BALANCING LIFE’S ISSUES INC. Mind Over Money. Definition of Mind Over Money Information and tools to better understand your thoughts and behaviors about.

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Presentation transcript:

BALANCING LIFE’S ISSUES INC. Mind Over Money

Definition of Mind Over Money Information and tools to better understand your thoughts and behaviors about money. Examining where you are financially is the first step in determining how much work you need to do on this topic.

Objectives Your personal history with money Money and Emotions Healthy vs. Unhealthy Attitudes Best Practices

Your Personal History with Money Important questions to ask  Did you grow up talking about money?  Did money mean approval and reward?  What was money used for?  Reward system  Approval

Money and Emotions What money means to you.  New pocketbook  Video games  Personal indulgences  Immediate gratification  Avoiding Behavior  For example going out to dinner so you don’t cook What money CAN mean for you.  Long term gratification  Security  Safety

Healthy Unhealthy You feel comfortable with your choices. In control – budgeting and discipline. Acknowledging and understanding and adjusting your behavior toward money. Buyers remorse Equating “expensive” with “valuable” Out of control – using credit cards without thinking about what you can really afford. Over-frugality can also be unhealthy. Healthy vs. Unhealthy Attitudes

Best Practices Define “why” you are spending the money. How will you feel after you have bought it. How will it effect the relationships in your life. Does your behavior match your money belief system. Keep the tags on keep the receipt.

KISS Savings Guidelines Keep - Long term goals aim for 10% Invest - Retirement – invest 10% Save - Emergency or safety fund 10% Spend – You can expect to spend 70% of your take home pay on necessities (food, clothing, lodging)

BALANCING LIFE’S ISSUES INC. Mind Over Money