Learn about the limiting beliefs around money and how to overcome them to be a financially empowered artist.
Money and art often appear as incompatible forces. As an artist, you may encounter difficulties in managing your finances, budgeting effectively, or asserting your true worth. These challenges often stem from limiting beliefs about money. Recognising and reshaping these beliefs is paramount to attaining financial stability and chasing your artistic aspirations without constraint. In this article, we will delve into seven common limiting beliefs about money that artists should transform right now.
List of limiting beliefs about money
1) I don’t understand how money works.
The comprehension of financial concepts might seem intimidating. The good news is that you don’t have to learn everything all at once: you cna take it one book at a time, or one budget tutorial at a time. Numerous resources, courses, and books are available to demystify financial principles, depending on what you want to strengthen about your financial position or knowledge. It’s vital to educate yourself about budgeting, investing, and financial management to make well-informed decisions, but don’t overwhelm yourself with everything at once. Start small, one concept at a time, and build yourself up from there.
2) Budgeting is too hard for me.
Budgeting is not the exclusive domain of financial experts. In fact, it is a practical and accessible tool for everyone. Begin by crafting a simple budget, monitoring your expenditures, and establishing financial objectives. Various budgeting apps and templates are accessible online to simplify the process. If you give it a go, you may realise it’s a lot simpler than you thought, as long as you show up and consistently track your income and outgoings.
Why not start with my simple and beautiful template:
3) Saving money means I won’t live life to the fullest.
Saving money does not equate to renouncing life’s pleasures. It’s about making responsible choices that allow you to relish life while safeguarding your financial future. By budgeting for both necessities and leisure, you can find that balance without feeling like you’re missing out on anything.
Setting aside some money every month to keep in your savings doesn’t mean that you have to live extremely frugally – it means that anything you spend your money on is chosen mindfully and planned for, and that you are reducing impulsive buying to a minimum in the name of achieving your financial goals.
4) If I don’t buy the things I desire, I’m missing out.
Consumerism can be alluring: we have been indoctrinated to think that if you don’t buy stuff, you are worth less and your life has to be pitied. The truth is that genuine satisfaction does not solely emanate from material possessions. Shift your focus towards experiences, daily mindfulness, and personal growth.
Your simple day-to-day routine can be incredibly meaningful and bring you a lot of joy if you take the time to build a solid routine that adds value to your life and brings you closer to a healthier and happier approach to everything you do. Buying stuff you don’t need won’t do that for you.
5) I am not worth a higher fee
Your art carries value, and so do your skills. Do not underestimate your worth as an artist. Research industry standards, quantify the value that you are bringing with your practice, and exude confidence when negotiating equitable compensation for your work.
6) Selling my art makes me guilty of capitalism
Artistic expression and capitalism are not mutually exclusive. Selling your art is a legitimate means of sustaining yourself as an artist and should not create any guild whatsoever. Embrace the notion that your creativity can contribute positively to the economy while staying faithful to your artistic vision. Money is neutral, and you earning it says nothing about who you are as a person. If someone is ready to purchase something off of you for the price that you set, that means that what you make has a market, and you are supplying something there is demand for.
7) Having full control of my finances is too stressful
Although managing your finances may be daunting, it need not be a source of anxiety. Seek assistance from financial experts, employ digital tools, or establish a financial plan that aligns with your artistic lifestyle. Exercising control over your finances can provide peace of mind and the liberty to concentrate on your craft. Procrastinating of flat-out refusing to engage with money is what will take away from your are and cripple you with anxiety and stress.
How to Overcome Limiting Beliefs About Money
To reframe these limiting beliefs, consider the following actions:
Identify and acknowledge your limiting beliefs
Awareness is the first step toward change. Notice whenever you are having negative thoughts about money and interrogate yourself about them.
- Write down the self limiting belief about money
- How does it make you feel?
- Why did you have that thought?
- Where does that thought come from?
- Can you take some distance from it?
Challenge these beliefs with evidence, logic, and knowledge
Pursue information that counters your negative convictions. Separate your sef-doubt from actual truth. Identify the things that you can act on that would reduce the doubts you have about your capabilities as an artist to earn and manage money.
How much of the limiting belief is true, and how much of it stems for your lack of self-belief?
What can you learn that would make you feel more empowered about saving money?
What can you learn about a new pricing model that would make you advocate for better fees going forward?
What are the knowledge gaps that you need to fill to feel less anxious about budgeting?
Substitute negative thoughts with positive affirmations
Foster a healthier money mindset by frequently repeating positive statements regarding your financial capabilities. Write them down and embrace a more affirmative and empowering attitude to encourage yourself to show up and provide yourself with financial care.
Seek guidance from mentors or financial advisors
Professionals can provide direction and support to help you conquer your limiting beliefs about money.
I, for one, offer 1-1 chats that cna help you reframe your mindt about approaching personal finance. I can offer you tools and templates you can use to get started with a personal finance plan, and even setting up a business financial plan for you to follow to make your art financially sustainable. If this is of interest, come say hi and tell me about yourself!
Embrace Financial Education
Educate yourself about the fundamentals of personal finance. The more you understand about money and how it works, the more confident you’ll become in your financial decision-making.
Here is a list of amazing books to read if you are just starting out your journey to financial literacy. I suggest starting with “The Simple Path to Wealth” by JL Collins, which I absolutely loved!
Surround Yourself with Supportive Communities
Connect with fellow artists and creatives who share similar aspirations and challenges. Joining art-focused forums or networking groups can provide valuable insights and emotional support, especially when it comes to sharing financial challenges and best practice. You’ll find that you’re not alone in your journey to overcome limiting beliefs about money.
Visualise Financial Success
This is a bit of a woo-woo point, but creating a vision board or use visualization techniques to manifest your financial goals can be very motivating and put you in the right frame of mind. Picture yourself achieving financial stability and success as an artist. This visualization can serve as a powerful motivator and help reinforce your positive money mindset.
Set SMART Goals
Establish Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals for your finances. These goals provide a clear roadmap for your financial journey and can help you track your progress. When you achieve these milestones, it reinforces your ability to manage money effectively.
Here are some examples:
- Saving £3,000 by March 2024
- Getting my Credit score up to Excellent by next year
- Repaying the Credit Card debt within the next 6 months
- Sell £1,000 of my artwork next month
- Create 3 pieces of content this month, and promote my products in my next newsletter
And so on. All of these are specific SMART goals that will help you get closer to where you want to be financially.
Mindfulness and meditation can be powerful tools for overcoming negative thoughts and beliefs about money. These practices can help you stay focused, reduce financial stress, and maintain a healthy perspective on your financial situation.
Track Your Progress
Regularly review your financial situation, track your spending, and monitor your progress towards your goals. By keeping a close eye on your finances, you’ll gain confidence in your ability to manage money effectively.
Celebrate Your Wins
Acknowledge and celebrate your financial achievements, no matter how small they may seem. Celebrating your successes reinforces the belief that you are capable of managing your money wisely and reaching your financial goals. It’s a great opportunity to practice gratitude and strengthen your confidence and belief in yourself.
Conclusion about limiting beliefs around money
Overcoming limiting beliefs about money is an ongoing process, and it’s perfectly normal to encounter setbacks along the way. The key is to remain persistent and committed to changing your mindset and financial habits. By doing so, you can break free from the shackles of negative beliefs and create a more prosperous and fulfilling artistic journey.
In conclusion, as an artist, reframing your limiting beliefs about money is an essential step toward financial empowerment and artistic success. By acknowledging and challenging these beliefs, educating yourself, seeking support, and adopting positive financial practices, you can take control of your financial future and pursue your artistic passions without compromise.
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