What does your money script say about you?

There are four types of money scripts. We are not just one of them, we will have beliefs in all of them, but you will be more prevalent in one or two areas. Money scripts are learned in childhood, often unconsciously, passed down by our family. For many people, discovering and exploring their money scripts will help to explain your financial behaviors and hopefully work towards more financial health.

Have you asked yourself, I wonder why I do some of things I do with my money?

Better understanding your money scripts may help to give you more insight and help you to change a few small habits. Understanding how to become financially healthy takes discipline and time. Don’t get frustrated, stay on course. There will be times when it gets difficult, but making a plan around how you spend or save will help to stay on track.

The four money scripts we are going to talk about are – Money Avoidance, Money Worship, Money Status, and Money Vigilance.

Money Avoidance

Money avoidance suggests a belief that money is bad. They may also believe that they do not deserve money, having some guilt around the money they have. They may believe that there is virtue in living with less money.

Due to this negative association with money and wealth, money avoiders may sabotage their financial success by giving money away without thinking about it first. Money avoidance can be associated with trying to not think about money, ignoring financial statements, overspending, enabling others financially, and having difficulty managing a budget.

Tips to help with Money Avoidance challenges:

Create a ritual around becoming financially informed. The best cure for anxiety around money is to expose yourself to it. Review your financial situation regularly. Make time to meet with your business partner, spouse, or financial advisor at least monthly.
Generate a list of ideas of how having money can be good for you and/or beneficial for the world. Tell yourself why it is ok for you to have money. The more money I have, the more good I can do for others.
Set budgets and reward yourself for sticking to it. Make sure to set achievable goals, not unobtainable or unrealistic. Do not deprive yourself, be mindfully intentional with your decisions, and do not overspend.

Money Worship

We live in a society that puts money on a pedestal. Money worship people tend to have an impulse to attach our happiness to their income, net worth, and possessions. Money worship or money focused, as it can also be called, believe that the key to happiness and the solutions to their problems, is to have money. They believe that one can never have enough money and the pursuit of money never quits to satisfy them. Money worship believes that the harder they work the more money they will have.

Tips to help with Money Worship challenges:

Escape buyer’s remorse. Buying new things can be exciting but shortly the thrill goes away. Put time between pulling the trigger on purchasing the item and think about how this purchase will make you feel.
Ask yourself, is this something my family or I need? How does this purchase fit with my values and goals?
Achieving wealth can quickly lose its luster if it is not attached to our values and goals for the people we care most about.
Understand that the harder you work is not always tied to more money. Don’t burn yourself out thinking this will provide more happiness.
Make sure to set aside time throughout your work week to connect with loved ones. This will recharge you and your relationship, which is much more likely to bring you true happiness than the money alone.
It feels great to give to others. Be sure you set a strict budget for how much you have available to give away. This budget needs to be tracked and done with intention. It is not healthy to give beyond your means.

Money Status

Money status tends to link their self-worth to their net worth. They may prioritize outward display of wealth and risk overspending to prove their status. They may believe the universe will take care of their needs if they live a virtuous life. Our culture associates financial status with social standing. Wanting the next latest and greatest gadget is normal but can lead to detrimental financial outcomes. Your net worth is part of you, but it need not define you.

Tips to help with Money Status challenges:

Slow down, think about the purchase and ask yourself:
Why am I buying this?

What does buying this item do for me?

How long is the feeling going to last?

Can I afford it?

How will I pay for this item?
The flaws in purchasing items are that this item will make me appear impressive or cool. Ask yourself how this purchase will make me feel in a week. Likely you are to forget about it or just use it as conversation piece to talk to your neighbors.
Make time to discuss your monthly spending with a loved one or a trusted advisor. The goal is to get your financial situation out in the open and focus on it.
Strive to be emotionally, physically, and financially healthy.
Make sure to make time for what matters most. Financial success without health and fulfilling relationships is worthless.

Money Vigilance

Money vigilant individuals are alert, watchful, and concerned about their financial health. They believe it is important to save for the future. They believe in the connection between hard work and financial reward. Money vigilant people are less likely to buy things on credit. They may be somewhat anxious about their financial futures. They will be discreet about their finances and less likely to share with others. Being over vigilant can lead to excessive wariness and anxiety that prevents them from enjoying the benefits and sense of security that money can provide. This may keep you up at night and be bad for your overall health.

Tips to help with Money Vigilance challenges:

Have fun! Set aside a fun money budget and use it. Creating a space to enjoy your hard work can pay dividends in feeling of gratitude and joy.
The money vigilant often needs to practice shifting to spending once they have reached their financial goals. You still need to be aware of your finances, but you are more secure and able to spend on the items you want.
Have a trusted advisor or partner that you can discuss your financial situation with. They can provide you with insight and help you broaden your perspective.

If you have questions relating to the content of this article or the process associated with better understanding your money scripts. Rebecca Howell, CBEC would

welcome the opportunity to talk with you. Rebecca can be reached at (253) 514-0456 or info@exitsuccesssolutions.com

This article was sourced from my report from Dr. Brad Klontz. You can take your own test at https://www.bradklontz.com/moneyscriptstest

Rebecca Howell

A seasoned entrepreneur, gracefully exited from a thriving 20-year bookkeeping and accounting business to dedicate her time to empowering fellow business owners.