Understanding Your Money Mindset
Money Mindset. Every person has their own money mindset or how you feel about money. A lot of times this is based on how you were raised or your own experiences through life when it involves finances or money. There are three different money mindsets. There is the spender, the Saver, and the avoider. I am a ‘Not Spender’ which you can call a Saver and Tessa is definitely the Spender of the family. Yep, I’m the Spender! It’s a lot easier for me to spend a dollar than it is for him to spend a dollar. Even as a financial advisor I kind of error sometimes on the instant gratification of getting to do something versus thinking twice about it, so it’s good to have a Saver in the family who you can bounce ideas off of and say ‘maybe we shouldn’t do this for right now’ or ‘maybe it’s OK right now’. The main thing we want to talk about today is the importance of actually thinking about how you handle money, how you view money, and identifying or at least putting yourself in one of these little categories, whether it’s the spender the saver the avoider or the not spender. Your spouse may have a very different money mindset and so that could cause a lot of conflict when managing the family finances. We will talk another time about communication, but first step is identifying what is your money mindset, what is your spouse’s money mindset, and then how are you going to work together to manage the finances based on those different views and values around money. That’s right, and it’s very common for spouses to have opposing money mindsets, I mean they do say opposites attract and it’s very true, but it also is a good thing because you work together; you kind of pick up off each other’s strengths and weaknesses that way, so it’s really important to understand where your spouse’s mindset is as well as yours so that you can really work hand in hand when going through this. Finances is still one of the leading causes or reasons given for divorce so really being able to understand what your own mindset is as well as your spouse’s really can help you avoid that tumultuous road that can unfortunately happen to a lot of couples. If you want some more information or are curious to go into a little bit more depth about your money mindset or what that means for how you’re going to manage your family finances please give us a shout 832-856-2825 or jump on our website at www.nsfinancialtransitions.com.