The Psychology of Money – 5 Steps to a Better Financial Future

When will you commit to being “better with money”? Tomorrow! – or Tomorrow? - or After Tomorrow? Can you stop impulsive spending? Do you even think about your behavior with money, or about setting life goals? Luckily some people do, they study behavioral finance. We have a lot to learn from them. Kirstein Business Library and Innovation Center (KBLIC) is here to help. 

5 Steps to Take Now

    1. Identify your life goals. Ask yourself what goals you haven't yet accomplished. Make a list of what you hope for - short term & in the future. Do you to want to give to charities? Are you saving for holiday gifts, or maybe a condo? Are you re-working your budget because you have lost employment? Supposed to be paying off loans? Are you not achieving your life goals due to impulse buys, wondering “Why does this keep happening to me?" - or is it  ALL of the above? Now is a good time to learn about behavioral finance - the psychology of money.
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    3. Take a Money Attitude Quiz – Quizzes like this one help you explore your biases - about having money, how you think it will impact your life, whether or not you talk about money with others, all these questions create a profile of your attitude toward money. Nerdwallet proposes there are four major beliefs: Worship, Avoidance, Vigilance and Status. Discover what yours are. Then, think about how this insight might help you achieve your life goals.
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    5. Register for The Psychology of Money, our hands-on behavioral finance workshop - on Nov. 18 at 7:00 PM. What is Behavioral Finance and how can it help? It helps you understand your money biases  - what they are, how you got them, and how you can use this understanding to change or strengthen your decision-making. This class will help you to:
      • Recognize the emotions, beliefs & attitudes behind your money decisions
      • Identify money mistakes that people like you & I make
      • Learn how to turn challenging behaviors into solutions that support your life goals
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    7. Learn more with our book list, How We Behave With Money. This list contains links to blogs, money personality quizzes, podcasts, Ted Talks, and books from our collection that explore how our attitudes and decision-making processes affect our life goals. You will find practical ways to manage your relationship with money, and to embrace who you are. Turn this knowledge into behavior that helps you get more of what you want out of life.
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    9. Prefer to learn by watching? Here are 5 classes from Lynda.com (available for free through bpl.org) to support your financial wellness:          

    Do you know of a great resource we don’t have? We want to hear from you! Suggest a purchase.

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