The Baker’s Dozen (or 13) of Money Blocks

Older women often have to manage difficult financial issues and the demographic most at risk of homelessness, currently, is older women. Therefore, it’s incumbent on us to look for strategies to mitigate senior financial problems. And money blocks is a great place to start.

So, What Is a Money Block?

In short, a money block is a way of thinking, a mindset or a feeling that gets in the way of you reaching the financial success you want. Money blocks are real. They are based on false beliefs and quite often you’re not even aware of what they are. In fact, most times, they’ll sabotage you in sneaky ways.

The first step to breaking free from your money blocks is to become aware of them. Once you’re aware of your patterns, you can start to change them.

Manifesting Money Blocks

There are many ways that money blocks can manifest in your life. Some common ways include:

• Procrastination
• Perfectionism
• Self-sabotage
• Self-defeating patterns
• Limiting beliefs about what’s possible
• Negative emotions
• Underearning

Do I Have Money Blocks?

If you find yourself struggling to plan and achieve your money goals, it’s likely that you have some money blocks. Other signs that you have money blocks include:

• Feeling stuck in a job you don’t like.
• Not making as much money as you want.
• Constantly worrying about money.
• Having difficulty saving money.
• Feeling like you’re never going to get ahead financially.
• Losing confidence when you don’t make your financial goals.
• Feeling like you have to sacrifice yourself or work harder to make the money you want.

Working Through Your Money Blocks

Never fear, there are things that you can do to start working on your money blocks. These include:

• Becoming aware of them.
• Identifying the root cause.
• Challenging your negative beliefs about money.
• Identifying your beliefs about money.
• Creating new money beliefs.
• Creating a new money story.
• Working on building your self-worth.
• Forgive yourself, others and money.
• Get help.

Why Do People Have Money Blocks?

The main reason we have money blocks is that we believe deep down that it’s not safe to have or make more money. We believe on some level that something bad will happen if we create more money in our lives. We are blocked in a deep-seated fear that it’s not safe to have more money. Until we shift these money blocks, our brain will convince us that we’re in danger if we make more money.

Can Money Blocks Be Overcome?

The good news is, yes! Regardless of which money block you’re facing, hold tight to this truth: any money block can be overcome. It might take time, patience, and working with a smart money coach. But it is possible. While you ponder this, let me walk you through the 13 money blocks that I like to call the ‘baker’s (Woolf) dozen’.

BLOCK #1: Playing the Ostrich

To take the ostrich approach means we bury our heads in the sand. We are in denial about money and avoid our finances. Why we do this? We take the ostrich approach because we’re anxious. We must take our heads out of the sand and become intimately connected to our finances.

Common behaviours of money avoidance are not reading your bank statements, paying bills late, etc. Basically, avoiding anything to do with your money.

BLOCK #2: Ignorance

The first and foremost thing women need to do is become financially literate. We need to educate ourselves about money and take responsibility. We need to take specific action to educate ourselves.

BLOCK #3: Control

Many women feel a lack of control around money, and this often translates as overspending or underearning. If we follow through on the first two blocks, we will feel much more in control.

BLOCK #4: Inexperience

We think we’re not good with money and experience alack of confidencearound money. This causes us to feel unsafe and insecure about money. Consequently, we don’t set money goals. Many of us have spent years telling ourselves that we’re bad with money. Because of this, we haven’t tried to manage our finances. We need to challenge ourselves to take radical responsibility for our money.

BLOCK #5: The Great Money Taboo

There is a huge amount of shame and taboo around money which disconnects us from ourselves, our money and each other. Money is deeply personal, and it’s not to be shared. Most women are unable to discuss money with anyone, which means they can feel very lonely about money. We are so used to the cultural taboo about NOT talking about money that we are hardly aware of it. This shame and taboo undermine our relationship with money and our relationships with each other.

BLOCK #6: Fear

Most women experience fear when it comes to money:

• Fear that we won’t have enough money to survive.
• Fear that we won’t know how to manage the money we do have.
• Fear that something terrible will happen and we won’t be able to take care of ourselves.
• Fear because we have lost our money.
• Fear that we will lose whatever money we have. 
• Fear of failure.
• Fear of success.
• Fear of change.

Fear will prevent you from achieving abundance. We need to consciously choose self-compassion. The more educated and capable we become with money the less we’ll experience these fears.

BLOCK #7: Feeling Worthless

Many women are stuck in deprivation and a state of emptiness and longing. We are stuck in feelings of not-enoughness. “I’m not worthy of money” is the message we give ourselves. When we allow ourselves to believe that we’re not worthy of money, we create a negative mindset that affects every area of our lives.

We begin to believe we’ll never earn enough because we can’t measure up. If you don’t believe that you deserve abundance or that it’s possible for you to have it, then you won’t receive it. Change your mindset to one of belief and watch your abundance flow.

BLOCK #8: Lack of Support

Many women have no support around money and are unable to make ends meet. 63% of Australian women have a money problem at the end of the month.

We need to make a choice about finding support for ourselves. This could come in the form of girlfriends, a coach, a financial planner, or a money club with other women.

BLOCK #9: Baggage

Most of us are carrying negatives from our money history and story. We carry limiting and negative beliefs, paradigms, and patterns. We need to consciously rewrite our beliefs and our money story.

BLOCK #10: No Financial Goals or Action Plans

Set money goals – whether it’s increasing your income, saving for a vacation, paying off debt, creating a university fund, a retirement fund, or creating a spending plan. Having goals gives you a clear direction. Prioritise what you’ll do first once you have all your goals and action steps.

BLOCK #11: Guilt

Many women are constantly beating themselves up and feeling guilty about the past. To move forward with achieving financial success, you have to forgive yourself for your money mistakes, take the lessons you’ve learned, and keep moving. Mistakes happen!

BLOCK #12: Low Expectations or Settling

If you have low expectations or settle for less than you deserve, you won’t achieve abundance. Settling for less than you deserve shows that you don’t expect great things in your life. And that you’re filled with doubt. Raise your standards and start expecting good things to come your way.

BLOCK #13: Negative Self-Talk

When we’re constantly putting ourselves down, we won’t attract good things into our lives. We are what we tell ourselves we are. If we tell ourselves we’re no good at business, that making money is hard or that we will never succeed – those things become our truths. Change your self-talk to something positive and affirming.

How Do We Move Forward Constructively with Our Money Blocks?

My top tips include:

• Become aware of your money blocks.
• Identify the root cause of your money blocks.
• Challenge your negative beliefs about money.
• Create new money beliefs.
• Work on building your self-worth.
• Identify your beliefs about money.
• Forgive yourself, others and money.
• Create a new money story.
• Get help and support.

And most of all, love yourself, believe that you deserve everything good in this world including, a healthy bank balance and the freedom to live your best life without financial worries.

Let’s Have a Conversation:

What money blocks do you identify in your life? Do you consider yourself financially literate? What do you base your money decisions on?