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How to Get a Money-Friendly Mind

By Jessica Kiddle
The Scotsman

Five years ago, Nicola Cairncross was broke. She was unemployed, unable to pay her rent, and struggling with huge debts. Today, the 42-year-old mother-of-two has investments totalling almost £1 million and counts a boutique hotel among her property portfolio. To do this she did more than change her spending habits - first she had to change her money mind-set.

"Instead of being scared of money we have to make it our friend - by overcoming our fear of it, believing we can achieve the financial situation we want and creating the confidence to go for it," says Cairncross, who realigned her life by getting a job, consulting a range of money management guides and becoming a "wealth coach".

Freedom from financial anxieties is something most of us dream of, but rarely achieve. A recent Norwich Union survey found that 57 per cent of people regularly worry about their monetary situation, with over a third wishing they could reduce their debts. With the festive season looming, money worries are about to soar.

However, before you make an appointment with your bank manager, why not invest some time in developing an attitude to money which can help set you on the track to your own idea of financial freedom - whether that involves becoming rich or not.

WHO WANTS TO BE A MILLIONAIRE?
There is nothing wrong with settling for a below-average wage if that means you can do something you love.

Working out your true desires is a vital first step to financial peace of mind because only then can you make an effective plan. Cairncross says: "Be sure to work out how much money you want - not what your parents think you should be earning or what your friends need to be happy. Set some time aside to visualise what you would like to do on an average Tuesday, from morning till night. Do you want to spend Tuesday on your boat? Or would you like to be designing clothes? What would you do, if money was no object?"

ACCEPT RESPONSIBILITY
Do you feel that money just flies out of your purse, slips through your fingers? It doesn’t. You spend it. Okay, so we all have unexpected emergency expenses from time to time, but a pair of Jimmy Choos is unlikely to fall into that category.

Only by taking responsibility for your money can you free yourself from worry. The more you ignore a mountain of debt, the more power it will have over you. A few basic practicalities are the key to emotional well-being here.

"The first thing I ask my clients to do is ask for a receipt for everything," says Cairncross. "Then, at the end of the month, sit down with your bank statements, your credit card statements and your cash spending receipts. Tot up what you spend and on what. Most people will find they are not earning enough to cover what they are spending and they give up. But you shouldn’t, because you can look for additional sources of income and you can always find ways to cut back."

THE FEEL GOOD FACTOR
Now you have an honest picture of what you are spending, ask yourself why you spend the way you do. "Many of us use possessions to help us feel good," says Cairncross. "This can lead us into even more debt."

Sound familiar? You won’t win financial peace of mind until you address the root of your spending habits. Are you bored with your job? Or struggling to keep up with friends? If so apply for new jobs and realise your friends will still like you without your Gucci labels. If they don’t, find some friends worth having. Addressing core issues will boost both your confidence and your belief that you can take control of your finances.

KILL THE GREMLINS
"Many of us have little gremlins in our head which are forever whispering that we can’t do what we dream of or that we are not clever enough to achieve it," says Cairncross. "Identify the gremlins and kill them. Whose voice is it? Is it that teacher who said you would never amount to anything? Your parents, who told you your big ideas would never work? A jealous friend? Once you have identified the gremlin, kill it by asking what that person achieved. Was that teacher the millionaire you want to be? Did your parents lead the life you want? Probably not, so why pay any attention to their words?"

GET LUCKY
Those people who always seem to be in control of their finances might seem luckier than you, but they’re not. "They don’t have better luck, they simply have better knowledge than you do about how to handle money and get the lifestyle they want," says Cairncross. So inform yourself - about zero interest credit cards, to clear your debts, or about wealth creation, if you want riches.

DEBT CAN BE GOOD
Going into debt can be one way to gain financial peace of mind. For example, taking out a mortgage is almost always a better option than throwing your salary away on rent. "Overcoming fear of debt is a key way to gain peace of mind," says Cairncross. "So work out the various scenarios - what will happen if you do not take out the debt, what will happen if you do. The numbers never lie, and if the sums say taking out the debt will make you money in the timescale you are looking for, believe them and have the confidence to do it."

THINK SMALL
You don’t need a huge pay rise to start alleviating your money worries. Think small and start today by saving on the basics. "When I worked in London I would buy three cappuccinos a day," says Cairncross. "If I’d had just one less I would have saved a couple of quid daily, £10 a week, £40 a month, £480 a year. That’s a reasonable amount to invest in something which will make your money grow." Such small changes will grow your confidence in your control of money - and help you make bigger changes.

I DESERVE THIS
"So many people have this ethic where they think it is bad or greedy to want to earn money - but it’s not," says Cairncross. "Do you deserve to be as rich as that guy with the big house? Or just to have financial peave of mind? Yes. Why not? It doesn’t mean you are a nasty grasping person - nice people can be rich people too. Tell yourself you are worth it. "

Source: The Scotsman

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