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Planning IS an essential tool, and without it your money won’t go as far as it could. But sometimes even with careful planning, we find the emotions related to money can play a significant role.
How do you feel about money? What does it mean to you? Is it merely a means of exchange, a tool to buy the things you need. Or does it represent security, power, freedom, control, love?
How do you feel about shopping? Do you enjoy going to the mall and shopping as a form of entertainment? Or do you hate spending money and avoid department stores and malls for as long as you can?
Do you love to spend money? Are you filled with a sense of euphoria when you purchase just the right thing at just the right price? Do shopping sprees help you feel better when you are down?
Or do you hate to spend money? Do you take frugality to the extreme, so that family and friends comment on it? Are you filled with anxiety at the thought of spending money?
Examining some of these questions will help you get a handle on your feelings about money, and provide insight on how these feelings affect your decisions about money. Individuals approach money differently. It is the most common source of arguments for couples.
In his book The Emotional Meaning of Money, sociology professor Lewis Yablonsky suggests that knowing you attach personal emotions to money will give you a better understanding of the role money plays in your life and its impact on your personal happiness. Consider what emotions might be motivating YOUR money management decisions. There are lots of other books and surveys available that can help to clarify this issue more.
After you put together your plan, spend some time thinking about your emotions related to money. Then ask if these feelings will help you achieve your goals or get in the way.
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