Obsession is typically a negative word in our society. And if an obsession is taken too far, like stalking or gambling to an extreme, it can be bad. But money obsession can yield positive results if balanced with a real grounding in the important things in life. If you or someone you know is obsessed with money, you like to learn about managing it well, and may be more likely to have an emergency fund and retirement savings in place.
Are you obsessed with money?
I you answer YES to most of these questions*, you likely are.
1. I put money ahead of pleasure.
2. I feel compelled to argue or bargain about the cost of almost everything I buy.
3. I worry about my finances much of the time.
4. I often use money as a weapon to control or intimidate those who frustrate me.
5. I firmly believe money can solve all of my problems.
6. I often feel anxious or defensive when asked about my personal finances.
7. In making any purchase, for any purpose, my first consideration is cost.
8. I feel stupid if I pay more for something than a neighbor.
The key to managing money obsession is to ensure you balance savings with enjoying life and ensuring your basic needs are met. Too much bargaining or cost cutting may yield low value goods, or make you focused on seizing the next bargain – whether or not you need it. Your intelligence and self-worth are not tied to your wealth. Money is merely a tool to help you live the life you want.
Related Blog: Do You Use Money or Does it Use You?
To learn if you are comfortably or dangerously obsessed with money, and how to manage potential triggers that will sabotage saving, you can find the full money profile questionnaire at BehavioralCents.com. Just click on the button below.
* These questions are taken from Professor Adrian Furnham's Money Questionnaire. Profiles created from the questionnaire are a copyright of Behavioral Cents, LLC.
Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Behavioral Cents, LLC and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.
BehavioralCents.com is a web site for women to help them understand and change their own money behaviors. Our mission is to better prepare women for financial independence by helping them save more through everyday habits. Thoughts always welcome: email@example.com.