Consumers often get caught up in financial rules, believing they need a certain amount of money to retire or that they should have a specific amount saved by a given age. But money management isn’t just about the numbers; it’s about the emotions and attitudes behind our decisions to spend, save or invest.
“You’re not managing money as much as you are managing your choices,” says financial behaviorist Jacquette M. Timmons. “How do you make your choices? How do you evaluate option A versus option B? You’ll begin to see that money is no different from any other domain,” she explains.
Here’s a look at common mindsets that could be sabotaging your wallet, along with strategies for reframing these thoughts in a more positive way.