.How to Find Your Money ‘Why’
How to Find Your Money ‘Why’
By Katherine Fusco | November 8, 2019
There are lots of reasons to spend money, some good, some bad, most compelling. Of course, this is by design.
Not spending money, though… that’s a trickier thing. The reasons not to spend—or to save, if you’d like to put it more positively—are often vague, rooted in a fuzzy sense of what one should do.
When people are tired or temptations are especially aggressive (hello, holiday season!), the vague I should pay off my debt crumbles in the face of beautiful store displays or delicious scents wafting from strategically open bakery doors.
More than this, advertising often appeals to our sense of self, frequently tying products to concepts or feelings that we truly believe in. How many bath bombs have been purchased on credit cards in the name of self-care? How many unused vitamins and supplements under the name of wellness?
Pink things for breast cancer awareness? Maybe an embarrassment of water bottles and reusable bags under the name of environmentalism, even though the environmental thing would be shopping less overall?
Against all these compelling, ego-supporting reasons to shop, the vague “adulting” calls to save more and spend less don’t stand a chance.
Just as advertisers know to tap into your sense of self through fairly specific identity appeals—Are you a dog-loving hiker? Here’s a four-wheel drive station wagon—you can also meet your own financial needs by developing your own money mantra, or “why.”
The importance of considering our feelings and values when it comes to money has gained traction in the field of economics. As the journal Applied Economics reports, “individualized cultural values measures do indeed explain part of the financial behaviour of households.”
Becoming more concretely aware of cultural, familial and personal values might thus be an important key to better personal finance.
Here are a few techniques to use for getting in touch with your money “why”:
1. Tap Into Your Core Values
What’s most important to you? Unlike with the next two exercises, you’re allowed to be a bit vague here. You might find yourself naming things like “beauty,” “health,” “community,” “family” or even something grander like “justice.”
Faced with spending decisions, you might ask yourself whether a purchase supports your core values. Now, sometimes the answer is an obvious “no.” This new lip-gloss/headset/hamburger does not contribute to social justice.
But, sometimes advertisers will attempt to target your core values in sneaky ways. For example, a fuel-efficient car seems like a truly environmental choice; however, it’s not as environmental as simply not buying something.
In her book Loaded, behavioral economist Sarah Newcomb writes about these values in terms of “needs” and explains that the infamous “latte factor” can in fact be scratching the need for “social connection.” If you enjoy visiting your local coffee shop.
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