How To Develop a Healthy Money Mindset

How To Develop a Healthy Money Mindset

How To Develop a Healthy Money Mindset

What’s YOUR Money Mindset?

HOW TO DEVELOP A HEALTHY MONEY MINDSET | One of the biggest goals for many people at this time of year (who are we kidding — at all times of year) is to feel more in control and empowered with regards to their finances. They want to save more, spend less, attain their financial goals, and feel like they’re being compensated fairly for their valuable time and energy. Sounds like a straightforward solvable problem, right? Just budget! Save more! Spend less! Start packing your lunch! No big deal!

Why Financial Therapy is Important

Except… when you peek underneath the mental and emotional hood, people are actually having a complex, and often subconscious way of relating to money that impacts the way they behave to a much more significant degree than their good intentions to conscientiously meal prep and use a budgeting app. What we know from the emerging field of financial therapy is that we are all carrying old, deep, and often subconscious thoughts, feelings and core beliefs about money and our relationship to money — often stemming from our experiences in our families of origin.

Until you have the opportunity to dig into your subconscious core beliefs and feelings about money, it can be very difficult to implement lasting behavioral changes to the way you handle your money. Financial therapy often involves helping you develop the kind of healthy “money mindset” that will allow you to feel in control of your financial future.

Financial Therapy For Couples

Our relationship to money impacts the way we handle our individual finances, but it can also have a significant impact on our marriages. Money fights are one of the most common pain points for couples. When two people come together to form a marriage and family, and who are (of course) both carrying their own subconscious ways of relating to money that may be at odds with each other’s, it can become highly conflictual.

Most couples need to do intentional and meaningful personal growth work around getting on the same page with regards to their finances. This work needs to go deeper than band-aid quick-fixes, like admonishments to make a budget. It needs to help couples understand each other’s experiences that shaped their values around money, and the core needs that are being met through their relationships to money. Only with that level of empathy and understanding are couples able to achieve real and lasting change around their financial partnership.

Develop a Healthy Money Mindset

To help YOU begin to understand your relationship with money, I’ve invited financial therapist Jennifer Dunkle, M.A., LPC to join me on this episode of the Love, Happiness and Success Podcast. Jennifer specializes in financial therapy, and provides financial therapy for couples as well as individuals. Listen (or watch) and get Jennifer’s tips for how to:

  • Uncover your subconscious beliefs and feelings about money
  • Understand how your family of origin experiences may be impacting the way you handle money
  • How to get a handle on impulsive spending
  • How to manage financial anxiety
  • The types of money issues couples deal with, and how to resolve them
  • How to heal from financial infidelity in marriage
  • How to spot (and stop) financial abuse in a relationship
  • How to handle power and control issues around money in a relationship
  • Practical strategies and resources to help you develop a healthy money mindset

I hope that this discussion helps YOU get insight into yourself and your relationship with money, so that you can create a money mindset that helps you achieve your financial goals.

Wishing you all the best,

Dr. Lisa Marie Bobby

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How to Develop a Healthy Money Mindset

by Dr. Lisa Marie Bobby | Love, Happiness & Success

Music Credits: Jeremy Allingham, “Money Gods”

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Dr. Lisa Marie Bobby is the founder and clinical director of Growing Self Counseling and Coaching. She’s the author of “Exaholics: Breaking Your Addiction to Your Ex Love,” and the host of The Love, Happiness & Success Podcast.

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Dr. Lisa Marie Bobby is the founder and clinical director of Growing Self Counseling and Coaching. She’s the author of “Exaholics: Breaking Your Addiction to Your Ex Love,” and the host of The Love, Happiness & Success Podcast.

How to Stop Fighting About Money

For many couples entering couples therapy or marriage counseling, differences around money are a significant source of conflict in their relationship. And of course, money fights are common, because money is one of those things that means different things to different people.

For some, money a stand-in for love and connection, and for others money means security. Some people view spending money on things they enjoy as what gives life meaning, and others view accumulating money to pass on to the next generation as the purpose of life itself

Other people view money as freedom, and still others see it as a tool. People can also have negative associations around money, including guilt or fear. Other people can even tie their sense of self-worth to the money they have in the bank, or to outward displays of wealth.

Money is, in short, a loaded topic.

So it’s only natural that all couples usually have at least some differences around money, because they’re different people. Even if a couple is in basic agreement about their values around money, there will still be differences. In general, financial values exist on a spectrum between “spending” and “saving.”

Why Couples Fight About Money: Savers vs Spenders

In every relationship, there is a person who has a “saver” orientation and a person who has a “spender” orientation. This is even true between two people who are freer with their money than other couples, or within a couple who generally saves more than other couples. They, as a unit, may appear aligned around what they’re doing with money, and yet still find things to squabble about between themselves.

Saver fights: “I thought we agreed to put $1500 into the retirement account and bump the mortgage payment by $500 from now on. We can totally live on a $300 a month grocery budget — you eat too much anyway. Don’t you want to have the house paid off in three years???”

Spender fights: “No, I’m excited about Rekyvic and Dublin and Amsterdam, but I really had my heart set on Prague too. I mean, if we’re going anyway shouldn’t we embrace it? We’ll pay it off! We can use the line of credit from the condo in Vail, it’s appreciating like crazy. Why are you such a kill-joy?”

