My Money Habits As A 6-Figure Spiritual Business Owner
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"I'm just not good with money."
"I don't like looking at my bank account."
"It's just not my thing."
Sound familiar?
This is something I’ve heard many times over having coached 100s of spiritual women in business over the last 10 years. And it’s a story I refuse to buy into.
Because being "good with money" is something you can learn. It's a skill. But you can't learn it if you stick your head in the sand and refuse to look at your bank account or your relationship with money.
A client recently asked me what my money habits look like as a spiritual business owner, so today I'm taking you behind the scenes and sharing my money habits as a six-figure spiritual business owner, including my weekly money magic hour and my monthly money date.
Please note: This is not financial advice. This is just my experience and the habits that have worked for me.
Why Money Can Feel So Complicated for Spiritual Women in Business
Money has been a taboo subject for a long time, and as women it can be even more uncomfortable.
Historically, women have not had financial independence for all that long. Either you or your mother are likely to be the first woman in your family to have your own bank account and the ability to control your own finances. So it makes sense that our relationship with money is complex.
As a spiritual woman in business, there's an added layer. Traditionally, women's work has been undervalued. Spiritual work has been undervalued. And when the work you do feels so close to your heart, so much an embodiment of your purpose in the world, the idea of charging for it can feel uncomfortable.
But here’s the thing…
Women are worthy of earning good money for the work they do.
Your time, your energy, your gifts and expertise are worthy of remuneration. YOU are worthy of being paid well.
And further to that, we know that when women build wealth, they are more likely to invest that money back into their community and their family than their male counterparts.
So more women earning more money is good for all of us.
Business Finance Basics for Spiritual Entrepreneurs
When I first went full time in my business, about 18 months after starting, I realised I needed to get a lot more serious about how I was managing my finances.
These are the foundations that I put in place at that time that have served me well:
Separate your personal and business finances. If you haven't done this yet, it's a great first step.
Set up accounting software. I use QuickBooks and lots of people use Xero. Whatever you use, this is about tracking all of your income and all of your expenses in a really easeful way.
Get a bookkeeper and an accountant. I would highly recommend getting expert advice, particularly if you don't feel like you're good with money or numbers.
Your finances are your responsibility as a business owner. So it's up to you to be on top of that.
Habit 1: My Weekly Money Magic Hour to Manifest More Money in Your Business
The first habit is what I call my weekly “Money Magic Hour.” It's an hour I set aside each week where I look at my money.
I pay any invoices that need paying. I track the income that's coming in. I look at my recurring revenue and what I can expect to have come in over the coming months. I update my accounting software.
My VA now manages the payment plan tracking, but every week I'm still looking at my bank account and am always across what's coming in and what's going out.
Something I truly believe when it comes to money is where your focus goes, energy flows. Having this time set aside where I intentionally pour energy into my money each week is one of the ways I'm consciously manifesting more of it.
And I want that energy to be high vibrational. So I make it a ritual, I make it fun, I make it enjoyable. It’s not something I begrudgingly sit down and do.
If you don’t mind a bit of R&B and rap music, you can listen to my Money Magic Playlist on Spotify.
I aim to do this every week. Sometimes it's a quick check in or it's fortnightly instead of weekly. It’s noy about being perfect with it. It’s about prioritising it, and picking it back up again when it slips.
Habit 2: A Monthly Money Date With Your Partner
My husband Matt and I started our monthly money date about two years ago.
At the start of every month, we put the kids to bed and sit down with our spreadsheet, the most basic spreadsheet you've ever seen.
Again, it’s about the energy – so we make it special. We eat a chilli oil pasta we can't have with the kids, and we talk about our finances, our plans and what we've achieved that month.
We look at our expenses and whether that spending is aligned with our values. We look at the income that's come in and our big goals for the year. We check in on the actions we set last month, then set new actions and goals for the month ahead.
And it has made a huge difference to our personal finances over the past 2 years.
When we first started, we were really at capacity. We were often spending most of what was coming in, and interest rates were going up almost every single month, so our mortgage kept getting more and more expensive.
So we started with really small, really achievable actions that had been sitting on the to-do list forever. Banking an old cheque. Selling stuff on Facebook Marketplace. Reorganising our automatic deposits into savings and our mortgage.
Less than two years later, we're now in a position that feels wildly different and focusing more on the big picture wealth building side of things.
We've engaged a financial adviser who has helped us take things to the next level for us.
Again, we’re still not perfect with it but that’s not the point. The point is continuing to take those small strides and see it start to stack up.
Start Small and Take Responsibility for Your Money
As business owners, as women in business, as women in general, we need to take responsibility for our finances.
We can't bury our heads in the sand. We need to step up and be in the driver's seat. Get the support you need: a bookkeeper, an accountant, a financial adviser when the time is right.
If you're in a partnership, ideally you come together and have these conversations – but if your partner isn't there yet, keep going anyway. Someone's got to take the reins.
And start small. You don't need to do everything at once. Just start, and you keep going.
Find what works for you and start pouring your energy in that direction. There's absolutely no way that doing this consistently won't make a difference.