As much as I want to have a cautious approach to money, and think that I do for the most part, I also know that’s not always true. I can easily shift into impulsive spending, no problem, based on an old scarcity mind-set. Deep down I’m always going to be a little bit afraid of not having enough, which can create some self-destructive or self-sabotaging behaviors, like assuming I’ll “never” pay off my debts or being so restrictive that I can’t even enjoy lunch out with my husband without feeling guilty. Sometimes how you spend money directly contradicts how you think you spend money, and that’s why it’s important to try to find harmony wherever possible, knowing it’s an ongoing dance.
Using some of what you’ve learned in the other financial challenge exercises, compare all your different money behaviors against what you deem to be your money philosophy. If your money behaviors are a direct contrast to the type of money philosophy you’d like to have—perhaps you frequently overspend, but you really want to be the type of person who can spend money without being plagued with guilt—it’s time to make some adjustments.
TRY THIS
Complete the following prompts:
When I spend money, I feel… / When I spend money, I want to feel…
When I save money, I feel… / When I save money, I want to feel…
Compare the spending and saving statements. Is there a difference between how you currently feel and how you want to feel? What’s one thing you can start or stop doing today to make your money behaviors or philosophies better align? Write down the words associated with the way you want to feel on a small piece of paper and put it in a location related to spending or saving money, like in your wallet.