, you can work out that that doesn’t actually stack up. 

To this day, I’m not quite sure how I got through it, but I did.. and this little tip helped a lot!

The bottom line is, I was broke and I was miserable. 

I was obsessed with how broke I was. It was all that was churning through my head, night and day. I was like a human calculator that couldn’t switch off. 

I realised that I needed to change. Not just my thinking and my energy, but also my habit pattern. 

I needed an easy way to save money.

I needed to get into a pattern of putting some money aside. And showing myself that I did have money to spare. 

I did a very simple thing, and you can do it too – no matter how broke you are.

Here it is:
When you go out to buy groceries or whatever it is, use cash. Use cash for everything, and only spend notes. 

What it’ll do is it will make you think twice about breaking that note. 

It also creates all this change which you can then save, and I promise you, you will not notice the difference. 

So I did this. I spent only notes, I kept all the change and I would bank it at the end of the month. 

The first month it was about $64 which was a fortune to me at that time. 

I had $64 to put into a dedicated savings account. It made me feel rich. 

This changed my energy around money. It changed my vibration around money, my thinking pattern around money and my habit pattern around money. 

This one little thing is so powerful – and you can do it too!

Let me know in the comments – have you ever tried this? What do you do to save when money feels tight?

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Become more magnetic to money with this practical tip

Become more magnetic to money with this practical tip

Today I want to share a really simple trick that will help you become more magnetic to money and put you in the driver’s seat when it comes to money. 

This will also help you feel more empowered around your money.

A lot of people track their income, and you might be one. 

But do you track your expenses?

And yes, I know that at the end of the financial year, you can look back at your expenses, or you can refer to your bank account, but do you actually track your spending as you go? 

 

What’s more, I would challenge you to not just do that, but to do it on PAPER, because THAT is what makes you more magnetic to money.

 

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When you track your spending on paper, you’re basically spending on paper, and it’s a really powerful thing. There is so much that comes out of it.

Here are a few reasons why this is totally worth your while doing:

The first reason for this is that when you actually have to write down every single thing you spend – and I’m not just talking business expenses, I’m talking personal expenses, coffees, lunches, magazines, that extra pair of earrings, that pair of shoes that you snuck past your husband and got rid of the box before he got home. I’m talking about all of that, right? 

When you have to write it down in your little pocket notebook, then you think twice about it. 

It makes you automatically self-correct in the actual act of spending – you make more deliberate choices in the day to day moments. 

So particularly if you’re somebody who’s a little bit impulsive or just whips out the card and uses the payWave function everywhere you go, then this is going to really make a difference. 

Because you know what? Even if you’re just lazy enough to get out the pocketbook afterwards – and that makes you spend a little bit less money – that’s a really good thing. 

The second reason why this is really powerful, is that you can then actually add that all up, project it for your annual expense on each individual item, and you can see, ‘How much do I spend each year on just the odd cup of coffee? How much do I spend each year on clothes? How much do I spend each year on entertainment? How much do I spend each year even on groceries?’ 

And then you can make some really empowering decisions and choices. 

Because I promise you that when you look at that and you look and see that you are spending the equivalent of $7,000 per year on just coffees and having your favourite Italian sweet – which some of us love – and it adds up to thousands a year, that’s going to make you sit back and think.

And then you can make some really empowering choices. You can actually say, ‘Okay, I still want to have that thing. I still want to enjoy that thing. But I’m not willing to pay that price for that pleasure and that joy. So here’s the price I am willing to pay for that pleasure and joy.’

And then you break it down, and you work out what your weekly budget is for all those extra beautiful little luxury things. 

When you do it like that, you’re coming from a place of power, not a place of lack. 

You’re taking control of your money. And you know what? Your money loves it when you take control of it. So when you take control of your money, it just feels good – you’re in control, you’re in charge, and when you run out of that little bit of extra pocket money for those special luxury items, you can actually sit back and go, ‘Cool. I know that I’ve hit my limit, I know that when I stop now, it actually gives me all this extra free available disposable income that I can use to pay off credit cards, to save for a holiday’ – to do anything you choose. 

By planning, you actually get to be excited. You get to be excited about what it is you’re doing with your money. And there’s a lot of power in that, not just from a practical level, but also from that magical vibrational level, because I’m all about blending and marrying the practical with the magical. 

This practical stuff is what makes you more magnetic to money.

And that’s when you can step into your power and you can straddle the best of both worlds. And it’s incredible, baby. 

So if you’d like a very helpful tool to help you with that, you’ll find it in the description below.

Until next time, stay happy!

The tracker is getting a facelift right now, so for the time being, I recommend you get stuck into my juicy Abundance Manifesting training:

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How to stop feeling guilty about the money you spend

How to stop feeling guilty about the money you spend

Do you feel guilty spending money on yourself? 

Let’s talk about that and let’s talk about why it stops more money from coming into your experience.

Maybe you’re in this habit of saying, “Ah, not yet. I won’t spend that money on myself just yet. First I need to hit a six-figure income,” or “When I have my first big month,” or “When my launch does this,” or “When I have this many clients,” or “When I put my price up to X number.”

The thing is that what you will notice if you’re really honest with yourself is that you keep moving the goalposts. You keep finding excuses and you keep skimping and putting yourself last, feeling too guilty to ever really spend that money on yourself.

So my question is: When will you feel ready?

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