This is a recent article I wrote for Huffington Post
Many people struggle with their finances due to having an unhealthy relationship with money. This usually starts early in life.
What money type did you grow up with? How you were raised around money may be greatly impacting how you feel about or manage money today. If you are uncomfortable or not confident when it comes to finances, follow these simple steps to help you solve your money issue once and for all!
Money Type # 1: The Financial Adolescent
If you were raised to: Be financially naïve, you never talked about money, possibly because it was considered impolite.
Today you might… Intentionally avoid bills, bank statements and money negotiations; including asking for payment from a client or asking for a raise at work. It can also affect the way that you shop: For example; not comparing prices for the best deal or bargain-hunt.
Your new goal: Become a confident and empowered consumer and negotiator, a person who can ask tough or possibly uncomfortable questions.
1. Ask financial questions of those around you- what they paid for certain items and if they got a deal. Get comfortable freely talking about money.
2. Track your money daily. Get used of focusing on money. What you pay attention to you attract in your life.
3. Ask for the sale or ask for a raise. Be confident in the value that you offer.
Money Type # 2: The Over Spender
If you were raised to… Be an over spender, you learned to use money freely and spending was a way to regulate your mood.
Today you might… take your emotions out by abusing your credit card. If you’re happy you shop as a reward; if you’re sad you shop for a pick me up. Both are temporary highs that will most often end up with buyers’ remorse.
Your new goal: You must disconnect your spending from your emotions. Learn how to feel good about yourself without the use of your credit card.
Your first steps:
1. Learn how to identify an emotional buy. For example; when you feel as though you need a particular item right now. For some people it’s an addiction, so you’ll literally think you can’t live without it.
2. When you have the impulse to shop, make a commitment to yourself to say no, not now. Then revisit the decision in the next few days. This will allow you to delay the purchase and make a more informed, less impulsive decision.
3. When you’re upset, find alternative ways other than shopping to allow yourself to feel better. Some suggestions are; to take a walk, workout, do something using your creativity like painting or drawing or take a nice relaxing bath.
Money Type #3: The Penny Pincher
If you were raised to … Be broke all of the time, you learned to penny pinch and think of money as something that you’ll never have enough of.
Today you might… Deny yourself of fun (yet reasonable) buys like dinner or a drink. Shopping may stress you out, you may hastily come to the decision that you can’t afford it.
Your new goal: Step back, take a deep breath and look at the bigger picture. Determine where you are and where you want to be financially. Start making a step by step plan to get there. You deserve to have an abundant life in all areas including your finances.
1. Change the statement “I can’t afford it” and instead say “I can’t afford it right now.” Identify your priorities and make a list of the things you want and why. Start a savings account for “reasonable fun” like tickets to a concert or a weekend getaway.
2. Allow yourself to splurge a little from time to time on purely pleasure purchases that won’t break the bank such as a new book or movie tickets. Ease in one step at a time.
Money Type #4: Buy Me Love
If you were raised to… Be codependent with money, you often put others’ needs before your own as a way to be loved.
Today you might… Frequently pay for your friends tabs racking up your credit cards or pay for your deadbeat boyfriend or girlfriends half of the rent.
Your new goal: To love yourself first. Value yourself as much as you value others. Learn how to manage your debt.
Your first step:
1. Commit to 3 priorities that you would like to accomplish this year – just for you. Then create a budget that includes those things. Stay the course don’t let someone else’s wants steer you off course.
2. Start consolidating/paying off your debt by paying off your highest interest debts first. Don’t be afraid to get the support you need to help you attain your goals.
Chances are, you resonated with one of the money types shared above. It is important to know where you stand regarding your relationship with money and start working towards creating a new healthy and empowered relationship. Money can be a great tool to create the lifestyle you desire. It’s up to you to take the necessary steps to make that a reality for you.
Please share your comments below. I would love to hear from you!
Megan Tull is an Entrepreneur Success Strategist, Transformational Leader in Business and Life, an Author and an International Speaker. Megan is CEO and Founder of Silverlining Concepts, LLC, a business coaching and consulting firm that specializes in innovative and transformational training and workshops for entrepreneurs, CEO’s and small business owners.
She has a new book called The Passion Belief Method- Own Your Value and Earn Your Worth in Business available on Amazon and your favorite book stores. For more info about Megan and her services visit –www.megantull.com for more info on her book and to receive a free sample chapter visit- www.passionbeliefmethod.com