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What Type of Relationship Do You Have With Money? Thumbnail

What Type of Relationship Do You Have With Money?

Did you know that the way you grew up impacted your relationship with money? Everyone has subconscious beliefs regarding it and most of them stem from childhood. Personal experiences and family values also impact our understanding of money, often in ways we donโ€™t even realize. Whether youโ€™re a financial aficionado or barely aware of what you have in your checking account, understanding your money script can be a game-changer.

What are money scripts? Money scripts are the beliefs and attitudes we develop about money based on our experiences, upbringing, and societal influences. These scripts often shape our financial behavior and decision-making process. There are four main types:

1. Money Avoidance โ€“ If youโ€™re money avoidant, basically, youโ€™ve put your head in the sand, and you donโ€™t want to know what is going on. It is characterized by a desire to distance oneself from financial matters. Individuals with this script may feel anxious or guilty about money and often avoid dealing with financial responsibilities altogether. 

Understanding this script empowers individuals to confront financial challenges head-on and develop healthier money habits. If you identify with money avoidance, start by acknowledging your fears and anxieties about money. Create a safe space to explore your financial situation, seeking support from friends, family, or financial professionals. Make it a habit to regularly check in on your money. Develop a budget goal that is easy to achieve to help understand and manage your finances, turning avoidance into proactive financial planning.

2.  Money Worship โ€“ This one is quite common in our society today. It involves the belief that more money will solve all problems and bring happiness. Moโ€™ money, moโ€™ problems? They donโ€™t believe that for a second! Those influenced by this script may prioritize wealth over personal relationships or well-being.

Combat money worship by prioritizing experiences and relationships over material possessions. Define your values and set goals that align with your passions, emphasizing personal growth and well-being. Shift the focus from accumulating wealth to cultivating a balanced and fulfilling life. By recognizing and reevaluating these beliefs, individuals can cultivate a more balanced and fulfilling approach to wealth.

3.  Money Status โ€“ This links self-worth to financial success and social status. People with this script often measure their value by material possessions and achievements. By trying to appear wealthy, they may overspend and can be prone to excessive gambling.

Awareness of this script enables individuals to redefine their worth beyond monetary metrics, fostering a healthier sense of self-esteem. Challenge money status scripts by reflecting on your values and identity beyond financial success. Ask yourself questions like, why am I buying this, how will I pay for this, and how will I feel about this purchase next week? Be sure to celebrate personal achievements, skills, and relationships as sources of self-worth. Consider volunteering or engaging in activities that bring fulfillment outside of monetary achievements.

4.  Money Vigilance โ€“ this involves a cautious and secretive approach to finances. Those with this script may be diligent savers yet may struggle to enjoy the fruits of their labor. They are very watchful over their money and overly concerned about their financial health. While they may make good financial decisions, the anxiety and excessive worrying about their finances is bad for their health.

If money vigilance characterizes your mindset, strike a balance between saving and enjoying life. Set aside a specific budget for leisure activities and treats, allowing yourself guilt-free enjoyment. Share financial goals and concerns with trusted friends or a financial advisor to reduce the burden of secrecy. Recognizing and balancing this script helps individuals find a middle ground between financial prudence and embracing life's pleasures.

Understanding your money script is the first step toward financial empowerment. To identify your script, reflect on your attitudes toward money, observe your spending habits, and consider your upbringing's impact on your financial beliefs. Online quizzes like Klontz Money Script Inventory* and professional guidance can also provide valuable insights.

Congratulations on taking the first steps towards financial empowerment! By understanding your money script, you've unlocked the key to making constructive financial decisions. Remember, it's never too late to reshape your relationship with money and pave the way for a brighter financial future. Embrace the journey, armed with practical tips to navigate each script, and may your financial decisions align with your dreams and aspirations.

If you have questions or need personalized guidance on your financial journey, I'm here to help. As a financial advisor and fellow traveler on the road to financial well-being, my door is always open. Feel free to reach out to schedule a consultation โ€“ jennifer.jenkins@bluestonewp.com.

Happy money scripting, and here's to a prosperous and empowered future!

*Remember, these quizzes are tools for self-reflection, and the results should be considered in conjunction with personal introspection and, if needed, professional financial advice.