Unhealthy Money Attitudes: How to Set Them Straight
Money is a tricky topic for many, and there are a range of emotions that can be associated with it – from stress and anxiety to feelings of power and worth. For some, money can become a source of emotional instability and negative thinking, resulting in unhealthy money attitudes.
Though it can be difficult to break free from an unhelpful attitude, it’s well worth the effort. Here we look at what unhelpful money attitudes are, how to recognize them, and actionable steps that can be taken to set them straight.
What Are Unhealthy Money Attitudes?
At its core, an unhealthy money attitude is an emotional response to money that is negative, irrational, and damaging. Unhelpful money attitudes can range in severity and can manifest in various ways, both mentally and behaviorally. Some of the most common unhealthy money attitudes include:
● A negative relationship with money: feeling anxiety, shame, anger, or disgust around money.
● Fear of the unknown: this manifests in feeling overwhelmed, scared and powerless when dealing with financial decisions.
● A lack of financial literacy: not having the necessary knowledge around money and how it works.
● Scarcity mindset: focusing on the immediate present or feeling limited by resources.
● Emotional spending: spending money impulsively to cope with negative emotions.
What Are Some Signs Of Unhealthy Money Attitudes?
When we have an unhealthy relationship with money, this can naturally affect our attitude. But what might this look like in practice? Here are some of the signs of an unhealthy money attitude:
● An unwillingness to talk about money.
● Resistance to getting organized and staying organized with money.
● Avoiding budgeting and being scared of debt.
● Feeling heavy shame or guilt when spending money.
● Regretting past financial mistakes.
● An excessive need to please and acquire material possessions.
● Feeling stressed when considering investments and savings.
● Feeling unworthy of having financial success.
Why Is It Important To Set Unhealthy Money Attitudes Straight?
Having an unhealthy money attitude puts you at risk of creating long-term hardships, such as not having enough for retirement or overextending yourself financially. In short, it is important to set your unhealthy money attitudes straight in order to create a healthy and secure financial future.
More immediately, an unhealthy relationship with money can lead to:
● Poor decision making with money.
● An inability to save.
● Debt accumulation.
● Financial stress and anxiety.
● Diminished self-worth.
How Can Unhealthy Money Attitudes Be Set Straight?
Making positive changes to an unhealthy money attitude can be challenging. But, by investing the time and energy into resetting your attitude, you are ensuring a more positive, empowered, and successful relationship with money in the future. With that in mind, here are some methods for setting unhealthy money attitudes straight.
- Increase Financial Literacy
The first step in setting your money attitude straight is to increase your financial literacy. Education is key when it comes to money, and the more you know the better equipped you’ll be to make decisions and build long-term financial resilience. Start by familiarizing yourself with key money-related topics like budgeting, saving, investing, and debt relief.
- Challenge Negative Emotions
The next step is to actively work on challenging any negative emotions that you feel towards money. For example, if you feel anxious and overwhelmed when discussing finances with others, start the conversation anyway. Over time, the likelihood is that the anxiety will start to wear off.
Unhelpful money emotions can also be challenged through positive meditation and self-talk techniques.
- Establish Healthy Goals
It is normal to want to improve your financial situation, as long as the goals you are setting are realistic and healthy. To do this, start by assessing your current circumstances and consider what goals may be beneficial for you. Once some goals have been set, create achievable objectives and mini milestones to get you closer to achieving them.
- Turn To Financial Knowledgeable
Even if you’ve increased your financial literacy, the truth is that you don’t have to go it alone. It can be a great idea to talk to a financial professional for advice and assistance when setting your money attitude straight. Financial advisors or advisors are experienced in working with individuals and families to plan for financial security and stability.
- Hold Yourself Accountable
To make sure you are actively working towards setting your money attitude straight, create a weekly plan to check-in on your progress. Make sure that you’re tracking your objectives and celebrating your successes. This will help to keep you motivated and on track with your goals.
Breaking Free From Unhealthy Money Attitudes
Money can be a difficult subject, and sometimes negative thoughts and emotions can start to form. But it’s important to recognize when an unhealthy attitude arises and then proactively work on setting it straight.
Increasing your financial knowledge, challenging negative emotions and establishing realistic goals are all great strategies for responding to unhealthy money attitudes. Though it can be difficult to break free from an unhelpful attitude, it’s well worth the effort. After all, having a healthy relationship with money is essential to your financial wellbeing.