I can’t stand the B-word.
It’s rude, outdated, constrictive, and most importantly – out of style.
Yes, I’m talking about BUDGET.
Before I go into why I feel so strongly about this seemingly harmless b-word, I must acknowledge that many fiscally fabulous personal finance gurus use the b-word and mean well. They do an excellent job helping people budget and save money.
I’ll even admit I’ve used “budget” in the past to help advise my clients (and you’ll probably find this b-word sprinkled throughout my previous blog posts, too).
But then one day, the b-word hit me differently.
When I heard the word “budget,” I thought:
Rules.
“No.” – deemed the most dangerous word in the world of communication by psychologists Mark Waldman and Andrew Newberg. Read their fascinating article here.
Limitations.
Negative reinforcement.
Anyone who knows me knows that all of the above are my least favorite things on the planet next to squared-toe shoes. *shudders*
(There is ONE rule, however, I always follow – and I make sure my clients do, too. Read more about this ultimate fashion “do” for your finances here.)
Anyone who knows me also knows I am a strong believer in the power of our mindset to fuel positive, effective action.
If you haven’t already, I recommend checking out my list of 13 quotes that will elevate your money mindset.
So, I decided to replace the b-word and see what would happen.
Could a simple change of a word bring on a change in attitude and ultimately, outcomes?
I began using “money game plan” instead of the b-word to describe the saving, spending, and investing of money.
When I hear the word “money,” I think:
Opportunities and possibilities.
Abundantly accessible.
A powerful tool.
When I hear the word “game,” I think:
Fun.
Challenge.
Exciting.
When I hear the word “plan,” I think:
A guided path.
Customizable and flexible.
Long-term success.
Put these words together, and how do they make you feel?
I did this “b-word” experiment for a week, and here is what I found…
The tone of client conversations around money changed immediately.
When we get to the part of a client review meeting of discussing the client’s current cash flows and budget, clients seem to tense up as if they were just called into the principal’s office for cheating on a test. Traditionally it’s a major buzzkill.
When I instead referred to the b-word as the client’s “money game plan,” the waves of pleasant surprise and relaxation in the client’s face were overwhelming.
This simple switch in verbiage seemingly validated the difficulty of traditional budgeting methods for the client and the emotions that can go along with it. It fostered a renewed level of confidence in the client’s ability to track their spending and saving – almost as if we had pushed a “reset” button.
Note that I also coupled this experiment with using an encouraging, positive tone of voice and open, effective nonverbal communication.
By referring to tracking cash flows as a “money game plan,” rather than the b-word, it made each decision the client had to make around money a motivating, encouraging challenge rather than an intimidating, constricting line item.
Clients saw their plan as a series of achievable goals, rather than a list of limitations, and were actually excited to check-in and update me on their progress.
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Clients were excited to make “plans” instead of follow “parameters.”
Yes, I know these concepts are basically the same thing – but they are still different!
Let’s use the example of a boss vs. a leader. While these words are used to describe the same position of power, they describe it in a different way and each evokes different thoughts and feelings.
When we are creating a “budget,” it is easy to focus too much on short-term quick fixes that do not always translate into long-term healthy money habits.
By referring to the b-word as a “money game plan,” clients can much more easily visualize long-term financial success and not be intimidated by potential short-term adjustments in spending and saving – they’re looking at the big picture!
In fact, my clients who are fairly new to investing are less intimidated by the idea of saving for retirement. (Not sure which type of retirement savings account is right for you? You’re in luck. Access my list of ways to save in style for future-you.)
Clients enjoy the feeling of empowerment and accomplishment that go along with achieving steps in a “money game plan” rather than the idea of being controlled by a budget.
We identified the perfect question to ask “in the moment” of making a money decision.
So the client leaves my office feeling empowered and excited about having a “money game plan.” But how do we help the client follow through?
Instead of asking, “Is this in the budget?” (Anyone else get the 1950’s housewife asking her husband for an allowance vibes?)…
Before making a purchase, pose the following question:
“Is this aligned with my money game plan?”
Which one of these questions made you feel empowered and in control of your money? I rest my case.
P.S. Before you make ANY purchases, make sure you follow my S-H-O-P method – every time you get paid!
Now it’s your turn…
By replacing the b-word with “money game plan,” we give the concept of budgeting a much-needed makeover. We can instead view our spending and savings goals as exercises of personal growth on our journey of exploring abundant possibilities for creating and building wealth.
I challenge you to switch out the b-word with “money game plan” for a week. Using positive, empowering self-talk and words that evoke encouragement and abundance will yield a reality that reflects these thoughts.
How did this simple switch in words affects your money mindset and purchasing decisions?
Need help creating your own “money game plan”? Shoot me a note and let’s get to work, trendsetter!
