5 Valuable Money Lessons Learned in 2024
As the years change we learn so much! I thought it would be fun to talk about money lessons learned in 2024. It’s been a really fun to hear from you and what you’ve been learning about money and yourself through your money. So, let’s talk money lessons!
Lesson #1: Don’t be pressured into making a buying decision.
We are taught when we’re selling to create that sense of urgency. Sometimes it’s easy to feel pressured by urgency to make a decision that may not really be best for you. This actually happened to me this year. I think there’s always things that we can learn from. For a lot of things, what we put into it equals what we can get out of it. But in hindsight, I regret spending that money and wish I would have spent it elsewhere.
Another thing I learned through that experience was that, for me, sometimes I can have a hard time saying no. So I need to have some of those systems in place, like the ones I’ve talked to you about before. That way I don’t fall into that pressure again. This is another place where it’s really important to have a plan for your money and for your spending. That spending plan can be a really helpful tool so that you don’t fall into that trap of being pressured or feel this shiny object syndrome in the moment and buy something that you don’t really need for that time period.
One other tip that people have shared with me is that sometimes a 24 hour rule before purchasing something is really helpful so that you can make sure that you’re not making that split second decision and being pressured by the urgency and instead making a thoughtful decision with your money.
Lesson #2: Embrace delayed gratification.
This one is easy to say and hard to do. Waiting for purchases, waiting for timing, can really lead to better financial and emotional outcomes. When you have really saved money for something and planned for that investment, you can appreciate it so much more. I think you really soak up all of that experience, group program, or whatever it is because you’ve been waiting for it and planning for it.
This is why I really encourage people to create a wishlist in their business for those larger purchases, because sometimes you have must have things in business that you just have to pay for. It’s also okay to have a nice to have list or a wishlist as I call it and work hard to get your income high enough so that you can meet those wishlist goals.
All of that has to do with delaying gratification. Not just spending all of that money on willy-nilly silly things. Even those tiny purchases that add up. But instead of having a plan and sticking to that plan. So I love that lesson of embracing delayed gratification.
Lesson #3: I spend too much.
That was the lesson learned. Listen, we all have areas in our lives where we tend to overspend where that is such a temptation. First of all, it’s great that you are self aware. My recommendation is this – I think we could probably all use that reflection time period to look at some things. Is this me in some areas and how can I come back?
Money lessons are everywhere but for this one I have some tips. My tips are to track your spending a review your purchases at the end of the month. I am telling you I’ve had so many clients tell me that just listing out all of their subscriptions helped them save money. They realize that they forgot about things that they had signed up for and weren’t actually using.
I hope that inspires you to do the same. Go back through your spending. Really see what you’re spending money on. Ask yourself, “Is this important enough, am I getting a return on those investments?” Or “Am I just spending too much money that I could be paying myself or getting to those wishlist goals?” Also look at whether there are other ways that you could use that money.
Lesson #4: Don’t be tight fisted with money.
Instead, look for opportunities to be generous. I love this because so many business owners that I talk to, especially female business owners, started businesses because they want to be more generous. We want to have more money so that we can give it away or donate it to charities or have causes. I think so many of us want to be people that donate some of our sales to organizations and charities and things that really fire us up.
Let’s be real. You have to have money in order to be generous and give it away. I love this idea of looking for opportunities. I think that would be a great challenge to see when going back through and looking at subscriptions, if there are things that you can get rid of. Maybe instead you could donate some of that money. Or maybe, you could just see how you could give this as gifts to clients or contractors that you work with. It doesn’t just have to be a charity. It can just be that generous. Looking out for others or maybe you pay for someone to be in a membership or a course with you. All these little kinds of things that can really bless people that aren’t necessarily a “big thing”. But I know that that is the heart for most of you.
I’m reading books lately that have just been talking about what you look for, you will start to see more of. If we look for opportunities to be generous, we’re going to start noticing more opportunities to be generous. I loved that mindset transformation too of not holding so tightly to it for ourselves, but looking for opportunities to be generous. What a great goal to have for years to come even to look for more ways that we can practice that. Money lessons are even learned when it comes to mindset.
Lesson #5: Don’t just buy something just because it’s on sale.
I am going to be honest, I can be tempted by a good sale or a good coupon code. The thing is it’s really only a good deal if you truly need it. I added something to my cart this last Black Friday. I had put my credit card information in and I had gone all the way through the checkout page. Then, I had a hesitation before I clicked the button because I don’t think that was something that I truly needed in my business in the next six months. Yes, I might end up using it over the next year, but I didn’t want to get trapped by it being on sale. I bought it only because of that. Then it just sit there unused for a while.
If this is also you, we can just remind ourselves that yes, we want to save money. But it’s not good to us if the thing just sits forever. You really want to pay attention to how much the sale is really worth. Again, just go back to your list of things that you want to invest in, in the future. Really compare that to this thing that’s on sale. Is it really going to help you meet those business goals? If it is, great! Try to always buy it when it’s on sale. Or get a friend’s code or look for coupon codes to save money. If it’s not, it’s really good to just go through the process of asking yourself, “Do I really need this or do I want to buy it just because it’s on sale?”
Money lessons are valuable lessons we learn as business owners.
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