Repeat after me: you are not bad with money
Mel Watson of The Numbersmiths wants to blow your money shame out of the water.
Words: Anna Hutchroft
Photos: Lisa Sorgini
Can you tell us about how your passion for numbers and wealth consciousness developed?
I was raised by a single mother in a low income family and although love was abundant, we went without a lot of the time. From a young age, I saw how stressful and joyless life could be when you live at the mercy of a week-to-week pay cheque. My mum worked incredibly hard to provide for us but it was tough going a lot of the time. It made me question the system and how our choices affect our future.
What has your own money journey looked like? Do you have any role models in the financial space?
I learnt to be financially independent from a young age. But dare I say, I made all the mistakes along the way! Credit cards, debt, shitty jobs, overspending, not saving, bad boyfriends, taking leaps of faith and falling flat on my face… It was messy, but I wouldn’t change a thing. These lessons gave me the grit and the determination to look beyond the status quo. I knew there must be a better (and easier) way to survive.
When I became a mother, I sacrificed most of my financial independence. I also lost my sense of purpose. I saw myself heading down a path that wasn’t aligned to my calling (hello, societal pressure). But I’m grateful to this period because it ignited my hunger for financial independence – not just for myself, but for all women. The Numbersmiths were born six months after my second son came into the world and I have been working tooth and nail to raise my kids and business at the same time. A challenge, which I know I am not alone in.
Women are still working to make their voices heard in the financial space. I take inspiration from Jen Sincero, a mindset writer and author of one of my favourite books. There’s also Simian Kaur from Girls That Invest and the sensational female-led team behind Verve super, who are championing the movement for ethical investing.
What are some traps you commonly see people falling into that stop them from being financially abundant? Do you have any tips for people wanting to shift their mindset from lack to abundance?
Many of us are scared of numbers and we’re afraid to learn financial literacy. We think it’s too hard, or not our job, to care for our money or control our finances. We stick our head in the sand, and hope that in doing so our money problems will vanish. We’re not taught to consider our future and how our decisions today will impact our lives when we’re raising families or going grey!
To shift your mindset from lack to abundance, read Jen Sinceros book, You Are A Badass At Making Money. Despite the cringey title, it blows all money, shame and taboos out of the water. We need to rewire the way we think, feel and act with money. Like it or not, we live in a capitalist society. Why are we giving the white men in suits all the power?
What does it look like to embody a positive money mindset? How does your work at The Numbersmiths help people cultivate this?
Our mindset drives our thoughts, feelings and actions. Shaping it into one that works for us – not against us – is a process we focus on everyday. Not just with our clients, but with ourselves too. We're right there with you, rolling with the punches and working through the pressure of self-doubt, societal expectation, and the other million things that rob us of being our best, sparkliest selves.
What helps us, personally, embody a wealth mindset is witnessing it in action. We’ve seen a beautiful community emerge within The Numbersmiths world. It’s been beautiful to see our community not only growing alongside each other, but collaborating too.
Together we support each other through the ups and downs.
What’s the difference between the work that you guys do and what a tax agent might do?
I get asked this a lot, because the financial system is so confusing. A Tax Agent deals with income tax, business structure and compliance. Tax Agents rarely give you personalised business advice because their specialty is making sure your business is compliant and that you’re paying your taxes.
The Numbersmiths do the work in the trenches with you. Together we refine your business, moulding it into one that aligns with you and your purpose, all the while making sure you don’t get a numbers headache. We do this by focusing on your personal finance and money literacy, business practices, bookkeeping, mindset, and wellness. We work with your tax agent on overarching decisions within the business.
You recently posted a blog about the collective unease that is the hangover from a tumultuous past couple of years. In it, you spoke about this concept of ‘getting your house in order.’ What does it mean for you to get your house in order?
What is it that wakes you at 2am? Getting your house in order is tending to the things that keep you up at night and it will mean something different for each of us. For me, it’s tweaking the weekly budget for the house and the business, keeping on top of the never-ending kids’ stuff, and ensuring my employees and clients are happy and thriving.
What are the flow-on effects of getting your house in order?
Synergy. Where 1+1 = 3 or more. If you have a business with a team, you know that when the team is right it just sings and kicks butt. When it’s not, it does the opposite. This is the same for getting your house in order. When your house is in order, things just flow with ease and the joy levels are off the charts.
The first place to start is with your thoughts. Get a hold of those crazy monkeys and get them dancing to the tune of your party!
Next up is facing the things in life that are commonly relegated to the Too Hard Basket. For a lot of us small business owners, it’s taxes, scanning our receipts, or taking a good look at our spending habits. So, how can you find the motivation to get started on those things you’ve been putting off for ages?
For me, I find motivation when I remember how light I feel without all that funk weighing me down. You can take something out of the Too Hard Basket just as quickly as you throw it in there. Better yet, smash the basket. Resistance is actually a timely reminder that something just needs to be worked through.
What are some things that people could start doing right now that would help them with their money management in the long run?
Start with your mindset. Get a coach or find a person that will hold you accountable. If you ignore them, your money problems are not going to go away – they are going to grow. The sooner you do something about it, the better the results. Get educated. Learning to be good with money is a lifelong journey that always gets easier. The first jump is the hardest but it’s also the most rewarding.
Know that you are not bad with money, you just haven’t been given the tools to master it yet.