We all know money matters but how much it matters is likely an indication of your money type. And the success or conflict you experience with money may be impacted by the money type of those closest to you. So what do I mean by "money type"?
Olivia Mellan and Sherry Christie describe several money personalities or types in their book "Money Harmony: A Road Map for Individuals and Couples". They believe the path toward a harmonious relationship with money begins with knowing your beliefs, attitude and money behaviors. Want to know your money type? Take thier online quiz to find out.
So what did you discover? Are you a hoarder, someone who prefers to save and hold on tightly to your money, or a spender who views money as primarily a source of pleasure; a money monk who feels bad about having too much money when so many have so little; an avoider who feels anxious or incompetent about money; an amasser who likes to keep large amounts of money around that can be easily accessed or a worrier who constantly frets about money.
Most of us will discover that we have the characteristics of more than one money type and that we share a common challenge; talking about money. So why is money so hard to talk about? Well, money is closely associated with our sense of security, comfort, power and happiness. It elicits strong reactions ranging from avoidance to hypervigilance; depending on your money type.
Knowing your money personality will help you begin to examine your relationship with money and start a money conversation with your loved ones. Money is often a significant source of intra and interpersonal conflict but it doesn't have to be if you follow these simple tips.
1. Make a list of your strengths, weaknesses, fears and successes with money. Self-awareness is always the first step toward achieving greater balance in your life, including your financial life.
2. Schedule a time to share your list with those closest to you; your spouse, partner, children or extended family. Having the conversation demonstrates your committment to improving your relationship with money.
3. Find a money mentor; someone who isn't emotionally invested in your financial situation. This can be a friend, counselor or financial advisor but they must be able to hold you accountable and act as your money coach.
4. Set one small money goal each month. Share your goal with your money mentor and check in regularly with them about your progress. This will help you stay on track and take pride in your accomplishments.