Psychology of Money – Money Personality
The psychology of money can be hard to understand. Why do we spend the way we spend? Why do we save? Why might two siblings see money so differently? What do you think about money? How do you feel about money?
What influences the psychology of money?
Although it’s a big topic, Money Habitudes makes the psychology of money easy to understand – for professionals (therapists, financial planners) and for laypeople. Money Habitudes feels like a fun card game. However it is actually a structured conversation starter and a money personality test in one. The assessment cards explain the psychology of money in terms of one’s money personality. It is a practical, applied use of the psychology of money.
Money Habitudes helps people see what influences the way they see money. Typical money psychology influences include:
- Culture (including religion)
- Parents and influential people; family of origin
- Personal experiences
People rarely think about their own money psychology. Therefore, it can be a breakthrough to understand why they see money the way they do. While this is true for individuals and couples, it’s especially true for people whose work touches on the psychology of money: therapists and mental health providers, financial planners, financial educators, life planners, and money coaches.
Implications of money psychology
Understanding the psychology of money is not only about understanding formative factors, but also how this affects one’s life today. The Money Habitudes money personality test clarifies one’s:
- money habits
- money attitudes
- money values
- financial behaviors
This is important because so many of the issues around money deal with behavior change: How to save more money? How to spend less money? How to not fight about money?
When one understands money psychology, it opens the door to positive behavior change.