35. Money Mindset Exercises: Unlocking Financial Empowerment for Female Entrepreneurs with Meri-Li Forrest

Money is one of those topics that often feels taboo, especially for women and entrepreneurs. I know I’ve felt that hesitation myself—wondering if I’m “good enough” with money, or if I’m doing enough to grow my business financially. But what if I told you that transforming your money mindset through simple yet powerful exercises can change your entire relationship with money? That it can help you make smarter financial decisions, boost your confidence, and ultimately build the wealthy life you envision?

In this article, I’m diving deep into the world of money mindset exercises and financial empowerment, inspired by an insightful conversation I had with Mari-Li Forrest, CFP®, a seasoned financial coach who specializes in guiding women toward financial confidence and wellness. Together, we unpacked everything from the basics of financial planning to practical tips for entrepreneurs on paying themselves, managing cash flow, and preparing for financial uncertainty.

If we haven't met yet, I’m Brittany, an online marketing strategist for female entrepreneurs. I teach women how to make their entrepreneurial dreams a reality through smart, actionable marketing strategies that get them seen, loved, and paid. Whether you’re eager to DIY your way to success or hire professionals to help you along the way–my goal is to make sure you walk away with the clarity you need to see the results you desire and build a life you love.

If you’ve ever felt stuck, overwhelmed, or uncertain about your finances, or you simply want to level up your money game with proven strategies and mindset shifts, you’re in the right place. Let’s jump in.

Table of Contents

• Her Journey Into Money Mindset and Financial Coaching

• What Is a Certified Financial Planner (CFP), and Why Does It Matter?

• What Goes Into Creating a Financial Plan?

• Money Mindset Exercises to Create a Healthier Relationship with Money

• How to Start Managing Your Money: Practical Steps to Get Clear on Your Finances

• Managing Entrepreneurial Finances: Tips for Business Owners

• How to Prepare for Financial Uncertainty

• Paying Yourself as an Entrepreneur: Why It Matters and How to Do It

• Crafting a Money Routine: Making Financial Management Enjoyable

• Why Work With a Financial Coach or Planner?

• Frequently Asked Questions (FAQs) About Money Mindset and Financial Coaching

• Final Thoughts: Embrace Your Financial Journey with Confidence

Her Journey Into Money Mindset and Financial Coaching

Before we get into the exercises and strategies, I want to share a bit about Mari-Li’s background because her story really resonates with anyone who’s ever faced financial challenges and wanted to take control.

Mari-Li grew up fascinated by finance and entrepreneurship. As a kid, she loved playing store and dreamed of running her own business one day. Her passion truly ignited in grade eleven when she did a school project analyzing a stock, which introduced her to the concept of passive income. From there, she pursued a career in wealth management and financial planning, working with clients who had significant investment assets.

But life threw a curveball when her youngest son was diagnosed with leukemia just after her 40th birthday. The experience of spending months in the hospital and reassessing her life and career prompted Mari-Li to reflect on what she truly wanted: more time with her family and financial independence. She realized that while she had deep financial knowledge, her own finances needed reinvention, especially after separating from her spouse and taking on more financial responsibility.

This personal journey inspired her to become a financial coach focused on helping women, especially entrepreneurs, build healthier relationships with money and create sustainable financial plans that work for their unique lives and goals.

What Is a Certified Financial Planner (CFP), and Why Does It Matter?

If you’re like me, you might have heard the term CFP thrown around but weren’t exactly sure what it meant. Mari-Li explained that a CFP is a Certified Financial Planner—a globally recognized designation that requires rigorous education and practical experience in financial planning.

CFPs help clients create comprehensive financial plans that cover everything from managing debt and investments to planning for retirement or even taking a sabbatical. The certification ensures that the planner has the expertise to offer tailored advice and strategies based on a client’s unique goals and financial situation.

But here’s a key point: financial planning isn’t just about future goals like retirement. It also involves day-to-day money management, budgeting, and adjusting behaviors to improve financial wellness. That’s where financial coaching comes into play—helping you understand your current money habits and create actionable steps toward your goals.

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What Goes Into Creating a Financial Plan?

When Mari-Li creates a financial plan for a client, it’s much more than just numbers on a spreadsheet. It starts with understanding your goals. What do you want your financial life to look like? Whether it’s buying a home, paying off debt, or retiring early, your goals shape the plan.

Next, you take stock of your current financial picture—your income, debts (like mortgages and loans), assets (bank accounts, investments), and expenses. Then assumptions are made about your income growth, savings rate, and investment returns to project where you could be in the future.

This comprehensive plan acts like a roadmap, helping you make informed decisions about where to save, invest, or spend. For example, it can guide you on which accounts to use for tax efficiency or how much you need to save monthly to reach retirement goals.

However, Mari-Li notes that while financial plans focus on the future, they don’t always address daily money management. For that, financial coaching is key—it helps you understand your current spending, income, and how to tweak your habits to move toward your goals faster.

