Are you wondering how Mel Robbins’ principles can help you improve your financial situation? You might be intrigued if you’re familiar with her impactful strategies for overcoming procrastination, building self-confidence, and staying motivated. Mel Robbins, a motivational speaker and author, has resonated with millions by offering practical advice that is both deeply human and highly actionable. In this article, we’ll explore how you can apply her principles to enhance your financial well-being.
Understanding Mel Robbins’ Key Principles
Before we dive into the specifics of how you can apply Mel Robbins’ principles to your financial life, it’s crucial to understand what these principles are. Mel Robbins is best known for her “5 Second Rule,” but she has many other insights that can help you stay motivated and tackle life’s challenges.
The 5 Second Rule
The cornerstone of Mel Robbins’ teachings is the 5 Second Rule. The premise is simple: If you have an instinct to act on a goal, you must physically move within five seconds or your brain will kill the idea. By counting backward from five to one and then acting, you interrupt your brain’s habit of overthinking and stalling.
The Power of Five Second Decisions
Tied closely to the 5 Second Rule is the importance of making quick decisions. According to Robbins, many of us hesitate and dwell on decisions, which often leads to missed opportunities or inaction. By committing to making decisions within five seconds, you push past your doubts and fears.
Confidence and Courage
Mel Robbins frequently emphasizes that confidence is built through acts of courage. Every time you push yourself to act even when you’re scared, you build confidence. This principle is key to taking financial risks and stepping out of your comfort zone to achieve your financial goals.
Applying the 5 Second Rule to Your Finances
When it comes to finances, taking action can often be the hardest part. You might have a long list of financial goals, like saving more, investing, or setting up a budget, but actually taking steps toward these goals can be daunting.
Starting a Budget
Creating a budget is one of the most foundational steps toward financial health. Yet, many people put it off because it seems overwhelming. Here’s where the 5 Second Rule can come in handy.
- Identify the Task: Decide that you need to create a budget.
- Count Down: Use the 5 second rule. 5-4-3-2-1.
- Action: Open a budgeting tool or an Excel spreadsheet and start listing your expenses and income.
Just starting the process can often propel you into a state of productivity, making it easier to keep going.
Saving and Investing
Whether you aim to save a portion of your income or invest in stocks, you might feel paralyzed by the number of choices and the complexities involved. The 5 Second Rule can help you take that crucial first step.
- Identify the Task: Decide that you want to set up an automated savings plan.
- Count Down: Use the 5 second rule. 5-4-3-2-1.
- Action: Contact your bank to set up a recurring transfer from your checking to your savings account.
Staying Motivated Through Challenges
One of Mel Robbins’ key insights is the importance of staying motivated, especially when facing challenges. Financial goals, such as paying off debt or building an emergency fund, often require sustained effort over long periods. How do you keep going when the going gets tough?
Break Down Big Goals
Large financial goals can feel unattainable if you look at them as a whole. Breaking them down into smaller, manageable tasks makes them more achievable.
Example:
| Big Goal | Smaller Tasks |
|---|---|
| Pay off $10,000 debt | Create a debt repayment plan |
| Identify monthly surplus for payments | |
| Allocate $200 monthly to debt |
By focusing on one small task at a time, you keep yourself from getting overwhelmed and more likely to stay committed.
Visual Reminders and Affirmations
Mel Robbins suggests using visual reminders and affirmations to keep your goals at the forefront of your mind. Place notes around your home or workspace to remind yourself why you’re doing what you’re doing.
Celebrate Wins
Recognizing and celebrating small victories can also help you stay motivated. Each time you reach a mini-goal, take a moment to reward yourself, reaffirming that you’re making progress.
Building Financial Confidence
Financial confidence is necessary to take risks, like investing or starting a side hustle. Here’s how you can apply Mel Robbins’ principles to build that confidence.
Start Small to Gain Big
Each small action you take towards improving your financial situation builds your overall financial confidence.
- Learn About Personal Finance: Start with 10 minutes of reading daily.
- Set Up a Simple Savings Plan: Save a small, consistent amount each month.
- Invest in a Low-Risk Fund: Begin investing with low-risk options to build your confidence.
