Guest article from MINES’ Trainer and Financial Coaching Partner Michelle Vullo

A money mindset is an overarching attitude that you have about your finances. It guides your everyday financial decisions and it can have a big impact on your ability to achieve your goals.

The way to achieve stability and increase wealth may all come down to a healthy attitude toward money. When it comes to your finances, positive thinking really does matter. To create an optimistic financial mindset:

1. Look for opportunities instead of seeing roadblocks – Recognize that each financial situation is temporary and fixable. They are not always easy to see but there are solutions to every financial issue. It usually just takes time and small changes to get even the toughest financial situation back on track.
2. See the value of asking for help instead of struggling silently. Utilize Mines’ Employee Assistance Program (EAP) financial counseling benefits for free help. Your EAP can connect you with a financial counselor to coach you to get your finances in order. The financial coach can work with you to create a personalized plan outlining steps to get ahead such as establishing an emergency fund, paying down debt, boosting your credit score, and maximizing your retirement plan contributions.
3. Create a money mantra and repeat it often. Make it positive, financially based, and simple, such as:
   • I am debt-free and financially stable.
   • There is always more than enough money in my life.
   • I have a positive relationship with money and know how to spend it wisely.
4. Accept that even small steps create progress. Make one small change at a time such as finding small ways to spend less. Cancel subscriptions you don’t use, and compare pricing on cell phone plans, insurance, and other service packages. These small changes will help build momentum and change your mindset with actions that bring you closer to success.
5. Address finances head-on. Don’t ignore financial statements, late notices, and bills because of fear. Call your creditors and talk with them before late charges and other fees are piled on. The sooner you address the issue, the more solutions you will have.
6. Spend money intentionally and focus on a financial balance. Spend money on only the things and people that you value most. Set priorities for your spending by cutting out those expenses that aren’t important to you. If having coffee with friends gives you joy, then keep going out for coffee. Find something that provides less enjoyment to cut back on.
7. Take it one goal at a time. What’s measured improves. If your first priority is to pay your credit card off, put it in writing and/or tell your friends about your goal. You can even write your balance on a large piece of paper and post it on your refrigerator and every time you make a payment, take pleasure in your progress by crossing out the old balance and writing in the new, lower balance.

Improving your financial mindset can bring you closer to financial success. If you would like assistance, contact Mines for free financial coaching.

To Your Wellbeing,

The MINES Team

Michelle Vullo, is an Accredited Financial Counselor with Enrich Finance. She provides free financial counseling sessions for employees eligible for MINES and Associates’ EAP services.