One thing that keeps so many women stuck in a pattern of playing small, working too hard, and on the edge financially is poor boundaries with money, or what I call “Money Leaks.”
The great news is, cleaning up even a few of these leaks can have a huge positive impact on your time, your energy, your ability to create freedom in your business, and (of course!) your cash flow.
As always, change begins with awareness. First you have to spot the leaks, then take empowered action to clean them up.
In this 2-part series, we’ll look at the 10 most common Money Leaks that affect conscious women entrepreneurs. Let’s start with 1-5:
1. Not paying yourself regularly.
When you don’t pay yourself, say “I can’t afford it,” “There’s no money left” or anything else that puts you last, you’re sending the message to the Divine that you don’t deserve to receive any of the money you’ve created. And that will continue to be your experience.
In order to receive more, you must allow yourself to receive what you already have. So no matter what you’re making now, put a date on your calendar that is your personal payday, starting today.
I know what you may be thinking: “There’s not enough money coming in to pay myself regularly.”
Yes, you do. Start small – even if it’s just five dollars! The amount doesn’t matter. The action does.
2. Clients who drain you.
We’ve all had the experience of working with less-than-ideal clients. They’re a huge drain on your time and energy, making them one of the biggest money leaks out there. Yet why do we take on these clients in the first place? A fear of not having money!
Every client you take on takes up energetic space in your world, and your energy fuels your prosperity. So there’s a tremendous cost to working with clients who drain you.
Never take on a client who you intuitively know is not a fit because you “need the money.” They will cost you far MORE in lost time, energy and opportunities than they could ever pay you. If you’re suffering under clients who drain you now, it’s time to put the boundaries in place – even if that means letting them go.
3. Clients who owe you money.
This money leak occurs when you don’t have a clear payment policy in writing before your work begins, including a process for exactly what happens when a payment declines.
Clients who owe you money require a conversation that will call on your courage. Instead of avoiding, stand in your power and address the situation head on. Then put your payment policies in writing so that expectations are clear from the get-go.
Discounting services because you’re afraid someone won’t hire you is lack-based thinking. It’s a huge money leak for conscious women entrepreneurs, and does your clients a disservice.
People value what they pay for, so the act of investing in the transformation through your services is a statement of commitment. When you discount, you take that opportunity away and diminish the value exchange for both you and your client.
Remove ‘discount’ from your vocabulary, starting today! If you are offering a “fast action” or “empowered decision” savings as an incentive for clients to make a decision, use the word “savings” or “incentive.”
And the next time someone asks for a discount, simply decline. You can say, “I’m sorry, I’m unable to do that.” No other explanation is needed!
5. Low Fees.
Low fees are literally a money leak! The simplest, easiest and fastest way to start making more money without working harder is raise your fees. And the key to raising your fees is to be really clear and connected to the value of the results you provide.
When you truly own the value of your work, raising your fees loses its charge for you. And when it loses it’s charge for you, the higher fee stops having the charge for your clients as well.
Your clients are always a beautiful mirror for what’s going on with you energetically, and you’re automatically going to start to attract better clients once you gain confidence in your higher fees. Go here for tips on how to gracefully raise your fees without losing your best clients.
I’ve got 5 more money leaks to share in Part 2 of this article. For now, my coach’s challenge to you is to see how many of these money leaks you can clean up in a single week!
Which Money Leak do you have the most resistance to? Clean up that leak first. Notice how you feel (hint: it’s going to feel awesome), then notice what happens to your income, in even a short period of time.