Tag: entrepreneur mindset

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Gym

Joint Accounts: When Two Become One (Financially Speaking!) 

Let’s talk about something that can make or break relationships – joint bank accounts. As a Financial Coach, I’ve seen countless couples navigate this milestone, and believe me, it’s not just about pooling your money together. It’s about trust, communication, and sometimes, those tricky conversations no one really wants to have. 

Let’s Talk About Money (Even If It’s Uncomfortable) 

Money is a touchy subject in any relationship. I’ve seen couples argue about everything from small purchases to major financial decisions. The reality is that conflicts around money can be a significant contributor to relationship breakdowns, even leading to divorce. 

The key questions every couple needs to discuss are: 

The key questions every couple needs to discuss are deeply personal: Who makes the financial decisions? How often do you talk about money? Are major purchases a joint decision? What counts as a “major” purchase anyway? These aren’t one-time conversations – they need regular revisiting as your circumstances change. 

Why Consider a Joint Account? 

Did you know that 71% of joint account holders are over 45? This isn’t surprising – by then, most couples have figured out their financial rhythm. But whether you’re 25 or 55, joint accounts can transfer your relationship in wonderful ways.  

I’ve seen this transformation firsthand with many couples I’ve coached. Take Sarah and James, who came to me struggling with trust issues around money. After six months of using a joint account for their shared expenses, they found themselves naturally having more open conversations about their future. What started as simple discussions about food budgets evolved into exciting plans for their dream home. 

Building Together 

When you’re both watching your savings grow together, something magical happens. I remember working with a young couple who were saving for their wedding. Every time they checked their joint savings account and saw it getting closer to their goal, their faces would light up. It wasn’t just about the money – it was about building their future together, one deposit at a time. 

The practical benefits extend far beyond just easier bill payments. Think about those Sunday morning conversations over coffee (ok maybe evening conversations once the kids are in bed), planning your next holiday or home renovation project. With a joint account, these dreams feel more tangible and achievable. You’re not just talking about “your money” and “my money” – it’s “our future” you’re building. 

Real Relationship Benefits 

I’ve witnessed countless examples of how joint accounts strengthen relationships. One couple I worked with, Mark and Lisa, used to argue constantly about spending. After setting up a joint account with clear agreements, they started having monthly “money dates”. A chance to dream together and celebrate their financial wins, no matter how small. 

Another couple found that their joint account helped them navigate a difficult period when one partner lost their job. Because they had already established open communication about money, they could face the challenge as a team rather than having one person bear the burden alone. 

The Elephant in the Room: What Could Go Wrong? 

Let’s be honest – money can be a relationship minefield. I’ve seen couples struggle when: 

  1. One partner starts squirrelling away money without telling the other 
  1. Someone racks up credit card debt that affects both parties 
  1. Different spending habits cause constant tension 
  1. One person feels they need to justify every purchase and therefore stops spending or spends in secret.  

This explains why 22% of Brits say they’d never consider a joint account. And you know what? That’s absolutely fine! 

Before You Jump In 

Here’s what I tell my clients to consider: 

  1. Have That Money Chat First 
  1. How do you both feel about saving vs spending? 
  1. What are your financial goals? 
  1. Who’s good at what? (Maybe one of you is brilliant at budgeting while the other never misses a bill payment) 
  1. Set Clear Ground Rules 
  1. Think of it like a financial prenup (less romantic, but trust me, it helps!): 
  1. What’s the account for? (Bills, savings, both?) 
  1. How much does each person contribute? 
  1. What counts as a “big purchase” that needs discussion? 
  1. Keep some financial independence (separate accounts for personal spending can be healthy and is something I recommend) 

Making It Work: The Practical Bits 

The Setup 

Start with a clear purpose (Is this for bills? Saving for a house? Holiday fund?) 

Decide on contributions (50/50 isn’t always fair – consider proportional to income). Or the full income goes into the account and amounts are taken into separate individual accounts for that personal spending. 

Automate regular payments (Less hassle, fewer arguments) 

Is there one account for spending and one for saving? 

The Maintenance 

Regular money chats are crucial. In my experience, couples who check in monthly about their finances tend to have fewer surprises and arguments. 