Money Mindset Exercises to Create a Healthier Relationship with Money

One of the biggest barriers to financial success, especially for women and entrepreneurs, is mindset. Money can feel scary, overwhelming, or even “bad.” But changing how you think and talk about money can open doors to opportunity and abundance.

Mari-Li shared some powerful money mindset exercises that I’ve personally found helpful, and I want to share them here with you:

Daily Affirmations:

Repeating positive statements about money can rewire your brain to attract abundance. Some examples Mari-Li uses are:

• “Money is the root of all good.”

• “The more money I have, the more good I can do.”

• “I attract and receive money easily and effortlessly.”

• “My family is happy, healthy, and prosperous because I am a badass at making money.”

Positive Money Language

Pay attention to the words you use around money. Replace “I’m bad with money” or “Money is hard to get” with empowering alternatives like “I am learning to manage my money well” or “Money flows to me in expected and unexpected ways.”

Reflect on Childhood Money Scripts

Many of our money beliefs stem from childhood experiences and what we heard from parents or caregivers. For example, Mari-Li realized she was repeating spending habits and phrases she heard from her mom. Becoming aware of these “money scripts” allows you to consciously rewrite them.

Visualization and Gratitude

Visualize your financial goals as already achieved, and practice gratitude for the money you have and the money coming your way. This can shift your energy and open your mindset to abundance.

These exercises aren’t just fluff—they have a real impact on how you perceive money, which influences the decisions you make every day.

How to Start Managing Your Money: Practical Steps to Get Clear on Your Finances

Changing your mindset is crucial, but it’s equally important to take practical steps to understand your financial reality. Here’s a simple process Mari-Li recommends for anyone wanting to improve their finances but unsure where to start:

1. Set the Intention: Commit to doing something—anything—to improve your finances. Don’t aim for perfection; small consistent steps win the race.

2. Get Clear on Your Income: Know exactly how much money you bring in after taxes. Entrepreneurs, this is especially important because taxes aren’t automatically deducted, so you’ll need to set aside a portion.

3. List Your Expenses: Break them down into fixed (mortgage, utilities) and variable (groceries, entertainment) expenses. Knowing where your money goes is empowering.

4. Identify “Iceberg” Expenses: These are irregular but significant costs like car repairs, vacations, or holiday spending. Plan for them so they don’t catch you off guard.

5. Review Your Debts: Make a list of all your debts and their balances. Having clarity here helps you prioritize and create a payoff strategy.

Mari-Li points out that this first step—looking at your numbers—is often the hardest because it requires honesty and vulnerability. But it’s also the most powerful because it sets the foundation for making smart financial choices.

Managing Entrepreneurial Finances: Tips for Business Owners

As entrepreneurs, we juggle two sets of finances: personal and business. This can make money management feel overwhelming. Mari-Li works with entrepreneurs to help simplify and organize their finances so they can make informed decisions and grow sustainably.

Here are some of her top tips for entrepreneurs:

• Create Multiple Budgets: Mari-Li suggests having three budgets:

  • Bare-bones budget: The minimum you need to survive personally and in your business.

  • Comfortable budget: Where you can afford extras like dining out and small vacations.

  • Dream budget: Your ideal lifestyle and business expenses when revenue is consistently high.

• Build a Wish List: List the investments you want to make in your business—hiring help, software, marketing—and when you want to make them. This helps you plan cash flow and prioritize.

• Set Revenue Milestones: Establish revenue targets to work toward, and celebrate when you hit them. This keeps motivation high and provides clear goals.

• Cut Unnecessary Expenses: Review subscriptions, memberships, and tools you’re paying for but not using. These small costs add up and impact profit.

• Prepare for Cash Flow Fluctuations: Keep a buffer, consider a line of credit, and plan for slower months so you’re not caught off guard.

How to Prepare for Financial Uncertainty

We all know life throws curveballs—and the past year has been a prime example with inflation and economic ups and downs. Mari-Li emphasizes the importance of planning for uncertainty so you can navigate tough times without panic.

Here’s how you can prepare:

1. Create Your Three Budgets: As mentioned above, knowing your baseline, comfortable, and dream budgets gives you clarity on what you truly need versus what you want.

2. Build a Cash Buffer: Save aggressively when times are good so you have reserves during downturns.

3. Keep a Line of Credit Ready: Having access to emergency funds can help smooth cash flow issues.

4. Be Strategic With Investments: Only invest in business expenses that have a clear return or help you reach goals faster.

5. Get Creative: Sometimes spouses or partners can contribute with extra work, or you can create quick offers to boost cash flow.

Mari-Li’s advice to entrepreneurs is to ride the wave when business is good—don’t immediately increase expenses assuming it will last forever. Instead, build your reserves and plan for the inevitable ebbs and flows.

Paying Yourself as an Entrepreneur: Why It Matters and How to Do It

One of the biggest challenges entrepreneurs face is figuring out how to pay themselves consistently. It’s tempting to reinvest every dollar back into the business, but without paying yourself, motivation can wane, and personal finances suffer.

