Do Your Feelings Affect How You Manage Your Money?
September 14th, 2020
Does thinking about your finances ever make you feel anxious? Well then, you are not alone. Fear, sadness, guilt, and even anger are very common emotions that people experience around the topic of money. When people talk about money and finances, they tend to use words like “income”, “credit”, and “budget”, but rarely are emotions brought up! Money is a stress point and one of the most emotional subjects in the world. How can you change how you feel about money? Well, you do it by changing how you think about money.
The first step to change is identifying and understanding your feelings about money. Our relationship with money begins early in life, perhaps from watching how our parents or other adults handled their finances. Changing these beliefs and habits is hard, but not impossible. Here are some tips to help change your relationship!
- Think of money as a tool, not as the goal – Focus on what you want to achieve with money (pay for education, travel, etc.) Identify your priorities.
- Live like you’re broke – As your income increases, you might to tempted to spend more. Don’t. Live frugally. Save your extra income to invest in the priorities you’ve set for yourself.
- Control your emotions – Identify those negative feelings and avoid reacting to them. Even when events are out of your control, you still choose how you respond. It’s time to take ownership of your finances.
Money is a main source of stress and can have a direct effect on your feelings of self-worth, if you let it. The simple truth is that money will have a negative impact if you have an adverse relationship with it. By viewing money in a positive light, you will feel more in control of your finances. Take some time to discover some of your assumptions and core beliefs about money. You might find it helpful to take a money personality quiz!
Discovering and facing the negative beliefs you hold will release you from your own negative emotional attachment to finances. Having fears and anxiety surrounding the topic is normal and should not prevent you from seeking the help you need. Finding a financial coach to help you develop a budget and start saving will help to take charge of your money and help you take control of your personal finances. Click here to sign-up for your financial coach today!