When Things Get Complicated 

Life isn’t always straightforward, so consider: 

  1. What happens if one person loses their job? 
  1. How do you handle inheritance money? Or bonuses? 
  1. What’s the plan if you split up? (This is an important point, even if it doesn’t seem very romantic right now).  

Finding Your Financial Rhythm: What Works for Us 

Let me share something personal. My partner and I have separate bank accounts as well as joint ones. Why? Because we believe in maintaining financial independence alongside our shared commitments. He loves trains (I don’t!), and with his personal account, he can choose to spend his money on trains without any questioning from me. This approach gives us both freedom while ensuring our joint responsibilities are met. 

One of our most effective practices is having regular “money dates.” These aren’t the romantic kind! They’re dedicated times where we discuss things like our holiday budget for next year or what home improvements we want to prioritise. This means decisions are joint rather than one person dictating what will happen. We don’t have these conversations while doing the washing up, cooking dinner or putting my son to bed, as we are then distracted, money and life goals are important, so give it the time it deserves. We also use the time to decide what we want to achieve each year: time with family, a weekend away just us, getting the decking sorted etc.  

Making Money Dates Work 

  1. Schedule them regularly (monthly works for many couples) 
  1. Choose a relaxed time when you’re both free from distractions 
  1. Bring your goals and concerns to the table 
  1. Make it positive – perhaps combine it with a nice meal or coffee 
  1. Focus on future planning, not just current spending. It is a good chance to ensure you are aligned in your future goals.  
  1. Be open to compromise and different perspectives 

Creating a Balance That Works 

The key to successful joint finances isn’t just about the practical arrangements – it’s about finding a system that reflects your relationship values. Consider: 

  1. Shared Goals vs Individual Freedom 
  1. Joint accounts for shared responsibilities (bills, mortgage, savings goals) 
  1. Personal accounts for individual spending and interests 
  1. Agreed contribution levels that feel fair to both parties 
  1. Communication Guidelines 
  1. Regular check-ins about the state of your finances 
  1. Open discussions about major purchases 
  1. Respect for each other’s financial priorities 
  1. Clear processes for making joint decisions 

A Personal Note on Financial Abuse 

This is serious stuff that we need to talk about. Financial abuse can start subtly – small comments on what you are purchasing, restricting access to money, checking receipts for every penny spent, saying “let me help by taking over that bill or account” or forcing financial decisions. You may start to feel like you shouldn’t be spending, you cannot be bothered with the questions it raises, so it is easier to buy nothing. Financial abuse isn’t just a money issue, it’s a form of control that can leave you trapped.  

If you’re worried about this, organisations like Women’s Aid and Surviving Economic Abuse offer support and guidance. 

The Bottom Line 

A joint account isn’t just a banking arrangement – it’s a powerful tool for building trust, communication, and shared dreams in your relationship. Whether you’re saving for your first home, planning a family, or simply wanting to strengthen your financial partnership, the key is finding an approach that reflects your unique relationship values. 

Remember that it’s not about the account itself, but the habits and conversations it encourages. As I always tell my clients, money should help your relationship flourish, not hold it back. And sometimes, that means keeping some things separate while joining forces on others – just like my partner’s train collection! 

Remember: 

Keep some financial independence 

Have regular money chats 

Set clear boundaries 

Trust your gut – if something feels off, talk about it 

Seek help if you need it (financial advisors aren’t just for the wealthy!) 

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Finance Function Gym

Top Money Resolutions for 2025: A guide to financial wellbeing 

As we enter a new year, many people set resolutions to improve parts of their lives, such as fitness, health, mindset and finances, and this can be so overwhelming that they fall at the first hurdle. Taking on too much and making changes that are too big can impact your ability to succeed. My top tip, would be to break down the goal and take small steps to get started. 

If you have a goal to get out of debt, firstly ensure you know where you are starting and understand the amount of debt, repayments, when it will be cleared, create a simple table (on paper or a spreadsheet). Gathering the information is the first step, in fact the first step may even be opening the letters and then gathering the information. Then you can decide what to do next; consolidate debt, speak to the companies, overpay the biggest one, or the one with the highest interest rate.  

