How Have Your Money Emotions Changed?7 min read
This #TableTalkThursday event was held on the 28th of May, 2020.
We asked our community about their feelings regarding money – if their money emotions had changed recently, and if they were always confident about it.
Money Emotions – a powerful element that can change the way we feel about multiple things. However, your money emotions aren’t always going to be constant. Some days, it makes you feel like you’re on top of the world. On other days money is just a piece of paper capable of doing so much. Nevertheless, it’s a burning topic to discuss on any day.
Now, how exactly do you process your money emotions? Start by comparing your stance on it a significantly long time ago to what it is now and analyze how that acts for you.
Allow Your Money Emotions To Bring Peaceful Change
“Over a month ago, I sort of panicked when I found out that my hours at work will be reduced due to COVID. I had just made plans made to speed up my debt repayment and increase investing when I found out about the news. Interestingly enough, the reduction in my income allowed me to really look into my budget and cut back on unnecessary spending.
I’m a lot more mindful now, and I’ve also been at peace with the realization that money, not the goal but that it’s a tool. I’m using this as an opportunity to improve how I manage my money so that I can be better as my income increases. Money can bring happiness only up to a point. Once the basics are covered, money can be used as a tool to pursue the deep things that give life meaning and happiness. That’s my focus right now.”@my.phinancial.diary
COVID-19 has brought some unforeseen changes to every working individual’s lives, so it’s natural to lose your sleep over the consequences it will bear. However, like every cloud has a silver lining, sometimes a little cut in income can force you to concentrate on really small but essential details that you wouldn’t care about on a regular day.
When you’re not earning as much, your money emotions should direct you to look into ways to reduce your expenditure, and while doing so, you might come across unnecessary spending that you can shave off. It’s of paramount importance to understand that money isn’t the final destination, but only a tool that needs to be used wisely to help you reach a satisfying goal.
Great Money Emotions Have Introspective Decisions
“As a young investor and someone who is trying to build up my assets, the current climate has been alarming. I’ve been doing lots of mindset work and trying to put my theoretical knowledge into practice.
Hoping everything will pay off at the other side of this, but I’ll have to wait and see!”@moneywithsyl
Starting to build your assets from a very young age can be super profitable, but it’s also equally draining, and might cause your money emotions to suffer. The recent economic environment is not exactly hospitable to people who already have a monetarily stable position in the world, let alone someone trying to save up. In this case, every decision needs to be rethought multiple times before being implemented. Fixing on a goal and mapping out a plan to get there paired up with the right knowledge for the right sector is one’s best bet.
Aim To Change A Scarcity Mindset Into An Abundance Mindset
“Our mindset and emotions around money have definitely changed over the years. Coming from a lack mindset if there was never going to be enough, we will always be paycheck to paycheck… it wasn’t until we met people who had a different mindset. We were able to follow their example and see that there can be different feelings surrounding money. It’s possible to be in control of your finances and have money work for you rather than the other way around.”@mindfulmoneyhab
Consulting with people who can provide fresh ideas and reciprocate positive money emotions can open you up to a whole new perspective and viewpoint. Sticking to the same, stale mindset that you should follow a strict schedule that only takes you from one paycheck to another doesn’t lead the person to a new destination.
Instead, talking and seeing the world from someone’s eyes who have different views to yours enables you to follow their footsteps and realize that you can have varying money emotions. It doesn’t always have to be “Need money and only money” for the rest of your life. Instead of letting your money emotions manage you, you need to identify and establish your control over your finances and manage it.
Save An Emergency Fund And Your Money Emotions Will Thank You
“Times like this really showed me how important an emergency fund is! Working in the financial field, I’ve always known about the importance of such, but this really gave me the why to it’s importance on a personal level.”@yourfinancialfoodie
“Good morning! When I was still working through my money issues, I remember how stressed I felt because I was literally living paycheck to paycheck. It was just a constant feeling, and I felt like I was never going to get ahead. Once I was able to get back on track and get rid of the debt (and debt payments), I was able to start saving up that emergency fund…and having that fund created the margin, I needed to change my emotions about money. I no longer felt stressed constantly because I had a safety net.”@abacussolutionsfinancialcoach
Debts are definitely a huge detriment to money emotions for anyone struggling with money problems. Starting to use the income streams on yourself after you’re ahead of your debt payments can make the monotony of revolving your life around paychecks. Having savings are like having airbags – helping reassure and and reduce massive blows to your existence in case of a downfall.
Save for a rainy day – this wise phrase has proved over and over how important it is to have some savings to fall back on in the time of unforeseen difficulties or calamities. When speaking of issues like COVID-19 that left many people without any income source, money emotions have impacted a larger percent of the population than ever before, and it goes to show that it makes a big difference to store some cash for the worst-case scenarios.
Live your best life, but don’t ignore the necessary means to ensure you can lead a more secure life even if everything goes haywire.
Allow Money Security To Improve Personal Safety
“PERFECT TOPIC!! Our feelings on money right now are so intense. We have beautiful black sons, and we can NOT afford to be broke and black in America. For our safety. So we will be debt-free at the end of the year so we can start wealth building. My soul is on fire right now!”@budgetloverrr
Sometimes, you simply can’t afford to be financially insolvent. Your money emotions want to do everything in your power to harness the leverage which money can bring. These emotions can be nerve-wracking, and it would be best to plan everything and closely observe your cash flow. Being in debt is difficult. That’s when it gets even more necessary to track your monetary actions.
The feeling of security about money emotions is highly subjective, but it doesn’t hurt to be extra cautious about how and where you’re investing your hard-earned coins. In different parts of your life, your opinions on money will change, and with that, so will your priorities. Don’t be afraid to reconsider the decisions you made a while ago and start making better choices from this moment on—Reevaluate what money means to you today for a better tomorrow.
Did you like this discussion? If yes, set your alarm and join in every #TableTalkThursday at 9 – 10 am PST on our Instagram page. Share your experiences alongside learning from others.