MONEY HABITS
PART 1
Growing up, my parents were always very careful with their money, prioritizing savings and long-
term financial security over spontaneous spending. This approach has influenced my money habits - I'm
always looking for ways to save and invest for the future, and I tend to be quite cautious when it comes to
making big purchases. I don't splurge on impulse buys or unnecessary items, and I try to live a relatively
frugal lifestyle so that I can build up my savings for things like retirement, a down payment on a house, or
future expenses. While this approach may not always be the most exciting way to live, I feel a sense of
security knowing that I'm preparing for the future and making wise financial decisions.
PART 2
Do any of these money beliefs described explain your own money beliefs?
I identify as financially vigilant, prioritizing savings and harbouring concerns about
unforeseen expenses. However, I consciously balance this by avoiding an excessive focus on
savings to ensure I savour the present. Acknowledging my anxiety, I actively teach myself and
adapt my money beliefs accordingly.
How might the beliefs you have affect your thoughts and actions about and with money?
My emphasis on savings shapes a frugal lifestyle, characterized by restrained spending,
meticulous budgeting, and a commitment to living below my means. Simultaneously, I channel
my efforts into financial growth, engaging in learning and investing in stocks to enhance my
income streams.
Thinking about how you grew up, your environment, your role models, etc. - where might your
own beliefs have come from?
The roots of my money beliefs trace back to my upbringing, particularly my parents'
influence. Their disapproval of unnecessary spending and emphasis on saving for the future left a
lasting impact. My mother's distinction between material and non-material happiness, coupled
with my father's vigilant approach to money, created a balanced financial environment in our
household— a valuable lesson that shaped my own beliefs
PART 3
What were your higher scores?
Money Vigilance - 10
Do you feel your results are accurate? In what ways are they accurate and not?
As mentioned earlier, the characterization of being financially vigilant and valuing
frugality and savings resonates with my approach to money. However, it's essential to clarify that
the description may not entirely capture my comfort level when discussing finances with others.
Contrary to any assumption of discomfort, I feel at ease engaging in conversations about financial
matters with different individuals. While my core beliefs centre around prudence and savings, I
am open to discussing and sharing insights on financial topics with others
PART 4 – Article - “6 Ways to Instil a Positive Money Mindset”
In the complex landscape of personal finance, building and maintaining positive money habits
requires more than just adherence to budgeting rules. The article underscores the significance of
cultivating a healthy money mindset, emphasizing discipline, self-forgiveness, and awareness of individual
financial attitudes. My key takeaways from the article are discussed below
Stop Comparing Yourself to Others: This takeaway resonates with me as it highlights the
counterproductive nature of comparing oneself to others, especially in the realm of finances. In the age of
social media, it's easy to fall into the trap of measuring personal financial success against the seemingly
glamorous lives of others. This comparison, however, is often based on incomplete information and can
lead to feelings of inadequacy and unnecessary financial stress. In my own life, I recognize the importance
of setting realistic and personalized financial goals rather than benchmarking my progress against external
standards. By focusing on my unique journey and celebrating small victories, I can maintain a healthier
perspective on my financial well-being.
Practice Gratitude: The practice of gratitude is a powerful reminder to appreciate the present
moment and acknowledge the positive aspects of one's financial situation. It encourages a mindset shift
from what might be lacking to what is already abundant. Keeping a gratitude journal, as suggested, aligns
with the idea of cultivating contentment with one's current financial state. In my life, I can apply this
takeaway by consciously recognizing and appreciating the financial stability I have, even if there are
ongoing goals and aspirations. By regularly acknowledging the positives, I can foster a more optimistic and
grateful attitude towards my financial journey. This approach not only enhances overall well-being but
also motivates me to work towards future financial objectives with a positive mindset.