My top tips to help you achieve your financial goals in 2025 are: 

  1. Understand what you want to achieve in 2025 as this will determine your next steps. Do you want to clear debt, build savings, buy a house, invest, go on holiday, pay the bills?  
  1. Create a realistic budget. Track your income and expenses to identify any areas where you may be overspending or spending on things that do not align with your 2025 goals.  
  1. Build an emergency fund, this is a safety net that can protect you if the unexpected happens, aim for 6 months living expenses. If you are starting from £0, just start with whatever you can afford now, even if it’s £10. You may find you have some savings from above that can contribute here.  
  1. Automate your finances, this can save you time and energy. If the money towards savings, your emergency fund or debt, automatically leaves your bank on pay day, you are less likely to miss it. It doesn’t require you to take action and remember, the money moves to the correct place automatically.  
  1. Create pots for different areas of your life: food/bills, savings, holiday fund, Christmas 2025 fund, emergency fund. You can either have different bank accounts for this, or a lot of banks now have “spaces” or areas where you can transfer the money to, so it is separate. This is a good way to manage money on a monthly and annual basis.  
  1. Have a “fun” pot, this is money you can just spend and enjoy. If you are too restrictive with your finances, it is likely that you with eventually overspend or spend in a way that doesn’t align with your 2025 and beyond goals. 
  1. Improve your financial knowledge, there are many websites and books out there now. Starting with a government recommended one would be the best place to start, as not all information online is accurate.  

By implementing these money resolutions, you can take steps towards improving your financial wellbeing and your personal wellbeing. Remember, start where you are and take small steps, don’t be deflated by other people’s progress. And finally, celebrate your successes along the way.  

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Finance Function Gym

What are the different financial mindsets?

person sat on money

A financial mindset is more than just spending habits. It’s the underlying beliefs, values, and emotions that shape our financial decisions. As we navigate life’s ups and downs, these mindsets play a significant role. Take, for instance, me, I used to meticulously budget every month, I fell under the “Planning” Money Habitude. Every pound was accounted for, ensuring I felt in control (and maybe a little relieved!). 

Dependent on which methodology you follow, there are a number of different archetypes, money story types or habitudes. I like to follow the Money Habitudes types (https://online.moneyhabitudes.com/), which categorises financial mindsets into six distinct groups. 

Planning: These individuals are thoughtful about saving and spending, often with a budget in place. While the plan itself might not be perfect, they prioritise sticking to it for a sense of control. 

Security: Often linked to planning, the Security habit prioritises financial safety. People with this mindset may save more than necessary, seeking a strong financial buffer. This can manifest as hoarding tendencies (something I can personally relate to – money used to be my security blanket!). 

Spontaneous: These individuals act impulsively, often making financial decisions based on emotions. While exciting, this can lead to impulsive spending and subsequent guilt. They are quick to jump on opportunities which planners may not.  

Carefree: This group may lack the skills or desire to manage money, often delegating financial responsibility to others. 

Giving: These generous individuals prioritise helping others, sometimes at a risk to themselves, potentially neglecting their own financial needs. 

Status: Driven by a desire to fit in and keep up with appearances, this mindset can lead to unnecessary spending to maintain a certain lifestyle. This is where the “keeping up with the Jones” saying comes from. They may spend on things they cannot really afford.  

It is important to remember that all archetypes and habitudes have pros and cons and that one is not better than the other, a balance is what we are aiming for. Many people exhibit a blend of Money Habitudes. By understanding your dominant financial mindset, you can make more informed financial decisions and achieve your long-term goals. 

Are financial mindsets formed early in life? – and can you change yours? 

Financial mindsets are shaped early in life, our childhood experiences play a significant role in forming our beliefs and attitudes towards money and are formed by the age of 7. We are influenced by: 

  • Parents/ guardians:  The way our parents handled money – their spending habits, attitude to saving, and discussions about finances impact how we feel about money. Did you grow up in a household where money was a source of stress or was it secretive? Or was it discussed openly and positively? These experiences heavily influence our own money stories. It is important to remember that there is no blame here, as parents can only lead how they know from their own stories, habits and influences.  
  • Early Experiences: Did you have early successes or failures in managing money (like a paper round. I worked on a market stall)? These experiences can shape how we feel about money; how confident we feel managing money and the decisions we now make.  

Can You Change Your Financial Mindset? 

