Managing emotions with money is easier said than done, and it takes both intention and practice. Money is emotional and I reveal the science behind it in this post, along with various triggers that spark these emotions. Now that you know money is emotional, here’s the million-dollar question: What do you do about it?
Managing Emotions with Money
Stop Fighting with Your Emotions
Resisting and suppressing our emotions around money causes them spring forth like an evil jack-in-the-box at the worst possible time. When you don’t allow your emotions to be expressed, they get stuck and don’t go away. The best thing to do when you feel emotions rise up is to actually FEEL them in your body and allow them to pass.
Your feelings aren’t bad or wrong. You have them for a reason. Your feelings are trying to tell you something. And you can learn from them if you listen, rather than ignore them.
Get Curious About Your Emotions
If you’re in the process of buying a new car and you feel fear, ask yourself why. Are you afraid the salesperson is judging you or taking advantage of you because you’re not financially savvy? Are you afraid if your income dropped, you won’t be able to make the payment?
Examine the emotion and see if you can find the root of it. You’ll usually discover one of two things: You’re reliving a past emotion you didn’t process (ex: you were taken advantage of or shamed in another situation concerning a large purchase). Or there is a legit financial concern you’re trying to sweep under the rug.
If you continually experience the same emotions over and over in your finances, it might be due to a faulty money story from your past. It’s worth the time and effort it takes to uncover and permanently rewrite these negative patterns. I take you through my proprietary step-by-step process in the Magnetic Money Mindset™ Bundle. Why not start the new year with a squeaky-clean emotional slate when it comes to your personal finances?
Let Emotions Subside, then Decide
Financial mistakes can happen when you act in the heat of emotion, whether it’s positive or negative. You might buy something based on excitement, only to regret the purchase later when the credit card bill comes in. As my coach, Melanie Ann Layer, says, “When emotions are high, intelligence is low.” That’s why it’s best to let emotions subside, then decide.
Give your emotions room to be expressed. Take the time you need to feel scared, sad, guilty, or even excited. Feel the emotions in your body and give them space and time to pass. I always tell my clients to wait at least 24 hours before making a large purchase. It’s amazing the clarity you have when you sleep on a financial decision. I recently followed my own advice when purchasing my new car. I had the money to purchase it on the spot, and I felt really good about the decision. But I still slept on it to ensure I was 100% positive. I went back the next day and bought it, no regrets!
We’ve all fallen prey to poor financial decisions made in the heat of emotion. Rather than beating yourself up over them, commit to practicing the steps above to manage your emotions with money wisely!