Also, in my recent research on the topic of money, I’ve been reading about the different types of debt.Ĭombining these two ideas – consumer debt and not making decisions – I had an epiphany that when we prolong decisions or procrastinate, we end up with a bunch of unmade decisions hanging over us that are nagging at us in the back of our mind. Most of you know that I am obsessed with utilizing our brain for making decisions ahead of time thus changing the quality of our lives. So today, I’d like to share with you a concept that is one such “idea baby.” "Whether it's stress that leads to more financial stress, or financial stress that leads to us beating ourselves up, or just anything in life - more kindness, more curiosity.If you listened to my previous episode on Superthinking, you know that I am a fan of combining two different ideas from completely different areas of life or business. "These two flavors of awareness - kindness and curiosity - can really help us in all things," says Brewer. It's not always that simple, but it's a good goal to aim for, financially and beyond. "It's like imagining what I'm going to get before doing the purchase or making sure that I'm grounded before going shopping - whatever helps us step out of those old habits," says Brewer.Īt its core, practicing awareness and a relationship with yourself will put you on the right track to having a more positive relationship with money. What could you learn from your misstep? What is it telling you? Instead of falling into a pattern of self-judgment with constant "review and regret" every time you impulse-shop or avoid the utility bill, Brewer suggests approaching mistakes with a growth mindset. Life Kit How To Spend Less Money, Starting With A Budget Brewer says improving your interactions with money starts with taking stock of your personal financial habit loops. Identify and interrogate your habit loops.Ī habit loop consists of three elements: a trigger, a behavior and a result. We assign a positive or negative value to our money interactions our brains make those associations permanent, and over time new habits form. If avoiding something that has caused you discomfort in the past offers you short-term relief, you're more likely to repeat that decision, even if it's not exactly in your best interest. The same rules apply when it comes to our interactions with money. And if there was something scary, we would run away and we'd remember to run away from that." "When they ate some food, their bodies signaled to them, 'Hey, there's calories in this food that was rewarding,' " says Brewer. So for self-preservation purposes, our brains are geared toward seeking rewards and geared away from anything that may be painful.įor our ancestors, that system was centered on both getting food and not becoming it. Life Kit If You're Struggling With Money, Read Thisīrewer says that today, the cave man part of our brains is still stuck in survival mode. While the idea of money avoidance might suggest a certain amount of privilege - it's true, you have to have money in order to avoid it - every socioeconomic class can be subject to avoidant money behaviors, because everyone at one time or another has faced financial problems they'd rather sweep under the rug. Anyone can fall victim to money avoidance. So if you wince at the thought of opening your credit card app or feel stressed at the mere mention of the subject, here are six tips to curb money avoidance and train your brain to face those money woes head-on. In other words: more money avoidance, more problems. It doesn't magically help us work toward having more financial security." "It doesn't magically get the bills paid. For more, sign up for the newsletter and follow on Twitter.īut "the avoidance doesn't magically make our bank account have more money in it," says Brewer. This story comes from Life Kit, NPR's podcast to help make life better - covering everything from exercise to raising kids to making friends.
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