Friday, May 29, 2009

What's Your Money Personality?


Just like our overall personality, we all have a money personality. We tend to make financial decisions based on our beliefs about money, past experiences, personality styles and family relationships. By doing a little self-analysis you may discover some feelings about money you didn’t know you had.

Research has shown that worrying about money can have consequences ranging from poor sleep patterns to physical aches and pains. If you understand your feelings concerning money, you may begin to break some habits that could ultimately lead to reduced stress and more self-confidence.

If you are in a family and need to share financial decisions with other person, here are a few tips that may reduce some of the tension when communicating about money.

• Listen to what everyone has to say. Make sure you understand their point of view.
• Discuss everyone’s wants and needs. Ideas of what a “need” is can vary greatly, so keep in mind they all need to be respected.
• Identify spending habits that may require change, and be sure to focus on the behavior and not the person.
• Acknowledge that everyone contributes in some way. Just because one person may provide more money to the household, does not give that person the right to decide how it should be spent.

It also helps if you set aside time on a regular basis to sit down and talk about any financial issues affecting the family. Understanding your money personality and communicating with your family can go a long way in creating a harmonious financial life.

To read more about your money personality and how to communicate with family members regarding money issues, and to take a “money personality” quiz, click on the link below.


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