Ever wonder why your money situation stays pretty much the same no matter how hard you try to change it? That’s because we all grow up with specific “money patterns” that we adopt from our families of origin. Running through families from generation to generation, these patterns are pervasive. Over time, these beliefs and behaviors become conditioned; and therefore can be challenging to change, but definitely not impossible.
So if you are tired of doing the same old thing, change your relationship with money by exploring the following money patterns:
The Saver/Hoarder– This type may earn a fair salary, but they are afraid to spend money. They save every penny and withhold spending by refusing to buy themselves anything for extended periods of time. This type is thrifty and can make things lasts longer than average. They fear not having enough money and live from lack and scarcity mentality. Their poverty consciousness can be the result of growing up with little money.
Thought– Focus on abundance
Action– Create more balance between saving and spending; make a small purchase each week and build up gradually to larger essential purchases within moderation
The Spender– This type may be able to earn money, but will not hold on to it for very long, since they immediately have an urge to spend whatever money comes their way. They will continue to spend their money without giving much thought to saving and investing. Their spending often relates to their emotions and may be used to cover up a void in their life. They live for today and often get into credit card debt. This type is not comfortable with money and may have grown up having very little of it. They may have low self-worth and feel that they don’t deserve to have money. They continue to perpetuate their sense of lack by spending.
Thought– Connect with your personal power
Action– Address money issues; act responsibly as an adult; think more and react less when purchasing
The Under Earner – This type is underpaid for their services. They do not make enough money to meet their living expenses. They often depend on their credit cards in order to meet their monthly expenses. Under earning relates to their limited personal power and low sense of worth. They are afraid to take responsibility for their own financial life. They can also have a poverty mentality.
Thought– Connect with your personal power
Action– Make the decision to earn more; be willing to request a raise and provide details that support your case; increase fees if self-employed
The High Earner, Living Paycheck to Paycheck – This type earns a generous salary and often feels invincible when it comes to earning money. Because of this mindset, they usually disregard the need to save and invest money. They live for today, and believe in working hard and playing hard. They want to enjoy the fruits of their labor by spending. They tend to place more value on material goods rather than on money, itself. They can also have challenges with self-worth and self-image and often have difficulty seeing themselves as wealthy.
Thought– Respect and value money more than possessions
Action– Plan to have money automatically deposited into a savings or investment account each week
The Keeper Who Doesn’t Invest – This type earns a comfortable salary, but leaves their money in a checking account or around the house. They tend to be anxious about money and don’t necessarily feel the importance of saving money. They are not comfortable with managing money.
Thought– Focus on being more powerful than your money
Action– Be proactive; explore saving and investment products; interview financial advisors and hire one of these experts
The Healthy Earner, Keeper, Investor– This type earns a moderate to high salary. They are comfortable with money and appreciate its value because they value themselves as well. They have a balanced approach to their finances. They meet their monthly expenses, save and invest for their future, make charitable contributions and enjoy sensible spending.
Thought– Focus on gratitude and appreciation
Action– Keep up the good work!
After reviewing these various money patterns, you can see where you fit into these categories. We don’t always follow one particular type, but rather have tendencies of more than one pattern, which can become more pronounced at different times in our lives.
Be willing to honestly explore your behaviors and patterns as it relates to earning, keeping vs. spending, and investing money. Once you assess your current financial situation, decide on the type of positive changes that you would like to make proceeding forward, and then take action. Being responsible with money gives you the opportunity to pass down healthier money patterns to your children.
To your financial health!