OUTLINE
0:00 Introduction to The Erin Davis Show
2:00 Overview of the Episode: 10x-ing Your Savings
4:00 Mindset Shifting: From Scarcity to Abundance
10:00 Values-Based Spending: Aligning with Core Values
16:00 Heart-Led Goals: Connecting Emotionally to Your Objectives
24:00 Practical Strategies for Implementation
30:00 Conclusion and Call to Action
THE ERIN DAVIS SHOW
Welcome to the Erin Davis show where we talk all things money, mindset and confidence. I know that being in control of your money means that you can step into the rest of your life with confidence, because everything starts with confidence. But I also know that women carry a huge, invisible mental load when it comes to their money. Being an accountant for over 30 years, I know all the ins and outs when it comes to money, and just how heavy that emotional load can be. So while I love talking about money, for me, it goes so much deeper. While I want you to explore your relationship with money, I also want to show you how embracing connection, expansion and abundance will make you feel more centred, inspired and aligned. So are you ready? Let's get started.
Welcome to today's episode. I am Erin Davis and I help entrepreneurs transform financial overwhelm into empowered confidence using practical systems and soul-aligned decisions to create guilt-free abundance. This is all about where strategy meets purpose, and today we are talking about 10x-ing your savings. Now, I don't know about you, but I would be very, very happy with a 10x increase in my savings this year, and imagine just being able to have the financial freedom, the financial independence to pursue your dreams, really support those causes that you care about, and live a life that truly reflects your values.
For many of us, savings feels like it's a constant struggle. You know, you're feeling like you're always trying to cut back instead of feeling abundant and having plenty. We feel that deprivation. We feel deprived. But what if we could shift that mindset and turn it around and say that savings really wasn't about the numbers? It was about creating a life that feels abundant and joyful and totally aligned with your heart. So in this episode, we're going to talk about how to 10x your savings. I've got three things that I think are really crucial pieces to the puzzle to be able to do this for the year. And the most important part is we're using a heart-led approach. So I want to discuss these practical strategies like intuitive budgeting and automating your savings, but we also go into the mindset shifts, because those mindset shifts are really the most important part when you want to create change.
So, if you're ready to get in, get stuck in. Let's do it. And so the first part, as I said, there are three things that really need to be looked at if you want to 10x your savings this year. For me, those three things are mindset, values-based spending, and creating heart-led goals. And so we are going to talk about all three of those today, and I'm going to share my experiences, but really, I think if you want to be able to create more savings, which in turn means more financial freedom, financial independence, to be able to do the things that you love, then it is important that you look at things from a holistic approach, rather than just a piecemeal approach, and trying to figure it out and try and make it work.
The first part is mindset shifting. Your mindset – we really need to go from that traditional savings thought that we need to put away for a rainy day. We need to cut back on expenses. We need to deprive ourselves of all of these things, which leads us feeling super deprived. We're in that lack mentality all the time, rather than coming from a place of abundance. I have been listening to alot lately. I don't know; I've been running a lot, so I have had a lot of time with AirPods in and listening to things. I've listened to Mel Robbins' book, "Let Them", which is absolutely brilliant. If you are wanting to take control of what you can change, I would highly recommend you read it, because it's all about taking control of you and what you can control, and letting others do what they do. It's really about how you influence yourself in the situation.
I've also been listening to an interview by Joe Dispenza, and he is just really talking about becoming very consciously aware of those unconscious thoughts. And our thoughts are really or our beliefs are really thoughts that we just keep thinking about over and over again. What was really interesting is that he said 50% of the stories we tell ourselves are not actually true. That again, 50% of the stories we tell ourselves are not actually true. And this plays into what I have always said, that if you keep telling the story over and over again, the emotion that's attached to those stories grows stronger and stronger, and then if we put with that that potentially these stories are not even true in the first place, then we are staying in a place of misery. We are living this life from a place of discomfort, and feeling really uncomfortable and miserable based on stories we keep telling ourselves which potentially aren't even true.
When we talk about money mindset and how this relates back to our view of money and how we behave with money, it really does go to prove that the stories you're telling yourselves may not actually be true, and it's all about our perception and our belief of what we've experienced. But you know, maybe in our head, we're making things worse than what they seem. And that's not to say that some people don't have significant money stories, money trauma, any of that. That's not discounting it, but I'm talking about the stories that we make up in our head, particularly around "I'm not worth it", or "I'm not deserving". I can't create, I can't charge. You know, all of those types of stories that we're telling ourselves. Where is the evidence to prove that? And again, there may be some evidence that you have experienced in the past, but generally, I would challenge you to say that, have you actually experienced something where you are not actually worth what you are charging? Or is this just a feeling you have of, oh, I can't charge that, or I can't do that, or I never have enough? Or, you know, looking at things that are not coming to you, rather than actually looking and taking a break and seeing, what is it that you do have? What is it that you can charge? What are the skills that you have? What are the people in the industry doing the same thing that you do? What are they charging?
