A money setpoint is the amount of money you feel is acceptable and comfortable for you to spend on a service or object. It can also be about how much money you earn.
Do you think spending $100 a week (in US dollars) on groceries is ok but spending $120 is too much? Your money setpoint on groceries is $100. If you bought a new car, would you feel spending $30,000 dollars to be reasonable, yet $45,000 to be too much? Your vehicle spending setpoint is $30,000--you would feel uncomfortable spending more.
Why do you need to raise your money setpoint?
After I originally published this article, many people messaged me and asked this question. This answer is an update :)
If you like where you are in life--and that's perfectly ok! then it isn't necessary to be concerned about your money setpoint.
Many people say they want more money, more customers, their dream home or car, and for those folks, raising your comfort level is necessary. You cannot attract those things if you have a low money mindset.
An example of this is wanting to buy a Lexus (fill in name of your dream car). You now drive a Toyota. You are used to spending Toyota prices on cars, so buying your Lexus seems out of reach.
When you begin to believe you can afford the Lexus, and you do some of the steps below to attract it, you will raise your money mindset.
Some things to bear in mind about a money setpoint:
A money setpoint isn't to be confused with your budget. Your budget is money you have available to spend. They could be one and the same though, as your budget could be considered a comfort zone.
I'm not advocating spending beyond your means. Your money setpoint is only what you feel comfortable attracting into your life. The numbers will differ from person to person.
Realize that what you are comfortable spending could be considered an arbitrary ceiling set in your mind. Consider apartment rentals. These vary widely by where you live and the amenities you need, plus those you want to have. I'll use some examples and again, bear in mind, these are just numbers and could be totally different in your area. In one neighborhood, the rent may be $600 and you get a basic no frills apartment. In another neighborhood, the rental is $800. You get a basic apartment plus extras: use of a swimming pool or gym, a designated parking spot, and the location is closer to your work or business.
Which would you choose? If you said the $600 apartment because $800 is way too expensive even though you could actually afford it, then your mental setpoint is at $600.
If you chose the $800 rental, even though you're currently paying the $600 for rent, you have raised your money setpoint. You see value in spending the additional money due to the better amenities and location, and this makes $800 your new money setpoint for renting your apartment.
If you have a $600 rent setpoint and you did happen to rent the $800 unit, you would feel very uncomfortable.You'd feel guilty for spending so much, even subconsciously, and wouldn't get joy from living there. When the lease expired, you'd most likely return to renting the $600 place.
Most of what we believe about money and how much we can choose to spend is thought programming. It could be from past experiences or from what our families or peers believed. We reinforce these beliefs by surrounding ourselves with others with similar money setpoints. This means that if you are in the $600 rent range, most likely the people you feel the most comfortable with as friends are also in that range.
Here are some ways to raise your money setpoint:
*** be thankful for what you have right now. Do you live in the $600 apartment yet see increased value in the $800 one? It's not enough to just desire more for the sake of getting more. You have to hold high gratitude for things as they are at this very moment.
*** contemplate and examine your beliefs about money. Why do you think the higher rent is too much? Most of us hold fears about money. For instance, if you spent the higher rent, would you be fearful that you wouldn't be able to pay on time? Would you be fearful that you'd lose your friends or that you'd have trouble meeting new ones?
*** consider the higher setpoint to be a self investment. We're often taught that spending money on ourselves or spending more than we need is wasteful and selfish. Actually, we cannot take care of others if we don't take care of ourselves first. When you believe you deserve more, you will receive more.
*** brainstorm ways to bring in more money so that additional expenses will not affect your budget. By now you may have realized that your income is a money setpoint also.
*** ASK for what you want. It's that simple. Once you know what you want, ask for it!
*** Visualize having what you desire. Visit the $800 apartment, take pictures, and imagine yourself living there. What will you do? Will you have extra time in a day because your commute is shorter? Will you invite new friends over for a cookout or to watch the game? Perhaps you can see yourself relaxing on your new deck or patio. Feel as though you are already there. What kind of artwork will you hang? Go into as much detail as you can.
*** TAKE ACTION to move for your goal. Go visit the apartment you want. Fill out an application. Plan your move. Apply for a better paying job or increase sales at your business.
*** Trust that you will have it. Don't overthink it. A basic tenet of the law of attraction is letting go and letting things flow toward you.
*** Think only of the positive outcome. If you start asking yourself negative questions you will actually repel what you desire. What if I can't afford it? translates into "I can't afford it" and that is what will happen.
*** Continue to dream MORE. Perhaps your ultimate dream end goal to own your own home instead of renting. Then this may bring up other questions: do you stay in the $600 apartment and save up a bigger down payment or go for the $800 one, considering you may make new contacts who may lead you to your dream house? Or, you could choose to put these thoughts to use and apply for a mortgage instead of putting in an apartment application.
Raising your money setpoint can be invaluable in helping others also. It's not just about things. You can consciously decide to start a charity to help others or better your health. You could use it to better yourself by taking classes, buying useful info products, or hiring a coach.
To your abundance with love, Suzanne