Money Stories

From the moment we are born, we receive messages that shape who we are and how we perceive the world. The way we view money, our relationship with it, and our habits that have formed accordingly – all come from the people who raised us and the culture and society in which we were brought up. Maybe you grew up with people in your life who constantly reminded you, “Money doesn’t grow on trees!” Or maybe you adopted an idea that money and material things will bring you happiness. Some aspects of your money story could be very positive and, others, negative. Your money story is your personal narrative about money, which impacts everything you do in life from how much of a mortgage you can take on to how you will save for retirement. Understanding your money story is key to understanding why you make certain financial decisions – and key to being empowered to rewrite any of your money story you wish to change. So, what is your money story? Consider reflecting on questions such as:

What did your parents or guardians teach you about money and what didn't they teach you?
Were there discussions about money growing up? How did those go?
How did you feel when you spent money as a child? When those who raised you spent money?
Did you have more or less money than your peers?

As you consider these, you can start to see your own story take shape. Then, you can begin to rewrite aspects of your story!

Consider your values and habits shaped from the story - are there any that don't serve you today? If so, which specific ones and what would you like to replace them with? Commit to change, change in your actions and mindset to better serve you.
Have you made past mistakes? If so, forgive and learn from it - carrying those lessons into today, being proud of overcoming.
What areas of personal finance do you need more education on? Maybe you have been afraid of it and it is time to face that fear!

Money Scripts/Personality

Drs. Brad and Ted Klontz used the term “money scripts” to describe financial beliefs that formed early in life due to the influences of the people around us and the culture of which we are a part. Often times, they are passed down generation-to-generation. Being aware of how your past experiences with money, whether positive or negative, influence your money habits is crucial to reaching your financial goals. Read the article, Are Money Beliefs Holding You Back? Then, take the What’s Your Money Personality Quiz, and analyze your results. You will learn about the following personalities: vigilance, avoidance, status, and worship. Reflect on your results - were there any surprises? Are you where you want to be? If not, what would you rather do and what steps could you take to get there?

Want to explore more on changing and improving your money habits? Here are some resources:

MoneyCrashers article on How to Use a Positive Attitude to Change Financial Habits

S. News article on 5 Ways to Break your Bad Money Habits
HuffPost’s article on Here’s What it Actually Takes to Change Your Money Habits
Clever Girl's Finance article on 11 Ways to Improve your Money Mindset
MoneyCrashers article on How to Use a Positive Attitude to Change Financial Habits

Book Recommendations

LOADED: Money, psychology, and how to get ahead without leaving your values behind by Sarah Newcomb | Goodreads
The Art of Money: A Life-Changing Guide to Financial Happiness by Bari Tessler | Goodreads
The Psychology of Money by Morgan Housel | Goodreads
Mind over Money: Overcoming the Money Disorders That Threaten Our Financial Health by Brad Klontz | Goodreads

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