The Psychology of Money - Part 1
Posted on March 17, 2017 by Steve Stuhlreyer, One of Thousands of Christian Coaches on Noomii.
Money, or the lack of it, can cause stress. In this article, I start teaching about how money can affect your stress level.
As you begin the journey to getting control over your finances, there are several important facets about money that are helpful to understand. The information below is given to set a baseline for financial coaching services.
Here are several important pieces of information:
1) The American Psychology Association in 2004, published a study which determined that financial concerns are the number one cause of stress in American’s lives.
2) Money is the number one source of disagreement in the early years of marriage.
3) Disordered money behaviors have a significant negative effect on a person’s well being.
4) Financial problems affect job performance in as many as 15% of American Workers, and
5) Individuals who focus on money and materialistic things report that they have lower levels of happiness and vitality and higher levels of anxiety and increased physical symptoms.
From the information above and with meeting with individuals and couples, one of the glaring realities that I have learned is that the topic of money brings on a lot of stress and that most people are reluctant to talk about money and their particular money issues – for good or for ill.
What adds even more stress to individuals and couples is when they realize that their money has control over them and their decision making, which leads to less freedom to do the things they want to do, and they want to have control over their money.
Seeing the need to have more control over your money is a great starting place. It gives you the motivation to start moving in that direction. It isn’t the fix, but it is a start.
Through financial coaching, we are interested in helping you start that journey to getting control over your money, and staying on that journey. There is freedom at the end of the journey!
What I have found with individuals and couples is that when they are on the journey to getting control over their money they get a taste of the freedom and it motivates them more.
We have webinars available which can help and are available for one on one discussion if that would be more helpful to you.
One of the ways for you to change this financial picture for you is to start to get financially healthy, Two authors (So-Hyun and Grable, 2003) learned that “maintaining reasonably low debt, having an active savings and/or retirement plan, following a spending plan leads to experiencing high levels of financial satisfaction and experiencing low levels of financial stress”
Steve Stuhlreyer is a Licensed Professional Clinical Counselor as well as a Certified Financial Coach located in Cincinnati, Ohio.
