Your Money Nerve triggers emotional reactions when faced with unexpected fiscal challenges or choices. Learn how to track your emotional responses to money. By monitoring what situations cause your heart to start pounding or cause a panicked reaction, you become more aware of your triggers and can create new money habits.
Explore Your Financial Reality
It’s time to realize that your financial reality is much more than dollars and cents. Life is a melting pot of childhood aspirations, perceived personal success, memories of how your parents handled money, and your attitude regarding what money means to you. As we begin to define our path toward financial freedom, it’s easy to get sidetracked. Physical reactions based on other people’s judgments, memories of bad choices, or feelings of failure when we look at our bank accounts need to be addressed.
Were you raised in a home where there was no money, so now that you are an adult, you feel the need to splurge? Or did you have a comfortable life growing up, but as a result, never learned how to budget or plan your finances? Do you have dreams of financial success? Think you must prove yourself to others? Maybe you just want to have more “ups” and less “downs” when managing your money. Explore what is working for you now and what areas you would like to improve.
Track Your Current Emotional Responses to Money
To begin this discovery process, think about a recent situation where you experienced an uncomfortable, embarrassing, or disastrous money moment.
*What did you feel?
*Did particular detail cause your emotions to flare up?
*Who were you trying to impress?
Most importantly, what can you do to mitigate your response the next time a financial boomerang hits you?
Remember other times that you had Money Nerve struggles. Imagine how your life could be if you made intentional choices ahead of time. Fantasize about paying all your monthly bills without negative feelings!
Creating a New Path
There are several ways to track your emotional response to money. For example, saving a little extra money from each paycheck will build an emergency fund before you know it. Creating new actions results in more immediate financial peace and strategic money managing skills.
First, find a friend or family member who is more skilled in money matters. Bring your questions and ideas to them to discuss different approaches or options to build your financial muscle. How do they manage emotions and money?
After that, contact a financial professional who can answer your questions, and guide you into structuring a more formal financial plan. You will be more successful in realigning your goals and dollars because you are learning to budget and save from a business pro.
Additionally, make a list of the top three emotions that pop up when you think about money. Feelings can include anger, guilt, resentment, fear, despair, or panic. Analyze some of these emotions that come from your past. The benefit of investigating past actions provides a clearer path for making positive changes.
We don’t always realize the baggage we carry – from seemingly insignificant events. Did your father get angry when the family begged to eat out? Were you expected to do your tasks without any pay? Or did you get an allowance for doing chores? Maybe your Mom hid money from your Dad, and she told you to keep her secret.
Discover where these unexpected feelings are originating. Decide if these memories are serving you, or causing you to overreact. As a result of sifting through what stories or emotions benefit you now, you will free up more time and space to make healthier choices.
Invest Time in You
Find a mirror, and make a promise to invest in you. Set aside 15 minutes each day for daydreaming so you can make those daydreams transition into goals, because, after all a goal is just a dream with a deadline. Start to journal each day. For example, by exploring your personal beliefs, you have a better sense of “where you are.”
Furthermore, by seeking more fiscal knowledge and setting priorities, you will transform your unsuccessful money habits from a “Death Valley” mentality into an abundant oasis of personal freedom. Learning how to track your emotional response to money helps you define and overcome mental road-blocks and the best result? A healthy relationship with your money!