6 MONEY MINDSETS

Often, when we think about examining our finances, our minds immediately jump to evaluating and/or tightening up our budget. This is not a bad place to land. After all, we have to make practical decisions if we want to see our finances improve. However, what if there was a better place to start on your financial journey?    

Research shows that our emotions and values drive more of our financial choices than we often realize. Unraveling these emotions and values can help us see the strengths and weaknesses in our financial habits. It can also help us understand what drives our partner's financial decisions. When we discover his/her values and emotions, we see another part of who he/she is and what motivates our partner. This is especially useful if we budget the household finances together. When we take the time to figure out one another's financial "habitudes" then we will see it's not about making a right or wrong choice, but rather an advantageous one.    

There are six money habitudes that you can discover about yourself and/or your partner. I will describe them in a nutshell. However, to take the quiz, find other free resources, and/or purchase materials (including a fun game), see the link at the end of the article.    

1. Carefree 

This describes those who don't care one way or another about money. They tend just to let life happen. 

Advantage: They are often seen as easy-going and flexible. This is because they can be optimistic, adaptable, and great at sharing with others.  

Disadvantage: They can also be seen as immature or irresponsible. This is because they tend to lose track of money or possessions. This could cause them to be frustrated when things don't always work out.    

2. Planning

This describes those who see money as a way to help them achieve their goals. 

Advantage: They are often considered responsible, accomplished, conservative, and driven. They are often likely to make long-term decisions based on their values and likely to have emergency money set aside. 

Disadvantage: They can be impatient with those who don't share their values or meet their standards. They may be frustrated helping those who don't plan. They may also be resistant to making choices in a new situation.   

3. Status 

This describes those who like to present a positive image and come across as impressive to others. 

Advantage: They can make a strong first impression. This person is often seen as generous.  

Disadvantage: They may also be seen as superficial or insensitive. May chose to sacrifice important needs to keep up their status.    

4. Spontaneous 

This describes those who see money as a tool to enjoy the moment.  

Advantage: They may come across as fun-loving, open-minded, and daring. They may be able to respond quickly to a financial opportunity.  

Disadvantage: They may be impulsive and/or unconcerned with consequences. They may get into debt for things they wish they would not have purchased later.    

5. Giving  

This describes those who see money as a way to be good to others.  

Advantage: Others are likely to see them as thoughtful and charitable. They may also have strong ethics and integrity. They may be able to anticipate the needs of others. They can enjoy life based on non-materialistic values.  

Disadvantage: They may be enabling those around them. They may be disappointed if their gifts are not appreciated or reciprocated. They can become intolerant of people who have a more indulgent lifestyle. They may sacrifice their own needs and future security for others.   

6. Security 

This describes those who see money as a way to feel safe, secure, and in control. 

Advantages: Others may see you as prepared and savvy. They are often good at budgets, goals, and savings. They can often delay gratification so they can have peace of mind in financial emergencies.   

Disadvantages: Sometimes others may see you as cheap or suspicious. They may avoid all financial risks, even ones that may be of benefit. They can get stuck in a secure job and not see the potential for advancement.    

Summary

No habitude is inherently superior; each carries unique strengths and weaknesses. Understanding these habitudes is pivotal for maximizing strengths and mitigating weaknesses, contributing not only to financial planning but also to building stronger relationships. 

Financial professionals, therapists, and educators increasingly incorporate these money habitudes into their practices to foster a comprehensive approach to financial well-being and interpersonal dynamics. 

To delve deeper click on the link:  https://www.moneyhabitudes.com/ 

*As always, this article is for informational purposes only. It is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified healthcare provider with any questions you have regarding a medical condition. AND before undertaking any diet, dietary supplement, exercise, or other health program.