Do you love to hate money?

September 13th 2018 | Categories: Budgeting & Goals |

Do You Love To Hate Money

There’s nothing weird about hating money.

It doesn’t take a genius to see how money can have negative far-reaching impacts across the world. Poverty, physical health and mental wellbeing are all intrinsically connected to money in some way or another. The power that money holds over the course of our lives is enormous – so why not hate it?

Hating money is normal – it can even be healthy! But when hatred turns into complete disregard, it’s possible to find yourself falling victim to its worst effects.

Let’s talk about how you should be hating money.

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1. Are you avoiding money?

Broadly speaking, we each fit into a certain behaviour script – or so claims financial psychologist, Dr. Brad Klontz. While each of Klontz’s four scripts can be associated with particular negative money habits, “money avoidance” is the perhaps the most disruptive.

peace signSay “peace out” to your money avoidance habits.

Those who avoid money typically believe that it’s evil and that rich people are greedy and undeserving. They may not earn as much as other people, possibly because they don’t feel money is important. It’s likely they won’t chase opportunities at work such as a raise, and they may disregard the idea of a budget. When a budget has been created, they may fail to follow it due to not being willing to track spending and income.

It’s common for money avoiders to lack financial control. This may not feel like a problem for these people – after all, if you don’t care about money why bother keeping yours in check? The answer is simple – without understanding and oversight of your finances, you can find yourself in a dangerous position.

2. Can you face your finances?

“Gain control of your finances and start avoiding trouble, not money.”

In the world we live in, we generally require money both to survive and thrive. Whatever your values, it’s likely you need financial backing to live by them, so it’s vital you bite the bullet and face your finances.

Start by addressing your own behaviour. Think about why you’re avoiding money – are you afraid to see real numbers? Do finances seem too time-consuming or too difficult? All of the above? Once you know why you’re doing it, you can more easily identify times you need to stop yourself.

From there, it’s time to start learning more about your finances. Find out how much money you earn each month, how much you spend and, if necessary, what you owe. From there, you can build a plan to pay off any debts and determine how much you can afford to spend regularly.

Why should you care? Your spending money stays the same each month, whether you know what the number is or not. By being aware of the number, you gain control of your finances and start avoiding trouble, rather than money.

3. A financial plan for people who hate money

Financial planning can easily seem like a product strictly intended people who like money and want more of it, for whatever reason. But it can just as easily be a tool for money avoiders to remove the burden of money from their lives while still staying secure.

Caitlin Wyndham was no fan of money – she still isn’t. Since talking to Invest Blue Armidale’s Steve Sewell, however, she doesn’t have to fear it. With a financial advisor she can genuinely trust, Caitlin was able to forego the management of her finances, giving the reins to Steve so she could focus on her philanthropic dreams.

It’s fine to not care about money until it starts affecting what you do care about. Put your trust in a financial advisor at Invest Blue to start loving hating money.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.