Of course, in couples who are even further apart on the spender / saver continuum than these examples, you can only imagine how intense fights about money in a marriage can get. This is never more true than around the holiday season, when budgets get blown faster than you can say “Fa-la-la.”

As we speed toward the holidays, life can become a twinkly blur of get-togethers and activities. The internal, sometimes even sub-conscious drive to have a “nice holiday” can drive us to spend way more money than we intended. In some couples, holiday spending can even be hidden between partners, creating a rupture of trust when it’s disclosed in the sober grey light of January.

Yes, “financial infidelity” is a real thing, and it causes real trauma to relationships. When couples are frequently fighting about money to the point where it feels like it’s impossible to communicate about finances, people will begin to hide spending, hide debt, or get overly controlling or even aggressive about money. This can lead to splitting up finances, which is often a symptom of avoidance in a relationship.

When it feels impossible to come to agreements about money, when communication about money always turns into a fight, where there is a lack of financial trust, or vastly different values around money, couples move towards separate bank accounts… and sometimes, sadly, eventually separate lives.

Financial Therapy For Couple

By the time couples arrive in marriage counseling to discuss the ongoing conflict about money, it has often evolved into a bigger deal than can be solved by simply making a budget together, or getting scolded by a financial planner. Feelings have been hurt. Trust may have been broken. Even worse, couples can start to fear that they are too far apart in their basic values around life and money to even be compatible.

This can be a scary time for couples. I remember how it was in my own marriage when money was the number one thing my husband and I were fighting about.

I felt like we barely had enough money to get by, and was frantic in my efforts to conserve our resources — even if it meant wearing second-hand clothes from thrift stores and packing PB&J for lunch every day.

My husband, on the other hand, felt stifled, unhappy, and constrained when I attempted to squash the flow of money through our life. He felt that without having anything to enjoy or look forward to, life felt empty and burdensome.

At the time, of course, neither of us realized that we were both right, and so we fought endlessly over who’s perspective was more true and noble. I’d give him hell for spending $4 on a latte at a bookstore (or god-forbid, buying one of his fancy art-magazines), and he’d make crappy comments about how gross it was to buy used shoes.

We finally got into marriage counseling, and only then, learned how to listen and understand. We no longer have conflict around money. We have conversations about money. It’s good. You can do this too.

Marriage Counseling Around Finances

It can be hard for a couple, particularly a couple in distress, to see through their own anger, fear, and moral judgment to see the other person’s perspective about money for what it usually is: A deeply held personal value, often related to core emotional and psychological needs.

However, without a high level of understanding and empathy, it’s very hard for couples to get on the same page about money. That’s where great marriage counseling, financial therapy, and relationship coaching come in: They can all help you stay calm enough to talk through your thoughts and feelings in a way that fosters understanding and empathy about money, and what it means to each of you.

For example, when I put down my shining sword of virtue and justice long enough to hear what my husband was actually trying to communicate, I learned that his less-privileged background led him to view money as something to be pounced upon and enjoyed while it was there (before it evaporated again), as opposed to accumulating it and cultivating it. I understood him more deeply, and had empathy for what money represented to him: Pleasure and meaning in the moment, and not anything that could be counted upon.

Over time, I also came to understand that being open to his perspective was good for me, too: Because of him, I’ve had more fun, more  interesting adventures, and, frankly, better furniture and clothing than I ever would when left to my own devices.

And as the conflict between us diffused into curiosity and openness, he learned that I inherited a deep anxiety around money from my immigrant family, who fled Europe after the second world war when Stalin appeared to be the next maniac drumming on the horizon. As a first-generation-American who grew up watching her Belgian father save scraps of wire, unbend pulled nails for a second use (stored in glass baby jars he’d saved from my earliest months), and literally cut off the moldy parts of the cheese before proclaiming it perfectly fine, I had a deeply ingrained survival instinct to conserve money.

I’m pleased to report that my perspective influenced my husband too. He now tolerates my budgets and squirreling, and seems to like the fact that we have a financial buffer between us and disaster, as well as a plan for the future.

We no longer fight about money. However — and this is the important part — our alignment about finances is NOT because either of us have changed who we are. He is not exactly like me, and he never will be. He still thinks it’s perfectly acceptable to spend $900 on a BMX bike, and on the rare occasions I shop for clothes, it’s usually at consignment stores.

But he understands me, and accepts that saving money and avoiding debt as much as possible is a wise way to live. And I understand him, and have accepted the fact that it’s important to be generous, and that nice things and meaningful life experiences are worth paying for.

That level of acceptance and understanding is always my hope for the couples who come to us for help in getting on the same page around money. If fighting about money feels like it’s destroying your relationship, please know that it doesn’t have to be this way.

Particularly during this time of year — the holidays, and their aftermath — you have lots of opportunities to talk about finances. This year, I hope you consider giving each other the gift of listening with the intention to understand. Ask your partner what money means to them, and try to get on their side of the table. Don’t have a conflict. Have a conversation.

If you want to solve your financial disagreements for once and for all, the answer is not controlling or changing each other. It lies in developing empathy, understanding, and a sense of common purpose that unites you as a couple and as a family. Hard to do, but so, so worth it.

With love and respect to you both,

Dr. Lisa Marie Bobby

 

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