Why emotions towards money should not be treated like dark side of the moon?

Posted on March 03, 2023 by Richa Puri, One of Thousands of Money and Finance Coaches on Noomii.

The Focus on Emotional Side of Financial Planning is like The Dark Side of the Moon… we know it exists, still we don’t want to do any effort to understand it!

Today we are getting to see many discussions on achieving good emotional health, filling us up with a lot of enthusiasm and positivity. While there still seems to be a dearth of personal finance professionals talking about impact of your emotions towards money on your financial planning.

Tons of advice is available on managing and improving your personal finances, promising quick solutions, organised finances, high returns, etc.

But as soon as you start talking about issues like –
I don’t feel confident in making financial decisions
I want to stop certain money habits, but I can’t even after trying hard
I don’t like when my spouse spends money on certain things
I don’t think I can ever be good with money
I feel, I am drinking away my future in the form of my daily 4pm coffee
I feel guilty when I spend money even when I am saving and investing well
I am never able to voice my opinion about financial matters even to the people closest to me
I experience anxiety and stress when I see stock market falling as I have invested in stock market
I can’t look at my bank/ credit card statements, it’s too stressful

These issues usually get one of the three generalised responses –
- You need to take a financial literacy training
- You need to increase your income
- You are being too sensitive; you need to separate your emotions from money

While the truth is that –
- You could yourself be a financial planner and still stuck with one or more of these issues
- People earning twice your income are still facing the problems
- We are humans and have emotions towards almost everything around us

The real problem in above 9 issues and many more similar issues is your emotions towards money due to your unexplored relationship with money. Exploring and accepting your relationship with money is the one thing that can help solve most of the above-mentioned issues.

So, go ahead and explore your relationship with money to get freedom from the invisible shackles keeping you stuck in your current financial state.

I have helped many of my clients to gain control over their emotions towards money by transforming their relationship with money. Connect with me if you would like to start exploring your relationship with money.