Breaking the Money Taboo: Mastering Your Money Mindset and Budgeting Like a Pro
By Ebony Escalona
In a recent VetYou x Veterinary Woman webinar, we had an insightful discussion on breaking the taboo around money and finances. Joined by a panel of experts including financial advisor Ruth Downs, Veterinary Woman’s Jenny Langridge, VetYou’s Katie Ford and vet Fiona Farmer, we explored practical steps to master your money mindset and start budgeting effectively.
“We all have a set of beliefs about money. Things that we deep down feel and really think are true. And we learn about these things as we grow. If we could start to relearn some of these things around finances, and we could start to give ourselves some better experiences with money, the ones that maybe we needed when we were younger, what would they look like?” Katie
Here are the top takeaways and tips from the session:
- Ditch the Shame, Embrace the Journey: As Ruth shared, “There’s no shame, let’s help you put the right foundations there.” Many of us have negative associations with money and budgeting, but it’s important to approach this with self-compassion. As Fiona noted, “I realized you can learn so much, it was never taught. It always felt like money and staying rich was for those guys ‘over there’, it wasn’t for the masses but actually it is for the masses and it’s something you can do and you just need to open that door to find out how how to do it.” – Fiona. Be kind to yourself as you start this journey.
- Uncover Your Money Beliefs: “We all have a set of beliefs about money. Things that we deep down feel and really think are true,” explained Katie. Take time to reflect on where your money beliefs came from – whether positive or negative. As Jenny shared, her dad’s strict budgeting approach as a teen left her feeling “very constrained” around money. Identifying these root beliefs can help you reframe your mindset.
- Create a Spending Plan, Not a Budget: The panel agreed that the term “budget” can feel restrictive. As Ruth suggested, try thinking of it as a “spending plan” or “financial empowerment plan” instead. This small reframe can make a big difference in your mindset.
- Start with the Basics: The first step is to get clear on your current financial situation. Ruth shared a helpful income and expenditure questionnaire to map out your incomings and outgoings. “It’s simple. I’ve got an income and expenditure questionnaire that I send out free to anybody that wants it,” she said.
- Protect Yourself with an Emergency Fund: An emergency fund is crucial, the panel agreed. As Ruth explained, “Your emergency fund should be three times your monthly essential expenditure.” This provides a buffer for unexpected expenses.
- Celebrate Small Wins: Don’t underestimate the power of celebrating your progress, no matter how small. As Katie encouraged, “Treat yourself. Go get a coffee and a cake afterwards. You know what, if I finish this, this is what I’m going to do.”
- Seek Support, Not Judgment: Remember, you don’t have to do this alone. As Ruth emphasized, “I could not come into any of your jobs, Katie, Fiona, Jenny, anyone else on the call, I could not do the amazing jobs that you do as veterinary professionals. So how would I expect you to come into my job and do what I do?” Reach out for help from financial professionals like Ruth who are there to support, not judge.
The key takeaway? Finances don’t have to be scary. With the right mindset and practical steps, you can start taking control of your money. As Jenny shared, “It wasn’t nearly as scary as I first thought, and it worked.” You’ve got this!
“Please be kind to yourself and forgive yourself and keep going. Give yourself permission to say- I’m just going to reach out to someone who genuinely cares. At least let me know what I need to do. There’s no shame” – Ruth
Ready to take action?
