Financial stress is serious. It was identified as the number one cause of stress in a 2009 study by the American Psychological Association. Increases in financial stress are associated with:
When people are in crisis, they may seek help and resources through community, military, and faith-based programs. The focus is often on addressing the immediate need for food, shelter, medical care, and safety. But then what? People who have received help may then find themselves in a similar situation again. This is true even if they had been lucky enough to receive training on financial management skills: how to budget, get out of debt, shop wisely, and save. Knowledge, alone, may not be enough. Today there is more awareness that emotional money triggers have a tremendous influence on our financial choices.
Recently there has been a lot of focus on understanding emotional triggers and how they influence financial behaviors. For example, a single mom works two jobs. She exhausts himself and experiences guilt as a sitter puts her kids to bed each night. She commits to saving $20 a week for an emergency fund. What are the emotional triggers that will sabotage her good intentions?
Once we help people identify their emotional triggers, we can assist them in finding the right strategies to prepare for the times their emotions will kick in, increasing their likelihood of success!
Money Habitudes cards identify emotional triggers and provide suggested activities if any Habitude is being overused. The Professional Guide includes: (1) How to set SMART goals; (2) how to predict and overcome obstacles and (3) 67 Action Steps classified by the Habitudes they work for.