Mari-Li is a big fan of the book Profit First (and so am I), which offers a simple framework to allocate your revenue into different “buckets.” Here’s a breakdown of the ratios she recommends:

• 50% to Yourself: This is your paycheque, the reward for your hard work.

• 20% for Taxes: Set this aside so you’re not caught off guard come tax time. This is a recommendation for Canadian business owners

• 25% for Operating Expenses: Business costs like software, marketing, and supplies.

• 5% Profit: Paid out quarterly as a bonus or reinvested for growth.

While these percentages might need tweaking based on your business model and stage, the key is to have a system and stick to it. Mari-Li points out that many entrepreneurs take money out sporadically without tracking it, which leads to confusion and cash flow stress.

Implementing a regular payday, even if it’s a small amount at first, is a game-changer for motivation and financial clarity.

Crafting a Money Routine: Making Financial Management Enjoyable

Let’s be honest—sitting down to review your finances can feel like a chore. When I think about my own money routine, it was often late at night, tired, and stressed. Mari-Li calls it a money ritual because it’s a regular, intentional practice that you can actually enjoy.

Here are some tips to create your own money routine:

• Pick a Time That Works for You: Choose a calm moment when you can focus without distractions.

• Block It on Your Calendar: Treat it like a date with yourself and your money.

• Make It Enjoyable: Have a snack, light a candle, listen to music, or whatever makes it feel like self-care.

• Review Both Day-to-Day and Strategy: Pay bills, check income and expenses, and also think ahead about offers, investments, and goals.

• Celebrate Wins: Whether it’s a successful month or hitting a revenue milestone, acknowledge your progress.

Mari-Li shared that in her community, some people even have a little gratitude moment every time they get paid or a client pays them. This practice shifts your energy from stress to appreciation and abundance.

Why Work With a Financial Coach or Planner?

You might be wondering, “Can’t I just do this myself?” The answer is yes, you can. But working with a financial coach or planner like Mari-Li can save you time, reduce stress, and speed up your progress.

Here’s why investing in expert guidance makes a difference:

• Accountability: Having regular check-ins keeps you on track and motivated.

• Experience: A coach has seen thousands of financial situations and can spot opportunities or pitfalls you might miss.

• Customized Advice: Your finances are unique, and a coach can tailor strategies that fit your goals and lifestyle.

• Time Savings: Instead of spending hours researching or second-guessing, you get clear action steps and confidence.

• Emotional Support: Money can be emotional. A coach helps you navigate those feelings and build a healthier mindset.

Mari-Li offers free consultation calls to discuss your financial challenges and goals, which is a great way to explore if coaching is right for you.

Frequently Asked Questions (FAQs) About Money Mindset and Financial Coaching

What are money mindset exercises?

Money mindset exercises are activities like affirmations, visualization, and reflection that help you change your beliefs and feelings about money. They aim to reduce fear or scarcity thinking and promote abundance and confidence.

How often should I practice money mindset exercises?

Consistency is key. Many people find daily affirmations or weekly reflection sessions effective. Integrating these exercises into your money routine makes them more sustainable.

Can financial coaching help me if I’m just starting my business?

Absolutely. Financial coaching can help you set up budgeting, pricing, and cash flow strategies from the start, preventing costly mistakes and building a strong foundation.

Is a CFP the same as a financial coach?

Not exactly. A CFP is a Certified Financial Planner with formal education and certification focused on comprehensive financial planning. A financial coach may or may not have a CFP but focuses on improving your money habits and mindset alongside planning.

How do I get started with managing my money better?

Start by setting an intention and getting clear on your income, expenses, and debts. Then, take small steps like tracking spending, creating a budget, and practicing positive money mindset exercises.

Final Thoughts: Embrace Your Financial Journey with Confidence

Money is deeply personal and often emotional, but it doesn’t have to be scary or overwhelming. By shifting your mindset with intentional money mindset exercises, creating clear financial plans, and adopting practical routines, you can transform your relationship with money. Whether you’re managing personal finances or running a business, these tools empower you to make confident decisions and build the life you want.

I hope Mari-Li’s insights inspire you as much as they inspired me. Remember, financial wellness is a journey, not a sprint. Celebrate your progress, learn from setbacks, and keep moving forward with the belief that you deserve financial abundance.

If you want to learn more or explore financial coaching, check out Mari-Li’s website at bewealthycoahing.com and follow her on Instagram at @bewealthycoaching. Taking that first step could be the game-changer you need.

Here’s to your financial empowerment—go get great!

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Episode References

⁠Profit First⁠

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Connect with Mei-Li

⁠https://www.bewealthycoahing.com⁠

⁠https://www.instagram.com/bewealthycoaching⁠

⁠https://www.facebook.com/groups/womenbuildingwealthylives⁠

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00:00 Intro

3:00 Getting into finance as a career

7:45 What's a CFP?

9:10 What goes into creating a financial plan?

11:30 Creating a healthier relationship with money

21:15 How to start managing your money

30:00 Preparing for financial uncertainty

36:15 Paying yourself as an entrepreneur

40:15 Crafting a money routine

44:10 Benefits of working with a financial coach

47:15 Wrap up