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Psychology of money and its impact on our lives

Psychology of money and its impact on our lives How the psychology of money affects our lives (photo: Freepik)

Money plays a significant role in our lives, and to accumulate wealth, it is necessary to understand the psychology of money.

RBC-Ukraine reports, citing the Instagram page of the psychological portal Meclee, about the characteristics that distinguish people with significant wealth and how changes in attitudes and thinking are reflected in earnings.

How the psychology of money affects our lives

What emotions does money evoke in you? One of the important aspects of our relationship with money is the feelings associated with this topic. Sometimes, on the path to wealth, there is, for example, a fear of money: it is not always consciously recognized but can lead to unsuccessful financial decisions and the rejection of potential opportunities or passivity. Another emotion that can often strain relationships with money is shame, both shame of being wealthy and shame of a lack of money.

It is important for emotions regarding money to be conscious and experienced, especially if there are certain negative feelings: fears, disappointments, shame, or anger. Ideally, you should recognize the value of money and its impact on your life, but not prioritize it or devalue other aspects.

Experiencing negative feelings about money will help you more realistically and calmly assess your financial situation and set goals for the future.

There are countless beliefs about money as well, ranging from "money doesn't smell" to "spiritual wealth is more important than money." Think about what you heard from family members while growing up, as well as what you absorbed from media and other sources. What picture of money do your beliefs paint?

If the majority of them are negative, it will be challenging to reach the desired level of prosperity. Try to rephrase these beliefs so that they guide you towards your goals, and practice these new, more adaptive ideas until they become a part of your worldview.

Що таке психологія грошей і як вона впливає на наше життяHow the psychology of money affects our lives (Photo: Freepik)

In the financial realm, it's not only our beliefs about money that matter but also how we describe ourselves and our capabilities. If your inner self-talk sounds like "money is not for me, I am not capable of it," it's unlikely that you will achieve financial success. Working on boosting your sense of self-worth becomes crucial in this context.

Recall your strengths and learn to take pride in them, expressing gratitude to yourself for what you do. Support yourself in activities that make you feel valuable and reject anything that undermines your self-esteem.

Whether having money or not, from a neurobiological perspective, it involves skills and the presence of stable neural connections. Skills can include saving, as well as spending recklessly, or the ability to earn. Don't expect that changing your relationship with money will happen instantly. It takes time to develop new skills.

Expecting quick results can lead to disappointment. Gradually raise your financial bar, develop the habit of abundance, allowing yourself time to adjust to a new level.

Money is not only a psychological but also a social phenomenon. The environment you are in significantly influences your financial choices and overall attitude towards money.

Social pressures, such as extravagance to impress others, irrational decisions influenced by trends, or discouragement from close ones for actions beyond the social norm, can come into play.

It's worth analyzing how your surroundings impact your relationship with money and finding ways to resist negative influences, if any.