by Kendall SummerHawk
Have you ever felt the thrill of having a financial windfall in your business - like signing on a new client, launching a program, landing your first higher-fee client or receiving an unexpected commission check -only to see the money disappear by the end of the month?
At that moment, you're probably wondering, "What just HAPPENED?!" and feeling out of control or even powerless when it comes to money.
Emotionally, experiencing a financial windfall can often trigger old patterns of not feeling good enough, guilt, shame or deservability. It doesn't matter how much you may need the money, unless you know what to do, these feelings unconsciously take over, causing nasty money leaks to spring up and drain you of your new-found windfall.
Despite what it may look like on the outside, trust me, you are MORE in control of money than you realize or may be giving yourself credit for.
Money leaks are a big reason why so many women entrepreneurs find themselves stuck in a pattern of playing small, working too hard and hanging onto a financial edge.
The good news is, getting even a few of these money leaks handled can have a huge positive impact for you and your business, including your energy and your cash flow.
Here are 4 simple tips to help you keep money leaks from sabotaging your income.
Step #1. Get Wise to Your Patterns
If you can pinpoint the pattern that results in money leaks, you're already a step ahead. For example:
Do you swing from overwork and bringing in the bucks, to complete exhaustion?
Do you overspend as a way of feeling good in the moment?
Do you slip into giving money away to make up for feeling guilty or unworthy of having more?
Do you avoid discussing money because you're worried what others will think of you?
Or do you use secrecy to avoid conflict or as a way of sidestepping the risk of others knowing what you're bringing in?
Let's be honest, we ALL have our patterns and no one is perfect when it comes to money. So the more truthful you can be with yourself, the faster you can begin to make new choices, to feel financially empowered, take control and get into aligned financial action.
Step #2. Receive Permission to Have More
In my money workshops I've had more women ask me to "give" them permission to make and keep money than I can count. I'm always happy to give them a blessing, making it safe for them to feel loved and accepted by someone they trust, so they can create greater income.
Why does this work? Because EVERY woman I've ever coached on money has someone in their life they have concerns about upsetting, making angry, disappointing, hurting or disempowering in some way, should she make and keep more money.
Please take this to heart: Your desire to be financial successful does not disempower anyone! Is it possible someone in your life may perhaps feel threatened if you have more money? Perhaps, but if that happens, that's their money story to look at, not yours.
Remember, you playing small does not help anyone else feel better about themselves.
Step #3. Create Financial Stickiness
Financial stickiness is created with simple, easy rituals you can begin taking today to help more money stick to you, instead of fly out the door. Here's a beginning list to get you started:
Do you track your income daily? How about all of your expenses?
Do you have a 60-Day Bold Money Goal that pulls you forward to grow your business and strengthen your belief in yourself?
Have you set a minimum amount you won't allow your bank balance to dip below? I call this your "Warrior Line" and maintaining this amount as a minimum in your bank account frees you to never worry about bouncing a payment, or having to pay those annoying overdraft fees.
Do you have a pay-down plan for debt? Most entrepreneurs tap their credit card to fund the growth of their businesses. With a pay-down plan you'll let go of feeling guilt and instead, know you have your debt handled.
Do you have a weekly money date where you keep your finger on the pulse of your cash flow? This is treating your business like a business and can help you avoid slipping into a pattern of denial.
Money rituals like these build your confidence and help you trust yourself with money.
Step #4. Plan for the Unexpected
Unexpected expenses can hit you hard and contribute to feeling stressed or out of control with money. One simple trick is to set aside a small amount every month designated specifically for unexpected expenses like a workshop fee for that event you don't want to miss, a new website to help you launch your new venture, or getting business mentoring and training.
Here's the key: the ritual of setting money aside is more important than the amount. This is because you're training your brain to handle money with purpose and clarity. You'll end up feeling financially empowered and in control, so think of this ritual as building your money muscle.
Plus, when those unexpected expenses come up, you'll have at least a portion of the money banked, keeping you from experiencing a financial "gotcha!" when you're not expecting it, or better yet, letting you invest in something new and exciting that will help you grow your business.
Your money breakthrough journey is one you can easily start today, in small, specific, practical ways.
When it comes to money, "Little actions create YOUR financial freedom".
After coaching thousands of women entrepreneurs on money, I promise by taking the actions I've coached you on here, the money breakthroughs you want will come to you faster and easier than you've ever imagined!
About the Author:
Kendall SummerHawk is the leading expert in women entrepreneurs and money, and the founder of Women In Coaching.com. Her marketing expertise and training programs have helped thousands of women increase their self- worth and their net worth, by becoming thriving entrepreneurs.
Kendall is the creator of numerous certified coach training programs including Sacred Money Archetypes®, Money Breakthrough Method®, Certified Money, Marketing and Soul® Coach Training and the Stars 6-Figure Courageous Coaching® business training program for women entrepreneurs. She is also the recipient of numerous awards including Stevie Awards for Female Entrepreneur of the Year, Mentor of the Year and Women Helping Women.
Have you ever needed to create cash flow quickly in your business but you just weren't sure how to do it?
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