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  Life   More Features  31 Mar 2018  ‘Understand your money mindset and challenge some of your beliefs’

‘Understand your money mindset and challenge some of your beliefs’

THE ASIAN AGE
Published : Mar 31, 2018, 1:25 am IST
Updated : Mar 31, 2018, 1:25 am IST

I have just got my first ever job and I am very excited at the prospect of learning and earning my own money.

The psychology of money is seen mostly through how we think about using money  (Photo:  pexels)
 The psychology of money is seen mostly through how we think about using money (Photo: pexels)

I have just got my first ever job and I am very excited at the prospect of learning and earning my own money. The best part about it is that I will be able to spend on things that I require without interference or permissions from others. However, my eldest sister has different plans for me. She expects me to invest at least 60 per cent of my salary. It’s a first job and I won’t be making so much. If I save, how will I get to spend on myself? I’ve told her, but she is stubborn. Worst of all, my parents are on her side too. What do I do?

Congratulations on securing a job and becoming self-reliant. When you start earning your own money, it means financial freedom to not only buy what you need but also to save for a rainy day. This is a good time to realise your attitude towards money. Do you see money as a source of security or a scarce commodity that could disappear? Do you view money as means of control or showing love to yourself? Are there any fears while talking about money in your close family?

Often people have a relationship with money that can range from a sense of scarcity and pain to avoidance or inspiration to an extreme of abundance and status. The psychology of money is seen mostly in how we think about using money. Some indulge in retail therapy to feel good about them. Some hoard worship and feel good in being tight fisted. 

Understand that your relationship with money is directly proportional to your financial risks.  Identify your psychology with money that will include your childhood experiences and family patterns in beliefs about money. Understand your money mindset and challenge some of these beliefs that can be harmful to you or can be limiting your potential. Essentially you need to be flexible and have a sense of control over money that includes where it comes, how you use it and how does it make you feel and can money be used for any good things in your life as well as others. Good luck!

This query has been answered by Dr N. Sucharita PhD, from Roshni Counselling Centre, Hyderabad 040-6666 1117/18
Write to us at feedback.age@gmail.com with “expert advice” in the subject line

Tags: congratulations, psychology, relationship