105 - MONEY HOTLINE: I Don’t Have Enough Money To Invest
In this episode of the Mind Money Soul podcast, I’m going to be sharing what to do if you feel like you don't have enough money to start investing.
People say to me ALL the time: "I want to invest but I don't have enough money”. Now, this is very subjective because one persons "I don't have enough" is another persons "wow, what a lot of money!” I bet that most of you (except those of you who are budgeted down to the penny) have a little bit of money in your monthly spending allowance that you can use to invest. I guarantee that somewhere you are accidentally wasting money. When I say ‘wasting', I mean a combination of spending mindlessly, not being savvy or not paying attention, for example wasting money on subscriptions you don't use. Even if it is £20 a month, this money can make all the difference to your financial future.
Investing isn't about waiting for lots of money to invest. It's about getting started with what you already have, taking time to get to know your finances by having monthly money dates, and using this knowledge to find money to invest. Most importantly, you want to do this in a way that is judgement free. Why? Placing judgement on your finances is one of the worst things you can do - it creates shame, embarrassment and guilt. You can't shame yourself into better habits, you have to love yourself there. So, if you’ve been wasting £20 on a gym membership you're not using, don’t judge yourself! Shift your mindset and flip it into a positive. You now have £20 to invest and this is just the beginning of building wealth for your life and creating financial freedom. How exciting!
In this episode:
Why you should start investing, even if you have just £10
The impact of investing £20 over 30 years
How to identify where you are accidentally wasting money
The importance of having money dates and being judgement free
How cutting back can help us. get started with better financial habits
How to adopt an empowering mindset by making conscious choices
3 ways to make more money so you can invest
Resources
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Get a copy of my FREE Money Date Template
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