How To Have a Better Relationship With Money and Maximize Every Dollar
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Who are the hosts and guest of this episode?
Well, this episode will help you get better acquainted with your financial self. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles.
And I'm Elizabeth Ayola. This episode, we talk with a listener about how to make progress on savings and investing goals, even when money is tight.
Why is exploring your relationship with money important?
But first, we're going deep into your relationship with money. Elizabeth, if you could use one word to describe your relationship with money, what would that be?
I would say it varies depending on the month and what I have going on. So in December, it would have been toxic. But today it is partnership. We are working as a team to get me closer to my dream life. And you know what? That is progress, Elizabeth.
For many people, I'm guessing that word might be tense or maybe even unhealthy, but exploring your relationship with money is an important investment, one that can pay all sorts of dividends in big and small ways. And to help us explore our relationships with money, we are joined by Shauna Game, host of the podcast, Everyone's Talking Money, and author of the new book, Unraveling Your Relationship With Money, Ditch Your Money Trauma So You Can Live an Abundant Life. Shauna, welcome back to Smart Money.
Hey, thanks so much for having me. So Shauna, your book is called Unraveling Your Relationship with Money. Tell me, why do you think people need to dissect their money relationship and what is the goal?
Such a good question, Elizabeth. I think that we live in this vacuum where we think that money is only about math. And it's really unfortunate because it is about so much more. It's about emotions and behaviors and habits and story and how we were raised. And all of that plays into how we save, spend, and even earn our money. So I think it's so critical that we bring this idea of relationship with money into the conversation about pools. And particularly for most of us, you described your relationship in December as toxic, right? A lot of people would probably borrow that word as well because they just feel stuck. There's something that you want to do or achieve and you cannot figure out why in the world can I not make this happen? And so usually when people get to that spot, I say, okay, this is the time where we need to explore this thing called relationship with money and figure out, you know, what's going on behind the scenes that's stopping your progress towards these goals.
I imagine that a lot of people might be scared of what they would maybe find under the layers they built around their relationships with money. And I'm wondering how you think people can work through that fear that might even turn them off from probing their relationship with money in the first place.
That's a very real scary feeling that a lot of people have because let's be honest, most of us do not like looking at our bank account. I often say like we need to tiptoe into this really exploration around relationship with money. And there's lots of different ideas and exercises and kind of tactics I can give you. But I think the first place is thinking about one word to describe your relationship with money. But then we got to dig deeper. So if it's toxic, I'm going to ask you, okay, Elizabeth, like why? Why is it toxic? And I don't know, maybe you would say, well, December is the holidays and oh my gosh, we all overspend. Okay, so tell me about that, right? And so it's this exploration of just digging deeper and deeper with yourself until you get to some sort of foundation of like, okay. This is really what it is about. I work with so many people and their biggest fear is that there's just never enough money. And so my follow-up is, okay, well, what is enough? And why are we not in that place? And this just requires this kind of asking of ourselves.
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Chapters
9 chapters
1
Who are the hosts and guest of this episode?
0:18–0:42
2
Why is exploring your relationship with money important?
0:42–7:30
3
How do childhood experiences shape your money beliefs?
7:30–11:14
4
What are somatic responses to financial stress and how to recognize them?
11:14–13:39
5
How can you overcome fear and change your money habits?
13:39–14:51
6
What is a weekly money date and how can it help your finances?
14:51–17:02
7
How can celebrating small financial wins improve your money mindset?
17:02–18:21
8
What practical advice does Shauna give to keep your money relationship healthy?
18:21–23:09
9
How can someone on a tight income build savings and invest effectively?
23:09–34:37
Speakers
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