Self-love, Self-Care and Money, how are they related?

25 Apr 2022

Published in: Member News

The stress and overwhelm of money management can get worse if you neglect yourself!

How are self-love, self-care and money related?

That is a great question, and one I would love to explore with you today.

WHY do you need a finance coach and mentor, or why specifically do you need me.

As you may or may not know as well as being a Finance Coach and mentor I am a qualified Accountant, with many years of experience in Management Accounting for multi-million-pound businesses.

This has given me a wealth of practical knowledge when it comes to managing cash flow and business funds, then teaming that with my experience as a freelance accountant I feel I have a pretty rounded idea of how business finances work.

This is just the practical part of what I do, my personal experience as a business owner has made me understand why Self Love and Self Care are integral to your life as a business owner, especially when it comes to money.

I myself have been in a situation where due to one of my clients not paying me I have not been able to pay my suppliers.

That feeling when you can't pay your way is horrific, I would be filled with shame and embarrassment at talking about this, but now, not at all.

It is my fault I was in the situation?

Yes, 100%, I am the one that made purchases reliant on someone else, I am the one that promised payment to people on the reliance of someone else, I am the one that put myself in a situation where all my eggs were in one basket and I was reliant on this clients money for my business to run.

What lessons have I learnt from this situation?

1. Do not put all your eggs in one basket

2. Do not blame the client for not paying you, it is not their fault you can't afford to pay your bills.

3. What am I doing differently going forward?

This is where it gets tricky, how do you rectify this situation?

You need to diversify your income, you need to manage it better.

But how? How indeed, you can't force people to buy from you, you can't stop paying suppliers when you are in a committed contract, so what can you do?

Better money management

This is what I started with, it was something that I had control over, I looked through all of my business and personal payments and cancelled the ones that I didn't need.

I looked at all the money coming in and out and prioritised bills such as a mortgage, utilities and the business services that I needed to run my business.

I had to cancel some of the perks I had, such as Netflix, Amazon Music, Audible Subscription etc. this didn't mean they were cancelled forever, just for now, while I was getting things under control.

It wasn't easy, but it is necessary

It is so easy to go into a panic and overwhelm mode in this situation, but what I found was, taking more time away, more time for me, more time to sit and read a book, go for a walk, go to the park with the kids, rather than throwing myself into my business 24/7 turned the situation around.

Self-love, Self-care and money

This is where they become related, knee jerk reaction in this situation is to stop any self-care and self-love, whereas in fact to create more abundance in your life, you need to increase self-love and self-care.

Sounds counterproductive right? I thought the exact same thing, but do you know what happened, the more time I took for myself, to give myself love and care, the easier the situation got, the better I felt about it.

Feel like you need some help?

If any of this is resonating with you, if you are currently going through the same panic, overwhelm and stress that I was going through then I offer £99 Power Hours, these Power Hours will be geared towards whatever support you need.

Be it money management, financial coaching, money mentoring, or even help on getting your self-assessment done (I am an accountant after all)?

One of the biggest worries as a business owner can be the tax bill that is due in January, but so many business owners leave it until the deadline to do it, but here is a tip for you, do it now, understand if you have anything to pay, then put money aside between now and January 23 to pay for it!

You can thank me later!

If you are considering a power hour I will put the link below, as well as the link for a FREE 20 Min Curiosity Call if you are interested in finding out what else I have to offer.

Have a great week!

Calendar Booking Link 

Submitted by Leah from Leah Crowfoot - Finance Coaching and Mentor
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