“Too much money is as demoralizing as too little, and there’s no such thing as exactly enough.”  ~ Mignon McLaughlin.

I’m hoping there is such a thing as “exactly enough money” — because that’s what this blog post is all about! For instance, if I make my mortgage payment every month, then I have enough money. (The devil on my shoulder whispers, But what if that’s not enough? What if you’re never financially satisfied? And I say Shush shush SHUSH!!).

If you want to create financial abundance, read The Money Coach’s Guide to Your First Million: 7 Smart Habits to Building the Wealth of Your Dreams. And, here are five ways to apply mindfulness to your life, so you get enough money. Be a financially independent woman, be empowered and secure!

5 Mindful Ways to Get Enough Money – Mignon McLaughlin

Financial independence and security isn’t just about getting enough money — but having enough money does put our minds at ease! These money tips for women aren’t just about achieving financial goals, they’re about creating a better relationship with money through mindfulness.

1. Pick two or three money “mentors.” Who do you admire and respect because of their money management skills? Pick at least two money mentors (women who have succeeded financially, even if that “just” means saving $10,000 for a car or down payment on a house). Spend time with them. Pick a money mentor you can rub shoulders with in person, and a money mentor you can learn from online, on TV, or on the radio (Suze Orman, for example).

2. Ride the financial ups and downs with “mindfulness.” Getting enough money — enjoying financial independence – is about riding the financial roller coaster of debt, income, and household bills without losing sight of the big picture. Instead of letting a financial upset (eg, an unexpected car repair bill) throw you off course, stay focused on how wonderful it will feel to be financially secure. This is being mindful!

3. Learn about your money personality. Do you think you don’t know how to handle the bill payments, financial investments, or wealth accumulation?  Negative money beliefs will stop you from getting enough money. To be more mindful about your money, figure out your money personality – which often comes from your childhood. For example, women may spend more money than necessary because of childhood experiences. If you’re addicted to shopping, remember Mignon McLaughlin’s words: ”Money is much more exciting than anything it buys.” Avoid the trap of shopping, consumerism, and emotional spending.

4. Put your money personality to work for you. It’s easier to break bad money habits when you know what comes naturally for you. For instance, some women love to invest in the stock market, while others need to stop emotional spending. Some women need to focus on their household budget, while others are more comfortable pinching pennies (like me!). To apply mindfulness to your money situation, focus on what comes naturally. Delegate other money management tasks to your partner, reliable family member, or financial advisor.

5. Be mindful literally: visualize getting enough money. What does “getting enough money” mean to you? Do you want to pay your mortgage, or start saving for a summer cottage at the lake? Maybe you want to start your own business, or save enough money to be financially independent. Use the law of attraction: visualize what your ideal financial life looks like and stay focused. Using mindfulness to get enough money is especially effective when when you discuss your money goals with your partner, family members, and friends. Talking about your goals can make them more real and tangible. And, talking can keep you accountable!

But, don’t let money rule your life! “When you let money speak for you, it drowns out anything else you meant to say,” said Mignon McLaughlin. Make sure you control your money — don’t let it control you.

If you have any thoughts or questions on these mindful ways to get enough money, please comment below…

Related posts:

1. 8 Smart Ways Women Can Save Money – Suze Orman
2. Is This a Risky Financial Investment? Money Tips for Women
3. 9 Tips for Taking Control of Your Money for Women

“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”

In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we are as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…

5 Signs of a Financially Independent Woman – Suze Orman

1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.

2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.

3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.

4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!

5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.

One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money (I like it better than Suze Orman’s Women and Money).

Orman has the final word about money, though:

“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”

Are you financially independent? If not, have no fear…read Steps to Financial Independence for Women!

Related posts:

1. Financial Independence for Women – Quips and Tips
2. Is This a Risky Financial Investment? Money Tips for Women
3. 9 Tips for Taking Control of Your Money for Women

“Age is more than just a number when it comes to financial planning,” say Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

The sooner you take charge of your money, the happier you’ll be. For information and inspiration from Suze Orman, click Women and Money: Owning the Power to Control Your Destiny. And, read on for nine tips for basic personal finance for women…

3 Tips for Taking Control of Money for Women in Their 20s

Set Financial Goals.  The first step to putting together a financial plan is to identify what you want, when you want it, and what it will take to achieve it.  Be sure to write down your goals so you have something to refer back to as you plan.

Live On a Budget.  A budget doesn’t have to be onerous and it’s a key component of a solid financial plan. Start by writing down your monthly income, track and total how much you are spending monthly, and determine your debt-repayment obligations (i.e., credit card, student loans).  After calculating your monthly expenditures, subtract that from your total monthly income.  Allocate the amount you have left over toward savings.  If you’re falling short on savings, think creatively about ways to cut spending. 

Make Saving Money Automatic.  Once you’ve determined your target savings amount, consider setting up an automatic transfer from your primary bank account to a dedicated savings account each month.  Also, do not miss an opportunity to enroll in your employer’s retirement plan, such as a 401(k) plan, and take advantage of matching contributions, if available.  Whether you have access to an employer-sponsored plan or not, consider an IRA.

If you’re raising children, you’ll find Being a Financial Role Model helpful!

3 Tips for Personal Finance for Women in Their 30s

Set Up An Emergency Fund.  Save and set aside enough cash to cover at least a minimum of three, and ideally six, months of living expenses in case of disability, unemployment or an unforeseen event.

Seek Out Financial Professionals.  Identify a team of professionals (i.e., financial advisor, accountant, attorney) that you feel comfortable working with.  Ask friends and family for referrals and interview potential advisors.  Once selected, regularly review your financial plan with your team and be sure to check in during any life transitions such as having a child, or getting married or divorced, as these events may impact your plan. 

Define Your Investment Strategy.  Work with your financial advisor to develop a target asset allocation for your portfolio.  Tell your advisor when you would like to retire and discuss your tolerance for risk so that s/he can help you allocate your portfolio accordingly.

If you’re married or living with a partner, you might find Dealing With Different Money Personalities as a Couple helpful.

3 Money Tips for Women in Their 40s

Cover Yourself With Insurance.  Personal insurance includes health, life, disability or long-term and property insurance typically includes auto and homeowner’s.  Learn about your insurance options and determine the type and amount of coverage that makes sense for you and your family.

Protect Your Legacy. Even if you if don’t have children or consider your assets significant enough, still think about executing a will, living will, power of attorney and health care proxy to outline your wishes in the event that you are unable to make decisions for yourself. 

Maximize Retirement Contributions.  With your earnings at its peak, now is the time to boost your savings.  Contribute the maximum amount to your retirement plan. If you have children and haven’t done so already, start a savings fund for their college education.  If you’ve already started a college fund, now is the time to maximize your contributions to it.

If you have any thoughts or questions on these tips for basic personal finance for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

Related posts:

1. Is This a Risky Financial Investment? Money Tips for Women
2. 10 Tips for Teaching Kids About Money – Women and Co
3. Money Lessons for Women in Their 50s and 60s