When you’re self-employed, income can often be really inconsistent. And, for many, not only inconsistent, but not enough. So why bother talking about saving money?
This is exacerbated this time of year, when I can sense two things from folks: 1) a relief to have some time off and 2) stress that the income is going to stop coming in.
Today I’m not talking about marketing or sales or how to increase income. I want to talk about it from the other end: saving money. Even when you can’t.
But if you can’t save money, why bother even trying?
I talk about this in our Heart of Money Transformational Journey course, specifically in the Pay Yourself First bonus, but let me dig into it a bit here, both on the energetic and the practical. But quickly, quickly.
About the energetics
When you don’t make a lot, and you have bills, and probably debt, sucking the cash out of you, the money doesn’t even seem to stop to say “Hello.” before it goes out again. This is a dishonoring to your business, and to your sovereignty as a person. It’s saying, in effect, that you don’t exist, or you don’t matter.
Which isn’t true.
If, when you receive money, you hold onto it for at least a little bit of time before sending it out again, and during that time take a breath and notice that the money came to -you-. Ahhh….
And then, before sending it along, notice that you have a choice about sending it on its way. That the money came to you for you to steward, and you are choosing to spend it on X.
This experience of holding the money and knowing you have the choice of whether to send it on is such a powerful feeling for you and your business. You have power and choice, the Divine has invested you with a stewardship over this money. Feel that, appreciate it, express gratitude for it. Integrate it.
Good muscles to have, especially as you start to steward more money.
Now, about savings
Similarly, when money comes to you, I recommend you have a small percentage that you move into a savings or holding account. Even just 5% or 3%. Even if you are going to take it out again later.
Two things here.
First, if you do this, you will build up the habit. Every time I check the bank account I see how much money has come in, and I take a percentage of it and move it to a separate account.
If you have to take the money out again, that’s okay. That’s what it’s there for. But the muscle you’re building means you won’t wait to do this until you “have enough” but instead you’ll just be doing it all along.
The most likely scenario is that you’ll gradually increase rather than making big jumps, and so this saves you the step of deciding when you “have enough” to do it. Instead you just do it now.
Additionally, you may notice after a few weeks or months, that although you take money out of the savings account to cover expenses, you may not take out quite as much as you put in. Not quite.
Over time, that builds up. And it feels wonderful.
I remember a client telling me the first time, after a couple of months, noticed he had $500 saved up! That was a thrill for him. Another client, after a year of this, had a few thousand dollars saved. It wasn’t enough to retire on, of course, but it was significant.
Right now, start this practice. It will give you a running start into a healthier money future in 2016.
I’m curious – what other money practices do you do that have been helpful?
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6 Responses
Thanks so much for this! I agree that the way most of us work with and view money is dysfunctional. I love the concept of holding onto your money – even if just for a bit – and taking stewardship over it. What a profound concept. What works for me has been keeping a monthly budget, and at the end of every few months, looking back to see where I can pare down in upcoming months. What things did I spend money on that I don’t need to, that didn’t nourish me or bring me fulfillment? Like cable television. An expensive cell phone plan. New clothing. Each month I try to scale back just a little, and live more minimally. I love watching the savings increase, and the feeling that I’m taking control of my finances. Thank you again for this new perspective!
Michelle- I love the practice you have of watching your budget, and then reviewing it, and using that to make decisions that feel nourishing. Some might say that paring back continually is constrictive, but in your writing I can feel how freeing it is. Woo-hoo!
Thank you for that energetic perspective! Just reading it made me feel hopeful and grateful.
Shannon- yay! I’m so glad to hear that. 🙂
Thank you for sharing such a helpful, doable practice, Mark–both the energetic aspect and the practical one.
As much as I want to save, I usually feel like when money comes in…it needs to go right back out. I like that you offer a place of practice even when this is the case, offering a more spacious, lighter alternative to the heavy, stressful feeling of not having enough coming in to save right now.
Really appreciate your explanation of why this is helpful even when you still have to use most or all of the money you set aside–makes total sense that it will feed a new sort of relationship with income…and foster a new pattern that will then be in place when more money is flowing in. Thank you!
Dana- you are so welcome. And I know that you are not very far from being in a place of keeping the savings rather than spending it. 🙂