Don’t Say Budget Say Money MAP (Mindful Action Plan

If you are setting out on a journey, as an adventurer, you will need a map to guide you and a compass to make sure you stay on track. It is the same when setting off on a financial adventure. Keeping all your kit neat and organised makes the trip much more pleasurable.

Again, the same with money. By giving money love and attention, your financial adventure will go so much more smoothly.

So, what do we need to get going on our financial adventure?

Ok – let’s talk Money Mapping. I think budgets are boring. I like to money map instead!

By mapping our money out, we can then use it to mark a route to our desired financial destination – our financial goals.

Money Mapping can be great fun – if the figures work out nicely. But it can also be worrying and not so much fun – when they don’t. The thing to remember though, if you have not Money Mapped before, the starting point may not be very pretty, BUT it IS the starting point – the start to move away from, on your way to the place you would rather be.

Jim Rohn said “we start from where we are with what we have got”

It is all about knowing your numbers and making them come alive.  There is no magic wand.  We need to put some time into this and get PERSONAL and INTIMATE with what we earn, spend and save.  The trick is to make it INTERESTING and view it as an adventure not a chore….

Please don’t believe that your money map will be created in one session – it won’t. This is a work in progress, but practice change! The sooner you get this complete, the sooner you will be able to continue the journey and enjoy the scenery instead of head down planning!

Mapping your money is simple.  Here are the steps you need to get it done:

1. Note down your income. This is the sum you receive after tax has been paid.  If you are self employed and your income is not stable, use the average income you receive.
2. Make a list of every of your fixed expenses. The regular monthly bills Eg  Rent or mortgage, electricity, gas, council tax, water, clothes, pets, etc
3. Now list all your variable expenses – the ones that change from month to month. Include holidays, Christmas, birthdays, weekends away, theatre trips, cinema etc
4. Include anything transport, buying things for the home, home maintenance etc
5. Track your spending – this is so important. Finding out where you spend your money is very helpful and you may get a few surprises.  Tracking your spending will help you create your money map and then stick to it – keep you on track.
6. Adjust your habits to make sure you are not spending more than you earn. 
7. Set your destination or financial goal – what do you want to achieve? Think long and hard about this.   Maybe you want to focus on paying off debt right now?  Or maybe you want to save for a holiday?  As part of your goal, include setting aside around 6 months of living expenses as that mind calming buffer – the pot of money to help you out when something crops up that you weren’t expecting.  Covid is a great example, losing your job or becoming poorly so that you cannot work etc.
8. Keep on track – by looking at your numbers regularly you will be able to keep target. Just like dieting, tracking as you go helps you to reach your goal weight – do the same with your money. I find an app like Money Dashboard to be really helpful.  I use it regularly.

Remember: This is work in progress. This is a big task! But the sooner you start it the quicker it will be complete. Money Mapping and tracking are best if they become as normal as cleaning your teeth!

This task is best achieved in bite sized chunks!  45-minute sessions, then take a break.

If you have found that you have resistance…

If you have found that you have resistance to this task – DON’T WORRY. Try journaling exactly where the resistance came up in your body. Journal what you were doing when the resistance came up. Dig a bit deeper into your emotions and feelings and ask yourself where you think it is coming from. Maybe it is a belief that is coming up around money – if so, what is it? When you focus on that belief – ask yourself if it is actually true and does it serve you.

To be an excellent money manager, you will need to be able to keep your money map up to date and track for your money adventure to progress.

If you really are being held back by something, be kind to yourself, but at the same time know that a breakthrough is required so do dig deep into your mind rather than just casting the task aside. You may feel that further work is needed to help you. If so, please feel free to book in for a chat with me here.   

TIP: Go through the exercises above but don’t look at your real figures – make them up first time around! Yep – try creating your Money Map with fantasy figures or build a paper Money Map with made up figures. But DO go through the exercise with the REAL figures too.

Please do let me know about your feelings of resistance by messaging me.

Resistance will be overcome – discovering the source of the resistance will help to break it. Practice changing, and change will happen.

Good Luck!