58. What Drives Our Money Behaviors? - a podcast by Vince Carter

from 2021-08-18T07:30

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Paul Roux is a Financial Coach who helps people in recovery take control of their money so they can live the lives they were created for. On this episode of CFO at Home, Paul and Vince discuss Paul’s personal journey out of substance addiction, understanding our money behaviors, the use of money as a coping mechanism, and more.

Key Takeaways

The lure of “retail therapy” can be strong; the use of shopping to cope with difficult feeling and emotions
Self awareness is key to understanding your own money behavior - Being honest with yourself about why you’re spending
- It’s important that this self-awareness be non-judgmental. Shame is not useful to the process

Changing your money behavior means being open to trying new things and approaches
- Change can be difficult, drive for progress not perfection

If your partner is dealing with money behaviors that are counter to your family’s goals, it’s important extend them grace and foster a spirit of team and working together to achieve common goals
- Focus on helping them along their own journey of self awareness and discover the “whys” behind their behavior
- Practice humility

If possible check your own emotions before entering into a difficult money conversation
Intentionality is key to achieving your financial goals
If budgeting has negative connotations for you; reframe the concept
- Don’t view it as a limitation, but rather giving your money purpose
- Focus on the freedom of having your financial house in order (having savings, the ability to pay for items instead of purchasing on credit)
- Without a plan for your money, it often has a tendency to “disappear”
- Prioritize covering basic expenses/necessities, and “paying yourself” (saving/investing)

Resources

Ways to contact/follow:

Contact the Host - vince@thecfoathome.com

Further episodes of CFO at Home

Further podcasts by Vince Carter

Website of Vince Carter