You may have heard the term “money mindset,” but did you know that a healthy money mindset can actually improve your business as a Transaction Coordinator? The relationship you have with earning and spending truly affects your day-to-day productivity. If you’re a Transaction Coordinator and money’s always on your mind (or not nearly often enough), you’ve come to the right place.
What Is a Money Mindset?
In your non-professional life, your money mindset is what makes you think twice about placing that online order for a new lamp or a new pair of shoes. Your money mindset also plays a role in what sorts of vacations you treat yourself to (if any) and what sorts of budgeting restraints you have in place.
As a Transaction Coordinator, your money mindset can influence your buying and earning mentality. (That’s a double whammy!)
You never want a poor relationship with money to influence your overall appreciation and satisfaction for the work you do. After all, you likely got into Transaction Coordination to bask in the glory of countless lifestyle perks (like financial security and more scheduling freedom).
Luckily, you can change your money mindset! There are only a few steps standing between you and financial peace of mind.
How to Build a Strong Money Mindset as a TC
As a Transaction Coordinator, you can make a few tweaks throughout your day to improve your money mindset. It might be overwhelming at first—it might feel like just one more thing—but exercising your money muscles is easier than you think.
Figure Out Your Money Mindset Starting Point
Like any mindset issues, it helps to think back to when your relationship with money went downhill. It might be one significant event in your life, like a spouse losing a job or other sudden hardship. Or it could be an overarching habit passed down by your parents. (Mom always said, “a penny saved is a penny earned!”)
Try to identify your emotions when you make a purchase. For example, if you need a laptop upgrade because your old one is slowing things down with an important real estate transaction, how do you feel?
You might get a sudden adrenaline rush and want to buy more… bigger… BETTER! On the other hand, you could be biting your nails the whole time, uncomfortable with your final decision to click “purchase.”
Forgive Yourself for Past Money Mistakes and Focus on the Now
Once you identify where your money mindset is coming from, you can work on putting your memories and past subconscious influences to rest.
Forgiveness is a skill—not an innate ability. You’ll have to make time between drafting closing documents and your next virtual meeting with real estate agents and home-buyers to practice forgiveness.
Remind yourself that you’re safe. Remember, not every day will be like the bad days from your past. Who you were in the past made it here: a successful Transaction Coordinator.
Related: How To Overcome Fear As A Transaction Coordinator And Reach Your Goals
Don’t Put Your Finances on the Back Burner
A great way to build your money mindset as a busy TC is to work regular financial-health checks into your weekly routine. With so many other responsibilities on your plate—sudden spikes in the housing market or an unexpected snafu with a buyer contract—it’s crucial that you make time to check your bank account.
Simply knowing where your money is going can completely transform your money mindset. There’s no worse feeling than having to make a necessary purchase and not knowing what your checking account balance is. Going too long without glancing at your money could leave you in a heap of trouble (and seriously mess with your mindset).
Commit Yourself to Your Financial Journey
Come on! You’re an established Transaction Coordinator. So suring up your finances is like a drop in the bucket compared to other obstacles you’ve overcome in your career.
Allow yourself the brain space to focus on making financial improvements and strengthen your relationship with money. It’s not enough to simply think about your money mindset from time to time. If you keep dismissing your repair regiment (like a workout regiment) your money mindset will never improve.
Build a Budget and Start Saving
Stick to spending parameters to seriously boost your relationship with your shopping list. After bills are paid, how much is left to put away or spend recreationally with your Transaction Coordinator salary?
Aside from pulling money directly from your paychecks, there are number of ways you can begin saving money:
- Start a change jar for leftover cash at the end of the day
- Shop for deals at the supermarket
- Limit how much money you spend on indulgences, like fancy clothes or gourmet food (but be sure to leave some cash for those important things!)
- Take on extra TC assignments here and there for additional earnings (without compromising your work-life balance, of course)
- Cancel unnecessary purchases, like subscriptions you no longer enjoy or need
Proactively building up your financial security will improve your money mindset tenfold.
Set Money Goals and Stick to Them
You can work with a banker or financial advisor (or not) to come up with short-term and long-term financial goals. Keep your sights on them! Give yourself some wiggle room for emergencies or setbacks (that’s all normal in the grand scheme of things) but always return to the right track when the dust settles.
For example, you might set a short-term goal to save $10,000 by the end of the year. Remind yourself of that overarching goal each time you contemplate ordering food instead of cooking it.
Long term, you might aim to retire and never look at another closing contract again by the age of 60. Layout your path to accomplish that feat and follow it.
Face Your Financial Fears
Maybe you’re afraid of losing your home. (After all, you see housing foreclosures all the time as a Transaction Coordinator.) You might be afraid of a stock market crash or food scarcities. Whatever keeps you up at night, acknowledge it and prepare for it by strengthening your financial health.
Heights don’t seem so scary when you’re wearing a parachute! And financial hardships don’t seem so scary when you’re actively saving and protecting yourself against them.
You have a steady job and a sound skillset as a Transaction Coordinator. Rest assured, you can go the distance, reach your goals, and enjoy a healthy money mindset. Everything will be okay!
Don’t let a poor money mindset stand in your way of enjoying your career as a Transaction Coordinator. You have a lot on your plate, but never so much that you can’t stop and think about your relationship with money. Take the time to repair it!