I've been working with a client this week, and we had an interesting conversation. And if she had these money stories playing out in her head like she never had enough, and it was always coming from this place of lack, you know, "I don't have enough", and "I can't do it". And when she actually did the exercises that we have in my programme, the Confidence Code, she actually took a step back and went, "Well, actually, I actually do have more than what I thought." Yet the stories that she was telling herself meant that she didn't think she had enough, she didn't think that she could see it. And this is particularly true if you have assets rather than a huge amount of cash. And so she has big assets, but the cash flow is not there. So in her mind, she was thinking she didn't have enough because she didn't have the cash flow coming in yet. When she actually looked at her position, she was very abundant, very wealthy. But there is this feeling of not having enough because the cash is not there.
I think when we start talking about how wealthy we feel and how abundant we feel, you know, if you are struggling to pay the bills each week, or you're struggling to do the groceries, whatever that looks like, then it can feel like you don't have enough. But when you actually start to reframe it and think about, well, what are the assets I have? What are the debts that I have? Look at your actual net worth, it can show a very different picture to the picture you have in your head. And so when she took a step back and actually had a look at that, it was like a light bulb moment and an "aha" going, "Right. Okay, well, I do actually have more than what I think and more than what I thought I had." So our mindset in relation to 10x-ing our savings is so important. If we think we can, or if we think we can't, we're right.
You need to do what you need to do so you can have these abundances and these mindset shifts. And it's really about being that person. Now you be that person, and you do the things that they would be doing so that you can have the results that you want. And that is such an important piece when you are talking about mindset, because, you know, we all have the same amount of time available. We all have access to the same amount of resources. You know, there is so much information out there, yet the differentiator is ourselves, and the belief that we have in ourselves. So what is it to say that one person can do it and another person can't do it? And of course, there is privilege, and of course there is better access for some people than others. Yet, you know, if we break it down further, and if we look at having the same access to information everybody has, the only differentiator is ourselves. So where are you? Where do we need to shift our mindset? Where do we need to look at things a little differently?
I really just listened to something else this week, and I can't remember where I heard it, but it's about having your reality, looking at your reality, looking at your baseline, looking at where you are, and then setting the expectations for growth and change based on that reality, rather than setting your expectations so high that you can never achieve them, because your reality is so far removed from that expectation. And I really liked that, because expectations are really just setting ourselves up for disappointment and failure. Yet, if we start from our baseline reality, and then we put our expectations, you know, just that bit higher so we can challenge ourselves. But it's not so far out of reach that it's totally impossible to achieve. We are more likely to gain momentum, start moving forward and start to create the progress that we want. And so I really want you to think about how you are thinking about money. How are you thinking about savings, how are you thinking about your self-worth and your abundance and your mentality, and where are you at, and where are you being consciously aware of those unconscious thoughts? And when we sit in a space of meditation or quiet or peace, what are the thoughts that you're saying to yourself? You know, those things that we only say to ourselves, we would never say to our best friend or somebody that we love, yet we seem very open to speaking to ourselves like that.
I know I have been very guilty of this a lot, and it's probably showing up a fair bit at the moment. To be honest, I've got a big run coming up in about 10 weeks – that's another 50-kilometre run – and I'm feeling like I'm not doing enough. I'm not progressing enough. I'm not far enough ahead. I'm not doing what I need to do. And also in my business, too, I look at everybody around me and it's hard to not compare yourself to where other people are at because they're achieving what you want to achieve. And so it's hard to not feel like you're not doing enough. I need to catch myself and think about what I am saying to myself. I need to remember this is my own path, my own journey. Everybody's at a different stage. Somebody's middle or end is another person's beginning, and we are all on this varied path. And no two journeys are the same. And so I am very conscious at the moment of what I am unconsciously saying to myself. I need to catch myself at different times saying all of these negative things and remind myself that I am actually achieving. I am showing up for myself. I am doing these things. I am not waiting for motivation to hit. I am actually just taking the action and doing it. I am running and walking like 45 kilometres a week at the moment. I am showing up consistently in my business. I am showing up consistently in my Facebook group, the Confident Money Lounge. I am showing up to my training. I am showing up in all the places, and so I need to be kinder to myself and more gentle. And these are things that I would say to my clients, and I am very grateful to the people in my world who remind me of those things. And so when we are talking about mindset shifts and shifting your mindset in order to 10x your savings, that is really such a crucial piece in the whole puzzle to be able to achieve your goals. The second part is values based spending. And I am not one to create such a strict budget that there is no flexibility and there's no room to move. And you know, really coming from that place of deprivation, I, on the other hand, prefer to think about what it is that we're spending our money on, and look at whether it aligns with the values that we have, me, personally, as a family and as a business are the things that we're spending money on truly aligned with our core values. And this year, we have scheduled at the beginning of the year a whole heap of travel. We've got weekends away, we've got a couple of weeks at different blocks within the year, but we've actually taken the time to schedule those into the calendar, because I have felt in the past that where we're so busy, we're so caught up in the day today that all of a sudden it's January, and then it's December. I don't know about you, but Christmas just seems to roll around so quickly.