You can change your financial mindset, while our beliefs are deeply rooted, our financial mindsets are not set in stone. Here are some steps to get started: 

  • Self-Reflection/awareness: Start by identifying your current money stories. What are your beliefs about money? How do you feel about spending and saving? What is your earliest memory of money and how does that make you feel? 
  • Challenge Limiting Beliefs: Are you holding onto negative beliefs about money that are no longer serving you? For example, “I’m not good with money” or “Money is the root of all evil.” Challenge these beliefs, they did once benefit you but is that still the case? 
  • Try something new: Step outside your comfort zone. What new financial habits could you try, such as spending a bit more on yourself, setting up a regular savings amount or creating friction in the buying process (could you wait 24 hours before purchasing).  
  • Seek Guidance: Consider working with a financial coach to understand the stories you hold and develop more balanced money habits.  

Remember, changing your financial mindset takes time and effort, it isn’t often one and done. Be patient with yourself, celebrate small victories, and don’t be afraid to seek support along the way. 

How to navigate if your partner has a different money mindset 

When we have different money stories in a relationship, it can be challenging as we will often have different ways we save, spend and invest. Here are some strategies you can try: 

  1. Open and Honest Communication: 
  • Regular Money Dates: It is important to have dedicated time to discuss finances openly and honestly, otherwise we can make comments and start arguments when we are not in the right frame of mind. Set a regular time, that you can sit down together, with a cup of tea and talk through any money conversations that need to be had.  
  • Active Listening: Ensure you listen to your partner’s opinion, even if it differs from yours. Try your hardest not to comment immediately and let them talk. Often as people talk freely, a more open discussion can be had.  
  • “I” Statements: Avoid confrontational comments such as, “You always spend too much,” try “I feel anxious when we overspend on things we I don’t feel we need.”    
  1. Understand Each Other’s Mindsets: 
  • Identify Your Money Habitudes: Determine your dominant money habits (e.g., Saver, Spender, Planner) and encourage your partner to do the same.  
  • Acknowledge Past Experiences: Recognise that past experiences and upbringing shape your financial mindsets. Everyone has different experiences and it’s important to remember that generationally, your parents would have lived in different times with World Wars and rationing and this will impact your money stories.  
  1. Find Common Ground: 
  • Shared Financial Goals: Set joint financial goals, such as how much you need/want for retirement. What lifestyle do you want during retirement, do you want to spend more now or save? Do you want to travel or renovate your house? 
  • Compromise and Negotiation: Be willing to compromise and find solutions that work for both of you, as with all areas of a relationship and money is no different. 
  1. Consider Separate Accounts: 
  • Joint Account for Shared Expenses: Create a joint account to cover shared expenses like rent, bills, and food shopping.  
  • Individual Accounts for Personal Spending: You could have separate accounts for personal spending to accommodate different spending styles. You could also have a joint “fun pot” for opportunities. I have both, we have a shared “fun pot” and we have separate accounts that we can spend on whatever we like. My partner likes trains, I don’t understand it, but that is ok, it’s his money.  
  1. Seek Professional Help: 
  • Financial coaching A financial coach can provide objective guidance and help you develop a financial plan that works for both of you.    

Remember, navigating financial differences takes time and effort. Be patient, understanding, and committed to finding solutions that work for both of you. 

Can financial therapy help – and what would it involve? 

Financial therapy can be incredibly helpful for individuals and couples who want to improve their relationship with money.  

What Does Financial Therapy Involve? 

Financial therapy/coaching goes beyond traditional financial advice (such as financial advisor or accountant advice). It involves looking into the underlying emotions, beliefs, and behaviours that influence your financial decisions and habits. Here are some common aspects of financial therapy:    

  1. Identifying Limiting Beliefs: Financial coaches help you uncover your beliefs and stories about money that may be preventing you from living the life you want. These beliefs can stem from childhood experiences,societal influences, or past financial setbacks.    
  1. Developing Healthy Money Habits: The financial coach can support you to develop and implement healthy financial habits, such as budgeting, saving, and investing. It’s important to note that while financial coaches can provide valuable support, some may not have formal financial certifications. and therefore, you may need to seek another person to support with budgeting, saving, investing and pension advice.  

Now, I am not saying it is easy to change your habits, learn about money and become confident in financial decisions. But everything else worth having, that you have already achieved in life, proves that you can do uncomfortable things.   

Imagine a life where you can confidently decide if you want to purchase that item, go on that holiday, put your prices up, invest in that course, retire when you want to, buy private health care, support that family member, or buy from that local shop.   

