INVESTIGATE YOUR MONEY WORRIES If you grew up in a household where your parents were very frugal or there was scarcity, it can be harder to embrace the art of spending as an adult, says Molly Ward, a CFP and certified divorce financial analyst with Equitable Advisors based in Houston, Texas. “We all have money baggage and it helps to check your money mindset. Where are you coming from?” Ward asks. Evans says she sees clients with spending aversions resort to “hoarding money because they are either worried, fearful or concerned that something catastrophic is going to happen where they don’t have enough money,” she says. People struggling with this worry may be overly cautious and put excessive amounts of cash in low- interest accounts where it’s safe, but not earning much interest. That type of behavior, Evans says, is often associated with people who have experienced financial trauma or hardship as children.
“They never want to be back in that situation,” she says.
“I’m not telling people to spend their savings, but I don’t want it just sitting in an account. Sometimes you need to take a small risk so it can grow,” she says.
CONSIDER PROFESSIONAL HELP, IF NEEDED
In some cases, Evans says, financial therapy can help explore patterns of behavior you want to change, such as buying more clothing than you could possibly wear or avoiding travel spending. “Consider getting some extra support,” she says. “A lot of this behavior may be coming from a deep- rooted anxiety.”
If you’re looking for a financial therapist, you can use the Financial Therapy Association to find one.
BUILD YOUR SPENDING MUSCLES • Making well-intentioned purchases that are carefully planned and budgeted for — such as getting a massage or treating your family to dinner — can help people get accustomed to spending in a thoughtful way, Evans says. • “You’re starting to build the muscle and savings habit in a way that makes spending feel safe and comfortable,” Evans says. • That might look like finally buying a plane ticket or booking a hotel reservation for a dream vacation, for example.
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