What Is A Money Story And How Can It Affect Your Finances?
What Is A Money Story And How Can It Affect Your Finances?
If I had more money, ____ wouldn’t be a problem. I work hard. I deserve that new _____.
I’ll never be able to pay off this debt. I can’t earn enough to get ahead.
I need X amount of money to have peace of mind. I’m a cheapskate.
Spending money on things for yourself is selfish.
Money can elicit a whole slew of feelings: shame, pride, guilt, stress, and more. And, more often than not, these feelings about money stem from your childhood.
Even if the adults in your life didn’t openly discuss money as you were growing up, you still picked up on how it was handled in your family.
Maybe there was a traumatic event, like a job loss, death, or divorce. Or perhaps it was things such as extreme frugality or spending, parents arguing about money, or a feeling of tension about paying the bills.
All these experiences combined to form your money story (or money scripts, as some call them).
Your money story was written, whether you realized it or not. And you carry your money story from the past into your adult life.
your life and money story in a book
By better understanding your story, you can take steps to improve your financial future.
Below we’ll explain what a money story is and how it can affect your finances. We’ll also discuss how you can identify your money script and create a new one.
What is a “Money Story”?
A money story is a personal narrative about money. It makes up your beliefs, thoughts, and feelings about money – and affects your financial behaviors. Money stories are often generational and culturally based.
Your money story started forming in early childhood. It passed down to you from parents and other influences in your young life.
As a child, you observed the adults in your life – even when they didn’t know you were paying attention.
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