Mama, You’re Not Tangled in Finances! (2024)

Mareaka Bunch

Mama, You’re Not Tangled in Finances! (1)

Welcome aboard the financial freedom express!

Today, we’re not just crunching numbers; we’re embarking on an archaeological dig into the depths of our money beliefs.

It’s time to dust off the old and unearth the new as we navigate the intricate tapestry of our emotional money patterns.

So, grab your metaphorical shovel, and let’s start digging!

Identifying Emotional Money Patterns

Picture your financial habits as a dance – sometimes you’re in step with the rhythm of wise spending and saving, and other times, you’re stepping on the toes of your budget.

To identify these patterns, ask yourself:

  • What’s Your Money Mood?: Do you feel a rush of euphoria when buying something new, or does opening your wallet feel like lifting a ton of bricks?
  • The Saving and Spending Tango: Are you a Scrooge McDuck, swimming in your saved coins, or a Cinderella, splurging before the clock strikes midnight?
  • Financial Fears and Fantasies: Does the stock market rollercoaster fill you with thrill or terror?

Recognizing these patterns is like being a detective in your financial mystery novel. It’s time to connect the dots between your emotions and spending habits.

Our money beliefs are like family heirlooms, passed down through generations, sometimes without us even realizing it. Reflect on these questions:

  • The Ghosts of Financial Past: What money stories did you hear around the dinner table? Were they tales of caution or ambition?
  • Childhood Checkout Lanes: Think about your first memories of money. Were you a little entrepreneur with a lemonade stand, or did you view money as a scarce resource?
  • Cultural Currency: How do your cultural or societal backgrounds shape your view of wealth?

This historical expedition helps us understand why we dance the way we do with our finances.

It’s not just about the moves; it’s the music that’s been playing in the background all along..

Now, let’s turn the page from scarcity to abundance. Imagine your financial mindset as a garden.

It’s time to uproot the weeds of scarcity and plant the seeds of abundance. Here’s how:

Step 1: Mindful Money Positive Thinking

Sit in a comfortable spot and close your eyes. Picture your bank account. Instead of seeing a pit of quicksand, imagine a fertile field, ready to bloom.

This exercise isn’t about denying financial realities but about changing your perspective.

Mama, You’re Not Tangled in Finances! (3)

Step 2: The Gratitude Ledger

Start a journal. Every day, write down three financial things you’re grateful for.

It could be as simple as a cup of coffee you savored or a bill you were able to pay. Gratitude turns what we have into enough.

Mama, You’re Not Tangled in Finances! (4)

Step 3: Positive Thinking for Affluence

Create daily money positive thoughts. Repeat phrases like, “I am a magnet for financial opportunities,” or, “My wealth is growing every day.”

Words have power, especially when they’re about your wallet.

Mama, You’re Not Tangled in Finances! (5)

Step 4: Knowledge is Wealth

Invest in financial education. Read books, attend workshops, or consult a financial advisor. Understanding money management is like learning a new dance; practice makes perfect.

Mama, You’re Not Tangled in Finances! (6)

Step 5: Budgeting with Bliss

Approach budgeting with a sense of joy. Think of it as curating your personal financial museum – what do you want to display? What deserves the spotlight, and what belongs in the storage?

Mama, You’re Not Tangled in Finances! (7)

Step 6: Generosity Grows

Remember, abundance is not just about what you have, but also what you give. Whether it’s time, money, or resources, giving back can open the floodgates of abundance.

Mama, You’re Not Tangled in Finances! (8)

Step 7: Celebrate Successes

No matter how small, celebrate your financial wins. Did you resist an impulse buy? High-five! Saved a little extra this month? Do a happy dance!

Mama, You’re Not Tangled in Finances! (9)

Conclusion

As we wrap up our journey, remember that transforming your money mindset is not a sprint; it’s a marathon.

It’s about making small, consistent changes that weave a new financial tapestry.

You have the power to choreograph a beautiful financial dance, one that’s in harmony with your deepest values and aspirations.

So, moms, as you step out onto the stage of your financial future, remember: your money story is yours to write.

It’s time to turn the page to a chapter of abundance and joy. Let the financial freedom waltz begin!

Mama, You’re Not Tangled in Finances! (10)

Hey there, amazing moms! I’m Mareaka Bunch, founder of Future Wealth Group, where I fuse my Master’s in Accounting, Enrolled Agent, and CHFC course-work expertise with real-life mom experiences. Here, we tackle Situational Finance – practical, easy-to-understand financial strategies tailored for the daily challenges and dreams of motherhood. From budgeting basics to teaching your little ones about money, I’m here to empower your financial journey and inspire independence. Join our community where together, we’ll pave the way for a financially secure future for our families!

Mama, You’re Not Tangled in Finances! (2024)

FAQs

How do I tell my parents about my debt? ›

Start a Conversation

Make sure you have plenty of time and attention to give to the conversation. Choose a time when you can put other obligations on hold and focus on your parents. If possible, plan to talk to them before they need help so that you can make financial plans together and avoid pitfalls.

What to do when your parents don't have enough money? ›

Help Your Parents Financially Without Money
  1. Help them downsize. If your parents are finding their current home unaffordable because of its size, it may make sense for them to downsize. ...
  2. Guide them through a relocation. ...
  3. Ask them to move in. ...
  4. Create a budget for them. ...
  5. Help with maintenance or repairs.
Jan 14, 2022

How to discuss finances with family? ›

Talking to your children about money — what it means to you, why you worked hard to acquire it, what family history might be intertwined with its acquisition, what challenges and responsibilities accompany it and, most importantly, what the family wants to accomplish with it — can be an empowering first step to forming ...

Do you legally have to pay your parents debt? ›

If there's no money in their estate, the debts will usually go unpaid. For survivors of deceased loved ones, including spouses, you're not responsible for their debts unless you shared legal responsibility for repaying as a co-signer, a joint account holder, or if you fall within another exception.

Do children pay off parents debt? ›

It may come as a relief to find out that, in general, you are not personally liable for your parents' debt. If they pass away with debt, it is repaid out of their estate. However, this means that debt repayment could diminish or eliminate assets and property you could have inherited from your parents.

Can you refuse to pay your parents debt? ›

Your mother or father may have had substantial credit card debt, a mortgage, or cr loan. The short answer to the question is no, you will not be personally responsible for the debt, but failure to pay such a debt can affect the use and control of secured assets like real estate and vehicles.

How do you politely ask your parents for money? ›

Adult children who ask parents for money should plan for the meeting as if they were going to the bank for a loan, financial planners say. Don't just say you need money. Spell out exactly what it's for. Show that you have a well-reasoned plan for how to spend it.

What is a good way to ask your parents for money? ›

Ask your parents for a meeting to have a financial discussion. Don't bring this up spontaneously or casually, said Arne Boudewyn, co-founder at Insights Squared Consulting Group, a family-wealth consulting company. Let your parents take the lead on the timetable and ask them about their expectations or misgivings.

What is a good excuse to ask your parents for money? ›

Expenses like textbooks, groceries, or membership to a campus organization that will benefit your education are good reasons to ask for financial help. If your budget includes money for hobbies and entertainment, don't ask for more cash to buy a concert ticket or the newest smartphone.

How do you start a conversation about money? ›

To take some of the pressure off of having The Big Money Talk, Clayman says, start slow. Open the conversation with a question like, "how comfortable do you feel being open about money?" This allows a couple to talk about their experiences with money and their values around it.

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