We all belong to different backgrounds. Due to our varied upbringings, life experiences, and belief systems, we adopted from those around us naturally the story attached to the workings of money in our lives. These adopted beliefs around money often functioning unconsciously in our lives are known as money scripts.
While there are no right or wrong money scripts, there are money scripts that are empowering or disempowering. Our money scripts drive our financial behaviours. While some can be enriching and add to our lives, some can be rather dysfunctional holding us back from our financial potential.
Can our money scripts really affect our mental and financial well-being? Two of the most important areas of life are our health and money. And so our mental health and financial wellness cannot be overlooked.
As a lot of my work is centered on building money scripts that work for you rather than against you, through this blog I intend to alleviate your financial future. So, let’s probe into how money scripts can have effects on one’s mental and financial health.
The Impact of Money Scripts on Mental Health
Can our day-to-day money mantras have an effect on our mental health? Let’s explore this fascinating topic.
We have let beliefs like “I’m not good with money, I don’t know how to manage money”, slip under our radar. While we may be simply lamenting over poor financial decisions, grasping onto such disempowering thoughts can lead to feelings of shame, guilt, regret, and low self-esteem. In the long term, this can show up in our behaviour, like developing a scarcity mindset or having money-related stress and worry.
A scarcity mindset birthed from money scripts rooted in lack, limits our financial discernment. Constantly obsessing over a lack of money, can be stifling. This mindset can also prevent us from taking risks or pursuing opportunities that could improve our financial situation.
All in all, such heavy emotions from negative money scripts may contribute to mental health issues like anxiety, depression, or even behaviours like overspending, hoarding, or a fear of spending any money.
Often we may try to overcome years of negative financial programming in quite a short period of time. Observe when you find yourself rushing through such emotions. While working on our money script at the earliest to benefit us may seem imperative, it’s equally important to be patient with oneself through the process.
The Impact of Money Scripts on Financial Health
Money scripts can dictate so much of our financial health. For example, the classic “money is the root of all evil,” can be hampering if internalized as one could avoid pursuing a better financial reality. This could show up as missing out on wealth-building opportunities or feeling guilty about earning and saving money.
Similarly, if you have a money script that says “I’ll never be able to save enough money,” you may struggle with budgeting and saving, leading to financial stress
You can also try journaling or talking to a trusted friend or therapist about your money scripts. Sometimes, an outside perspective can help us see our beliefs and instability.
Money scripts can also influence our spending habits. If you have a money script that says “Money will solve all my problems,” you may turn to retail therapy or overspend on items to cope with stress or emotional issues.
Strategies for changing money scripts
1. Identifying and challenging negative money beliefs
The first step in changing our money scripts is to identify them.Think about your thoughts and views toward money for a while. Are they mostly positive or negative? Do they align with your current financial situation and goals ?
2. Seeking therapy or counseling to address money scripts affecting your mental and financial health
If you’re struggling to change your money scripts or manage your finances, don’t be afraid to seek professional help. A financial coach or therapist can provide valuable guidance and support in developing a healthier relationship with money.
3. Practicing mindful spending and financial decision-making to create healthier money scripts
Replacing negative money scripts with positive mantras can help shift your mindset and improve your relationship with money. Some examples of positive money mantras include:
- “I am capable of creating wealth”
- “I am in control of my financial future”
- “I am worthy of financial success”
- “I am grateful for the money I have”
Repeat these mantras to yourself daily, especially when you catch yourself falling back into negative money scripts.
One of the best ways to develop a healthier relationship with money is to educate yourself about personal finance. This can include learning about budgeting, saving, investing, and other financial topics.
By understanding how money works and how to manage it effectively, you can gain more control over your financial situation and feel more confident in your ability to achieve financial success.
Real-Life Examples of Changing Money Scripts
Changing our money scripts is not an easy task, but it is possible. Here are some real-life examples of individuals who have successfully changed their money scripts and improved their financial and mental health.
Seeing Money As a Tool for Good, rather than a source of evil
After growing up with the belief that “money is the root of all evil,” one of my clients struggled with feelings of guilt and shame around earning and managing money. However, after working on these scripts together and challenging her money script, she was able to shift her mindset to see money as a tool for good.
Learning that having money inherently is not a vice, it’s the way we ustilise it that matters. A simple reframing of thought, opened her up to work further on any disempowering script around money.
This client now uses her wealth to support causes she cares about and feels more empowered and fulfilled in her financial decisions.
Slowly but surely developing the habit of saving and investing
After years of living paycheck to paycheck and struggling to save money, a person I know realized that his money script of “I’ll never be able to save enough money” was holding him back. He started reading personal finance books and educating himself about investing.
With a newfound understanding of personal finance and a positive money mantra of “I am capable of saving and investing,” this man was able to pay off his debt and start building a savings and investment portfolio.
Our money scripts can have a significant impact on our financial and mental health. Negative scripts can lead to financial stress, anxiety, and low self-worth, while positive scripts can promote an abundance mindset and boost confidence and motivation.
By identifying and challenging our money scripts, replacing negative beliefs with positive mantras, educating ourselves about personal finance, and seeking professional help when needed, we can develop a healthier relationship with money and improve our overall well-being.
