Our Money Habits
We all have habits that impact our lives on a daily basis. Some are good habits and some are bad habits.
Our subconscious will allow us to continue our habits if we don’t intentionally break the pattern, so if these are bad habits and behaviours, we must take conscious action in order to change these.
Our conscious mind clearly requires effort and attention and in order to change a habit we must make it an obvious alteration to life or behaviour. The power of changing a habit comes from making tiny incremental changes and adaptations in order to evolve in the long-term.
The implementation of new habits may be hard work and will require determination and gumption, tenacity and staying power. But of course the result can be life-changing.
British cycling legend Dave Brailsford, who was brought in by the governing body for professional cycling in GB as their performance director, referred to his strategy and philosophy of “the aggregation of marginal gains“ and this was the team strategy for making tiny marginal improvements in every action and activity done by the British cycling team. The British cycling team went on to win numerous international gold medals. This is fundamentally a consequence of changing small habits to change the outcome.
“If you want to change your mindset you have to consciously change the story you are telling yourself.”
This is so true around the subject of money. We are so in-tune to make financial decisions based on the habits we have formed over a lifetime, mainly through the learning experiences we’ve had from childhood. If you want to change your attitude towards money and have a more open positive mindset you have to address this is as a habit like any other, and work towards making tiny marginal gains to these habits.
What habits would you like to change and what small steps can you take to work towards them?
Faye Watts is a Strategic Business Coach and founder of London accountancy firm, FUSE Accountants. Sharing business development skills with business owners like you through planning, coaching and advisory. She is also the co-founder of Audrey an online platform for women who know there’s more to life and sits on the board of various organisations, including as a trustee for the charity Neuroblastoma UK
