The 4 Questions to Ask Yourself to Determine if Your Money Habits are Harmful

Money is not an easy subject for most families to deal with. You may have a perspective about money that is not shared by your spouse. You may have an unproductive story about money that one of your children inherited while another child inherited your spouse’s stories about money.

The money stories we picked up from our early environment strongly impact us today. Whether money was never talked about, whether it was a means to control relationships, whether the money stories were a source of worry, or whether they were more casual, without consequences, they affected you and continue to affect you today. You heard them, you saw them, you felt them, you modeled them, or you rebelled against them. In many cases your behaviors today that you subconsciously picked up produce the anxiety have with your money.

What would it mean to you to be able to permanently substitute your poor habits and behaviors with productive ones?

Money is a subject that is not often brought up in public or at home. You may find that communication around money is a volatile subject or a superficial one. You may find that you are the one who is always initiating a financial conversation. You may be one who is trying to avoid the critical and sensitive conversations around money; you know the ones that have to do with overspending.

Are conversations around money avoided, tense, superficial, or led by one person?

Allocating your resources to the five principles of money can seem like a daunting proposition, especially if you don’t even know what these five principles are. After all there is only so much money to spread around. The media, pressure of peers, your own emotional tugs, do all they can to separate you from your money. Your own habits and behaviors do what they can to reinforce money patterns that are familiar and comfortable.

Most ad hoc monitoring systems have leaks that you can’t plug because you don’t even know where the holes are. They take so much time to monitor and maintain that they are not worth keeping up.

Are you building, sustaining and measuring your money habits so you have satisfying and long lasting outcomes with your money? 

Financial literacy is a subject you can bring home. Financial literacy is a behavior you can impact positively. Your children and/or grandchildren can adopt money habits you know will see them through their lives productively. Having a cohesive system around allowance and earned money, around gifting and borrowing will benefit your children’s view of money.

How are your money behaviors, habits, stories and type impacting your children?

It may be that your money stories, those you developed when you were a child are hampering your life today. It may be that your habits or behaviors with money are out of control and need to be addressed. Perhaps you need a system to track your money because you can’t control where it is spent. Whatever your issue is around money, you can transform your money anxieties to money stewardship. It’s a matter of commitment and appropriate systems.

We’ll delve a little deeper into this next time. It’s too important to end this conversation here. Until then, I’d love to hear your comments on your responses to these questions. Add your comments to the comment section just below and to the right.

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