Money And Your Emotion, A Woman's Guide

The rush of exhilaration when you finally hand over a handsome amount for a dream designer bag is proof enough that our emotion and our money are tied together. It’s not a gender judgment because, surely, men have feelings, too. Take the following instances. The panic at the pit of their stomach when stocks plummet. The shame at spending for one bottle of wine the same amount that can pay for someone else’s tuition fee. The rush of adrenaline when driving a sports car out of a dealership after payment has been made. It’s equal for both genders but men are perceived to handle their emotions better. So how do we women do the same?

First, know that money comes with emotional and psychological baggage that affects our decisions and this is true for others, not just you.

Second, untangle your feelings about money. Does spending spark joy? Do you use money to cover guilt? Do you use money to compensate for lack of affection? Did you grow up with a mindset of lack? It is a voice that drives your financial moves so make sure you recognize where that voice is coming from.

Third, use your emotions towards money to your advantage. Are you averse to risk? Steer your investments towards low-risk products to give you peace of mind. Does the uncertainty of your future give you panic attacks? Then create a plan that safeguards your future to avert anxiety.

Fourth, financial activities that are emotionally draining can be automated so that you don’t go through this rollercoaster ride every month. For example, automate all bill payments. This makes sure commitments are met without this chore turning into a painful monthly period.

Fifth, work with a financial professional who can give you an objective assessment and help you manage your finances. This should be a person to bounce off ideas with for clarity and guidance.

Lastly, take it easy on yourself. Your emotional approach to money, when recognized and harnessed, can be your biggest ally in managing your wealth. Always remember, you are your own best friend. And you are the one person always looking out for you.