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3 mental habits that hold you back financially!

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Being a good money manager is all about the person that you are on the inside. The core beliefs that you have about money stem from your upbringing, past experiences and the way that you ultimately think about yourself. For example, I grew up in a very poor household when I was younger, my family never ate at sat down restaurants or took lavish family vacations because we simply could not afford it. I remember being in a band and having to drop the class because my parents could not afford a clarinet for me to use (I was so embarrassed). So when I became an adult I decided that I deserved to have a good adult life, I wanted to buy myself any and everything because I felt so deprived as a child.

This mindset got me into a lot of credit-card debt and spending unnecessarily. It wasn’t until I hit rock bottom financially, emotionally and mentally for me to realize that my self-worth is NOT tied up in my possession. I am a Christian and I know that my self-worth is connected to God and who he says I am. My faith has helped me changed my mind about possession and money. Whatever inspires you to make a change in your financial habits, here are the top 3 mental reasons that keep you from reaching your financial goals:

1. You may have been spoiled:

If someone bails you out every time you are in a crunch, then you will never learn sound financial skills. I have people that I know that will NEVER learn how to manage their money right because they have people in their life that come to their rescue all the time. If you want to become more financially savvy, it’s time to focus on being more independent with your finances!

2. Your self-worth is connected to your possessions :

If your self-worth is connected to your possessions you will spend, just to feel accepted. You will spend money on things you don’t need in order to keep up with the Joneses even if you can’t afford it. This is the reason why we hear stories of athletes and celebrities losing all their money, filing bankrupt and such.

3. You just don’t know how money works:

Simply put you don’t know how money works. You spend and you don’t have a budget or financial plan. You just were not taught how to manage money right. That’s ok because I am here to teach you how to correctly manage your financial affairs on this blog!! You can learn from my mistakes.

What are the steps to make a change?

1. Create a budget & be more responsible:

Creating a budget is the most simple solution to reaching your financial goals.  It helps you take control of your finances and become more responsible with your spending. There are numerous books, websites, blogs that teach you how to create a budget. Unfortunately for most people budgeting is not taught to them at home or in the school system, so you have to figure it out for yourself and find the right resources such as this blog! (Thanks for tuning in so far)

2. Get financially educated:

Again, not being financially literate can hinder you from reaching your goals. Spend more time getting financially educated by reading online magazines and websites such as www.money.com, www.kiplinger.com, or refer to other personal finance gurus such as Chris Hogan, Dave Ramsey, and  Suze Orman.

3. Stop people pleasing:

Again, if you care what people think you will always want to live up to their expectations. This can be harmful when your possessions determine your self-worth and you feel as if you have to wear designer clothes and drive fancy cars in order to impress others. Your real friends won’t care about any of those things.

So overall just know that in order to change your finances, you have to change your mindset and sometimes the people in your life! You have to start by taking a look at why you keep making the wrong financial decisions and make an adult decision to make changes. Your changes can start with a budget and then you can set other financial goals as you come along!

DeDe Gaither

DeDe Gaither is a personal finance blogger with a BS in Accounting/Finance, that is passionate about helping women succeed financially! Outside of blogging she loves to cook, is an avid reader and she is a follower of Christ!

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