At the end of last year, I was feeling very disconnected from our family, from my husband, because we are both so caught up in work and life and trying to do all the things. So this year, we took a different approach, and we realised that we need to invest time in our family and together. So we intentionally scheduled out this time in our calendar for the holidays. And I can tell you that because it is scheduled, it's happening. We have made it happen. We've already been away. We have already planned the next holiday. We've already got the time scheduled into the calendar, and the money is spent.
So I don't feel guilty about spending that money. I don't feel guilty about, you know, taking time off work, because that's what we've already scheduled. And so when you are talking about values based spending, I want you to think about, why do I spend my money that really brings me joy. Where does it align with my core values? You know, maybe you need to do a joyful audit on the things that you spend your money on, and is it really creating the joy that you want in your life? And that then talks about, you know, our needs versus wants.
If you are finding that you are spending in areas that don't align, then that's really a money leakage. And when you are talking about how to 10x your savings this year, we need to look for those money leakages. Where are you spending that doesn't align with your values, does not bring you joy, and is depleting those savings. So if you flip it around, talk about spending from a place of what feels good, what feels aligned, and really just then separating your everyday spending from your savings, it is going to 10x your savings for the year. And then the last piece to the puzzle is really about heart led goals. If you want to 10x your savings, you need to have some goals in place that really, really align with who you are and really make your heart sing, because they are the things that are going to drive you when the motivation isn't there. And you know, we all have bumps in the road. We all have these ups and downs that sometimes things work, sometimes things don't, sometimes the emergency happens and you need to call on all these funds. But if you have a very connected goal to what's important to you, what really makes your heart sing, then you are going to be more inclined to make these savings happen. And when you want to 10x your savings, you need to connect them into the emotion connecting to how are they going to make you feel? What is it that really inspires you to save the money? Because it is hard, particularly when you've got things coming at all different angles, and you know your precious resources are being pulled in all different directions, so you need to be very intentional about where you want to spend your money.
And so heart led goals are a framework where we talk about holistic goals. First, you know, where do these goals impact your whole life? Are they enduring? You know, do they last for a long time? Do they impact? Are they there for longer than just a short term gratification? Are they aspirational? Do they make you feel warm and fuzzy and really inspire you to dig deep and go in, go all in. Do they really, really matter to you? And if they don't, you are not going to be inclined to do the work and save and do what you need to do. And the last part is, are they timeless? So instead of being so restrictive, are they flexible? And do they change over time? Do they evolve?
Because, you know, it's not about setting a goal and then forgetting about it. It's about adapting it, making it work for you and for your family, because it needs to be heart centred. It needs to come from that emotional place, otherwise you're not going to achieve it.
So if you are really looking to 10x your savings this year, I want you to think about the goals first. Go backwards. Work back and think about what your goals are. Think about why they're important to you. Connecting to that, that real heart centred space. Because, as we know, as women, so many things are connected to emotion. Everything is connected to emotion. And like we talked about shifting your mindset and the stories we tell ourselves, I have the emotion attached to them. We need to attach the emotion to the goal, rather than to money itself. What is it that the money will provide? Is it the freedom to go on a holiday with your family, to create beautiful memories that are going to last a lifetime, or is it, buying the things that make you feel so good that you can show up with so much confidence within yourself, that you do it for yourself, not for anybody else you know. And it doesn't matter what these goals are. You don't have to justify them to anybody other than to yourself, and if you are comfortable with them, and that is the most important thing, but it's really about being able to connect your goal into what's good for you, what's good for your soul, what's good for your heart, and then work backwards. Do your values by spending, you know, do other things that you're spending your money on? Do they align with these goals? Do they align with your core values and then shift your mindset around it? We need to be that person who has achieved that goal. We need to do the things that that person who's achieved the goals would be doing. What are they doing now that you need to be doing? And then we have the results that we want, and the results are achieving the goal.
So if you want to 10x your savings this year, they are the three things that you need to do in order to move you forward. And I can say wholeheartedly that coming from a place of connection to goals, connection to emotion, understanding the emotion, and using that emotion to be the driver, rather than the thing that holds you back all the time, it's going to shift everything, and it's going to change. And I really hope that you're open to thinking about things in a different way. And so I do have a workbook for you. It's all about tapping into these heart led goals, and I will put the link below, but it is www.erindavis.com.au/HeartLed and that is a workbook that you can download which just moves through the heart goals, gets you thinking about what it is you want, so then you can move backwards. And if you want to be able to 10x your savings, you need to have a different approach. You need to think about things a little differently, because there is so much information out there, you have everything available to you, but it's actually about you taking the action to make things happen. And so reach out, send me a message, let me know if this resonates, connect what your heart led goals are. I'd love to hear it, because I know that when you say it out loud, when you tell people you are being that person you need to be, and it's okay to be that now, even if you haven't achieved it.
Thanks for tuning in today. I really hope you enjoyed the show. If you did, head over and subscribe and also leave me a review while you're there, I would love to read it. Don't forget to share this episode with your audience and tag me on Instagram at Erin Davis. Underscore, transform. If you need any more info from today's show, head over to www.erindavis.com.au/podcast where you'll find all of today's show notes and links. See you next week on the Erin Davis show.