Being good with money not only gives you financial freedom but life freedom. To live a life that you choose and that aligns with your values.   

If you’re considering financial therapy/coaching, it’s important to find a qualified coach who is certified in financial coaching.  

Remember, financial therapy/coaching is an ongoing process. It requires commitment and effort, but it can have a profound impact on your financial well-being and overall happiness 

Can you influence the money mindset of others in your life – children/grandchildren – and how would you go about this?

You can influence the money mindset of children and grandchildren, just as you were influenced by your parents/grandparents, teachers and others.  

  • Lead by Example: Children learn by observing, so consider your habits and the words you use around money.  
  • Open Discussions: Engage in age-appropriate conversations about money. Discuss topics like saving, spending, earning, and charity donations. 
  • Involve Them in Financial Decisions: Allow children to participate in family budgeting decisions and having their own money which they can make decisions around.  
  • Read Books and Play Games: Playing games such as monopoly or similar games, can teach children about money and how it works without it becoming too complicated.  

By incorporating these strategies into your interactions with children and grandchildren, you can help them develop healthy financial habits and a positive relationship with money. 

Where to seek further help if you want to change your money mindset 

If you’re in the UK and looking to change your money mindset, here are some resources to explore: 

  • Books such as by Jen Sincero or Denise Duffield Thomas 
  • Podcast by Jen Sincero, Denise Duffield Thomas or me.  
  • Work with a qualified Financial Coach.  
  • Counselling Directory: This website allows you to search for therapists in your area who specialise in money-related issues. You can filter your search by location, type of therapy, and other criteria.  
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Gym

3 Money Myths That Are Stunting Your Business Growth

Are your beliefs about money holding your business back? In this article, I’m diving into three common money myths that might be preventing you from reaching your full potential as a business owner.

Money Myth #1: Debt Is Always Bad

“I don’t want to be in debt. I’m never going to be in debt. Debt is just awful. Debt is always bad.”

Does this sound familiar?

Growing up, I saw people in debt and I saw the stress and worry and problems that debt could create, so I have always avoided debt. And I know that so many people do this and think that debt is always bad, but the truth is avoiding debt could be stunting your business growth.

Some debt is maybe necessary:

I have a mortgage on my house

I took out a student loan to go to university

Businesses sometimes need debt within the business to grow the business

And as long as that debt is giving them a good return on investment, then it’s not a bad thing, is it? Finance has actually been relatively cheap in the last few years, making investing in the business and growing it a more viable option.

I’ve worked with a lot of gyms and some of the outlay could be absolutely massive, but if there’s a good plan in place for how they’re going to utilise that debt and how they’re going to do pre-sales maybe and build the business up and the right marketing and the right plan to get a good return on that investment, then debt is not always bad.

The mindset shift: Instead of asking “Is debt bad?”, ask yourself:

  • What am I using this debt for?
  • Can I comfortably repay it?
  • How long until I see returns?
  • What percentage return can I expect?
  • Does the potential return significantly outweigh the interest costs?

Money Myth #2: Rich People Are Greedy (Or Wanting More Is Bad)

Another money myth that might be keeping you stuck is that rich people are greedy, or wanting more is bad, or money is evil.

These things are not going to encourage you to:

  • Increase your prices
  • Ask for the sale
  • Chase up debt when you’re not being paid
  • Follow up potential leads

It’s not going to encourage you to look at ways that you can generate more money in your business or cut costs. “I cut that membership because you really like that person, but actually the membership’s not giving you benefit.”

It’s going to stop you from looking for ways to have more money because if you believe rich people are greedy, you’re not going to make yourself a rich person, are you?

And ultimately money doesn’t change you. If you’re a nice person already, you’re going to be a nice person with more money. And don’t we want more money in nice people’s hands? More money means you can do more of what you want to do. More money means that I can support the homeless charities that I like to support. More money doesn’t mean I’m going to suddenly stop supporting them.

I kind of felt that I couldn’t ask for more money when I was employed because somehow I was going to prevent someone else having money. How is that even possible? I worked for a FTSE 100 company. Me getting a pay rise wasn’t going to stop someone else getting a pay rise, yet I had this feeling of, “Am I being greedy at asking for more? I’m earning a good salary, more than the average, so why do I need more? What’s wrong with me?”

