It takes time to develop confidence in any new skill, and all things money-related are no different. Not only is it a new subject to master, but also the stakes can be especially high with money because it’s so closely tied to our livelihoods.
To grow your money confidence, you need to learn the basics of business and gain experience with money and business finances. There are a few first steps to take when trying to increase your money confidence and managing your business finances. Before we dive in, try and let go of some of the money beliefs you may hold and keep an open mind about boosting your confidence.
5 things to do to improve your money confidence
Here are a few things to try and get your money confidence while building your expertise in the process.
Identify your goal
First, be sure you have a clear goal of what you’re reaching for! Knowing your money goal can help you move forward with confidence. This goal can be as simple as setting up business bank accounts or reading a certain number of books about business finance. Remember that your goals can be anything that feels important for you.
Another strategy to help improve your money confidence is to prioritize learning in whichever way you learn best. For some this may mean reading certain books or following certain blogs. For others, this might mean taking online courses or consulting with a financial advisor or business advisor.
Either way, once you know your goal, start learning as much as you can. This will help you move forward and make decisions to reach that goal. Come up with a plan for your learning. You can do this by essentially creating a syllabus for yourself. Write out what you want to do in one week’s time, two week’s time, and so on until you’ve covered the information you’re looking to learn.
The previous point brings us to our next strategy, getting organized. You should definitely be prioritizing getting organized with the information you want to learn to boost your money confidence. But that’s not the only area of your money habits and expertise that should require organization.
Set up automated fund management
Once you have figured out how to manage your money, make as much of it as automated as possible. This can help you spend time and brainpower on the things that are harder to understand and harder to work on. Incorporating these “set it and forget it” type finance tools can help significantly.
Consult with a professional
This may seem counterintuitive to rely on someone else for your confidence, but consulting with a professional is always a great idea. You can go forward with confidence if you’ve worked with a financial professional who can confirm that you’re on the right track. This can help boost your confidence because you can make decisions knowing they’re the right ones because you’ve got a professional helping you to confirm that.
Gaining money confidence over time
One of the biggest things to remember while building your money confidence is that it’s going to take time and that is okay. Give yourself the time and the patience to work on building that confidence with small moves that add up to big confidence in yourself.
Then you’ll be able to make decisions about your finances and where you invest your money and time knowing it’s the right move.
We created a glossary of small business terms to help boost your confidence in the world of business.