You, Your Money Personality And Debt
Angela Self, writing in the Globe and Mail, has picked the brain of one Dr. Katherine Gurney, a psychologist specializing in money-related issues. Here are some tips and trick for improving your money-awareness and working out exactly what your money personality is.
Create A Personality Balance Sheet
I know, this sounds like one of those dating companies. It’s time to assess your personality. This isn’t meant to involve beating of brows and calling everyone you’ve injured in the past ten years through insensitivity. Just sit down and write your strengths and weaknesses on a piece of paper, particularly to do with money. Are you generous? Are you good with keeping on top of bills? Do you have a tendency to splurge after months of saving, and ruin the whole effort? It’s not a blame game, just time to work out how you’re going to play to your strengths and soften your weaknesses.
Eliminate Willpower
Just don’t make it an option. I’m on a health kick, and the only way for me to stay on a health kick to limit exposure to junk food. I don’t have much discipline, so I just try not to tempt myself too often. And stay holistically disciplined. Don’t buy one pair of cheap shoes, thinking that you can stop there. Don’t dip into stores, just to browse. Leave your credit card at home, avoid stores that bring you undone, don’t organise expensive outings. Build your life around your decision to reduce debt, without making every day a struggle with your inner spending demon.
Carry A Notebook
I am a notebook obsessive, so this resonates with me. It might sound annoying, but the process of writing things down is amazingly helpful in gaining some clarity. Write down three things you felt you did well that day, then write down three you could improve upon. Writing it down- as Self mentions- most definitely gives you back control. You know when you’ve got a million jobs to do and you’re not entirely sure where to begin? A to-do list will always make the starting point clearer. It’s the same with your money personality- it’ll just appear to you from the page.
Avoid Anything That Makes You Feel ‘Poor’
Have a friend that consistently decides on expensive outings you can’t afford and hence don’t enjoy? Or a shop full of lovely things that make you want to whip out the credit card? Avoid doing things that make you feel like you have an impaired quality of life. Paying off debt is hard. It’ll make life a bit tricky at times, and can be a big drain emotionally. It’s important to stay fixated on your goals and on what being debt-free will mean to you. It’s freedom in a basket, you just have to get there first.
Be In Control
Helplessness is the greatest hurt in this world Once you regain control of your life, and feel like it has stopped spinning, you’ll find your dedication and motivation skyrockets. Sometimes, uncontrolled spending will happen. My shoes broke before a big event last week and I needed to buy a new pair. It happens, and it can put a big dent in your feelings of achievement. But these are just hiccups. If you control your exposure to most unusual spending, and can keep track of your outlay, you’ll get a handle on your debt and maybe even your money personality into the bargain.
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