3 steps to improve your emotional relationship with money

This past week, I had the honor of leading my "Wealth and Wellness for the Independent Woman" workshop at Sensiba San Filippo, one of the fastest growing CPA firms in Silicon Valley.

During these workshops, I share data to support why women's lack of confidence with money is the biggest reason why we have the gender wage gap and financial inequality.

The key to boosting your confidence is to become aware, and improve, your emotional relationship with money. 

After walking through examples of how our family and cultural upbringing impacts our financial decisions, I facilitate a conversation where the group is encouraged to share personal experiences with money.

Photo credit: Elese Moran

Photo credit: Elese Moran

The conversation this past week was particularly passionate and we all left inspired to become more aware of how our emotional relationship with money is impacting our financial health.

Here are three steps you can take to become more aware of your emotional relationship with money:

  1. Write down all the thoughts that come up when you hear the word "money". Take note of any words that have a negative connotation.
  2. Reflect on your earliest experiences with money. Was it hearing your parents argue about money? Was it your parents telling you "we can't afford this"? Or was it your parents being very hush about it and not talking about it with you? Take a moment to think about how this experience impacts your current approach to money.
  3. Who is your model for money? Usually this is a parent or guardian. Think about their habits with money and how you are repeating some of those habits.

Similar to any area of your life that you hope to improve, the more awareness you have around why you have your current habits the easier it will be to change them. As you gain more clarity about your emotional relationship with money, your habits will begin to improve.

Now we'd love to hear from you! What were some of your earliest experiences with money? Let us know in the comments below.

For more tips on how to remove the emotional baggage you have with money, click here to join our weekly #MoneyandMimosas newsletter.