Keep a Confidence Journal
Maintaining a journal where you log all the positive financial decisions you’ve made can help you build confidence. Each time you review it, you reinforce the belief that you are capable of making good financial choices.
Overcoming Financial Procrastination
Procrastination is a major barrier to achieving financial health. Mel Robbins’ techniques can help you kick this bad habit.
Identify Triggers
First, identify what triggers your financial procrastination. Is it a fear of making mistakes, lack of knowledge, or sheer laziness?
Example:
| Triggers | Solutions |
|---|---|
| Fear of mistakes | Start with small, low-risk tasks |
| Lack of knowledge | Dedicate time weekly for financial learning |
| Laziness | Use the 5-second rule to start instantly |
The 2-Minute Rule in Tandem
Use Mel Robbins’ 5 Second Rule along with the 2-Minute Rule. If the task will take two minutes or less, like checking your bank accounts or setting up an automated bill payment, do it immediately.
Application:
| Task | Time Required | Execute Immediately |
|---|---|---|
| Check bank balance | 2 minutes | 5-4-3-2-1, open banking app |
| Set bill reminder | 2 minutes | 5-4-3-2-1, add reminder to calendar |
Leveraging Courage to Make Bold Financial Moves
Making significant financial decisions often requires stepping out of your comfort zone. Robbins’ principles of courage can guide you through.
Define What Courage Looks Like
First, clearly define what a courageous financial move looks like for you. Is it asking for a raise, switching careers, or investing in higher risk avenues?
Examples:
| Courageous Act | Why It’s Scary |
|---|---|
| Asking for a raise | Fear of rejection |
| Investing in stocks | Fear of losing money |
| Starting a side business | Uncertainty and potential failure |
Take Incremental Steps
Break down the courageous act into smaller steps. For example, if it’s asking for a raise, you might start by researching your industry’s salary standards, then preparing your talking points, and finally, planning the conversation with your boss.
Reflect on Past Successes
Remember times when you acted courageously and it paid off. Use these memories to build your courage for future financial moves. Maintain a record of these successes to revisit them when you need a confidence boost.
Practical Tips for Financial Growth
Taking the principles one step further, here are some practical tips for improving your financial situation using Mel Robbins’ teachings.
Automate Your Finances
Automation removes the need for you to constantly make decisions, thus reducing stress and procrastination.
Action Plan:
- Automate savings: Set up an automatic transfer from your checking to your savings account.
- Automate bill payments: Schedule your bills to be paid automatically.
- Automate investments: Use services that allow for automatic investments in stocks or mutual funds.
Seek Continuous Learning
Stay informed about personal finance through books, blogs, or courses. Continuous learning keeps you equipped to make better financial decisions.
Resources:
| Resource Type | Recommendations |
|---|---|
| Books | “Rich Dad Poor Dad,” “The Total Money Makeover” |
| Blogs | The Simple Dollar, Mr. Money Mustache |
| Courses | Coursera finance courses, Khan Academy |
Network with Financially Savvy Individuals
Surround yourself with people who have a positive influence on your financial habits and decisions. Networking can provide new insights and opportunities.
Staying Consistent with Financial Goals
Consistency is key in financial improvement. How do you stay consistent? Mel Robbins provides practical advice on sustaining efforts over time.
Accountability Partners
Find a friend, family member, or financial advisor who can hold you accountable. Regular check-ins can keep you on track.
Set Regular Reviews
Schedule monthly or quarterly reviews of your financial goals and progress. Use these sessions to adjust your plans as needed.
Use Technology
Financial apps can help you track expenses, savings, and investments effortlessly.
Examples:
| App | Features |
|---|---|
| Mint | Budgeting, tracking expenses |
| Acorns | Micro-investing, automating investments |
| YNAB | Personal budgeting system |
Conclusion
Applying Mel Robbins’ principles to improve your financial situation boils down to taking actionable steps, staying motivated, and building confidence. The 5 Second Rule can help you overcome procrastination and make quicker decisions. By understanding and applying these principles, you can build a more secure financial future, one small but significant step at a time. Keep yourself motivated, celebrate your wins, and remember, every action you take brings you closer to your financial goals.