Overcoming Money Overwhelm: A Mindset Shift for Solopreneurs

Picture of Stacy Luft, MBA

Stacy Luft, MBA

Feeling Overwhelmed About Your Money?

Are you ever afraid to look at your bank balance or feel anxious whenever money comes up? You’re not alone. Many solopreneurs struggle with money overwhelm, avoiding financial check-ins out of fear of what they might find. But here’s the truth: understanding your finances doesn’t have to feel like standing at the edge of a cliff.

This week, we’re diving into simple ways to shift your mindset around money and walk away feeling more empowered about your bottom line.

Common Financial Fears

  1. Avoiding Bank Statements: Many solopreneurs hesitate to open their online banking apps or paper statements. Fear of seeing a low balance or unexpected charges can create a cycle of avoidance.
  2. Uncertain Income: With a fluctuating monthly income, it’s easy to worry about whether you’ll earn enough to cover costs.
  3. Fear of Complex Numbers: The idea of budgeting and forecasting can feel daunting if you’re not comfortable with spreadsheets.

Small, Manageable Steps to Build Confidence

  • 10-Minute Daily Check-Ins: Dedicate just 10 minutes each day to review your account balances and recent transactions. This small habit helps you ease into a consistent routine of financial awareness.
  • Weekly Money Date: Set aside a short block of time once a week to note upcoming expenses and deposits. Make it fun—brew your favorite coffee or tea, and remember that this is your time to get cozy with your business finances.

Mindset Tips to Tackle “Money Avoidance”

  1. Reframe the Conversation: Instead of saying “I’m dreading looking at my finances,” try “I’m curious to see how my business is evolving.”
  2. Celebrate Small Wins: Did you pay a bill on time this week, or invoice a client promptly? Recognize it! Small wins build positive momentum.

Simple Forecasting Tips

Forecasting doesn’t have to be complicated. It’s all about giving yourself a snapshot of the money coming in and going out.

 

  1. List Your Monthly Income Sources: Include client payments, sales, or any other revenue streams.
  2. Map Out Essential Expenses: Think rent, utilities, internet, software subscriptions—everything you need to keep your business running.

Mini Exercise: Create a Basic Cash Flow Forecast

  1. Open a Blank Spreadsheet: Label one column “Date,” another “Income,” and another “Expenses.”
  2. Date Column: Assign a row for each week of the month.
  3. Income Column: Enter your expected revenue for each week (or each project’s payment date).
  4. Expenses Column: List out weekly or monthly expenses—rent, software, marketing, etc.
  5. Calculate Net Cash Flow: Subtract total expenses from total income. This gives you a quick overview of how much you’re likely to keep in your account each week.

With just 10 minutes a day and a simple spreadsheet, you can get a clearer view of where your business stands financially. By tackling money avoidance in small, deliberate steps, you’ll find yourself feeling more at ease and prepared to make confident decisions for your business.

 

If you’d like more hands-on guidance to deepen your financial savvy, schedule a call with me. I’m here to help you find clarity and confidence in your business finances every step of the way.

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