You Are The Sum of Your Experiences & Beliefs.

Why do some individuals find comfort in spending money, while others prioritize saving?

What leads some people to retire with minimal financial resources, while others have more than they could possibly spend?

And why do some individuals seem to struggle with money while others are only happy when they have more of it?

These are questions that many couples find themselves facing as they navigate their finances together.

While earnings potential certainly plays a role, there is often a wide variation in attitudes and behaviours towards money, even among similar demographics.

Your Experiences Influence Who You Are & What You Believe

Our relationship with money is shaped by our past experiences and beliefs. The values and beliefs we develop through our upbringing, social interactions, and personal observations have a significant impact on our financial mindset.

Growing up in a working-class area with working-class parents may increase the likelihood of having socialist views.

Similarly, witnessing conflict between parents can lead to struggles with relationships in adulthood. However, two people with similar experiences apply different learnings. A person who grew up in a working-class environment may strive to break free from financial limitations. A person who observed parental conflict as a child may prioritize maintaining strong relationships in adulthood.

Our past experiences with money also heavily influence our behaviours.

For some, a childhood without much money may create a scarcity mindset, leading to a preference for saving rather than spending.

Individuals whose parents never spent on luxuries may adopt an attitude of temperance, while others may choose to defy thriftiness and prioritize enjoying their money in the present.

Those who witnessed their parents arguing about money may struggle with their relationship with it. They may find it difficult to manage money when they have it, either by giving it away or becoming secretive to avoid discussing it. Those who felt they never had enough as children may compensate in adulthood by accumulating large debts or taking bigger financial risks in pursuit of more.

If we continue to do what we have always done, we will continue to get the same results.

Changing our beliefs is the first step towards changing our behaviours. Without this change, we will continue to face the same financial challenges such as feeling like we don't have enough money, struggling to discuss finances openly, or being unable to fully enjoy what we have.

Some individuals may find themselves constantly spending rather than saving for retirement, while others may be saving diligently for the future without allowing themselves to enjoy the present.

You may be financially comfortable position right now, it's great that you have been prudent with your money and have achieved financial independence. However, has it been at a cost? Have allowed yourself to truly enjoy your money?

Even if you intuitively know you have enough, there may be a subconscious fear that prevents you from fully enjoying what you have. What if you treat yourself to more indulgences like meals out or a more luxurious vacation? You could also think about giving financial support to your children while they may need it, rather than waiting until they are retired themselves.

Reflecting on our money behaviours and beliefs provides an opportunity for a better financial future. When we challenge ourselves to reassess our approach to money, we can make choices that align with our goals, values, and desires.

By prioritizing communication, shared goals, and seeking professional assistance when needed, couples can work together towards financial harmony and build a healthier future together.