And of course, therefore I didn’t ask for more money. And all that meant is as I got promoted through the business, I ended up being underpaid. And who does that benefit? That doesn’t really benefit anyone. It wasn’t going to have a massive impact on the bottom line of a FTSE 100 company that I didn’t ask for a couple of grand pay rise.

Money Myth #3: Financial Success Is All About Strategy

The third money myth that is stunting you from growing in your business is that financial success is all about strategy.

From what I’ve spoken about today, you can see it isn’t all about strategy. If it was all about strategy, we’d all be millionaires because there’s so much advice out there on YouTube and Google. There’s blogs, there’s posts on Facebook and LinkedIn. I post it all too.

So if it was all about financial strategy, everyone would be following the rules and be rich right now. So it’s not about the financial strategy. There is that element, and that’s why I bring financial strategy and money mindset together to help you take action in growing your business.

So if it’s not all about strategy, what is it about? And I’ve just pretty much told you – it’s also about mindset and your mindset and beliefs and stories around money, pricing, sales, and also thinking actually you’re not very good at maths.

Like you don’t have to be a mathematician to be able to understand the basic concepts of finance. And if you work with an accountant who doesn’t make you feel stupid, you can ask those questions. You don’t have to be a mathematician to understand the basic concepts of finance. You really, really don’t. And I don’t. I do, and I wish that they would show this more in schools so that people could see that actually just because they can’t do Pythagoras and differentiation, they can use money and manage money.

So with your mindset with money, it’s understanding and kind of looking into what thoughts and questions and feelings are coming up when you think about money. So if I told you to increase your price by 20%, how does it make you feel? What’s coming up for you? What are the sayings? What are the feelings? And then understanding where those thoughts and feelings are coming from.

So if I tell you to increase your price by 20% and you think, “No, all my customers will walk. I’m not doing it,” they don’t walk out. Is that true? Is it? Or actually, can you afford to lose some of those clients? And some will continue to pay the higher price, and actually you’ll be making more money on all clients. And any new clients that come in will be paying the higher price. So, “Is it true?” is a good question.

Breaking Free From Money Myths

These are the three money myths that are keeping you stuck from growing in your business:

  • Debt is always bad – which we know it’s not. So it’s understanding, I guess, from a strategy point of view, what you’re using that debt for? Can you afford to repay that debt? How long will you start till you start receiving a return on that debt? And what sort of return are we expecting? So what’s the plan for it? And what return are you going to get on it? So if you’ve got to pay 7% interest, are you going to make a 10% return? What is it? Also, it’s the mindset. Where does that belief that debt is bad come from? What benefits did it serve you? So for me, it was trying to keep me safe. It was trying to stop me from feeling that stress and worry. And what consequences? Well, it could stop me from investing in my business.
  • Rich people are greedy. Wanting more is bad. So is it true? Are all rich people greedy? Because I know there’s a charity out in Majorca at the moment, and they’ve said that there’s some really big brands donating clothes out to those charities, but they just don’t want it spoken about. So there’s people out there with money donating to good causes, but they’re not necessarily shouting about it. So are rich people greedy? And if you do know some greedy rich people, did you know them before they were rich? Were they greedy then? And do you know some like mean and greedy poorer people? I’m sure you do. So is it true?
  • Financial success is all about strategy. Is it true? Financial strategy is one part of the equation, but understanding where your beliefs come from, understanding your stories, where they come from and the impact that they were having on you and they’re now having on you is really important. And do you want to take those beliefs with you into the future? If not, can you change them? And becoming aware of those stories is the best thing you can do.

Ready to Transform Your Money Mindset?

So these are the three money myths keeping you stuck and how to start changing them so you can grow in your business and create the life that you started your business for.

If you recognised yourself in any of these money myths, you’re not alone. These beliefs are incredibly common among entrepreneurs and business owners.

Take the first step toward financial freedom by discovering your own money blocks with my free “Get Financially Fit” quiz. In just a few minutes, you’ll gain insights into your money mindset and receive personalised recommendations for improving your financial fitness.

Take the Get Financially Fit Quiz Now >>

Remember, becoming aware of your money stories is the most powerful thing you can do to break free from limiting beliefs and create the business – and life – you started your business for.

What money myths have been holding YOU back? Share in the comments below!