Money scripts are a favorite topic of mine because they’re so integral to our financial planning process with clients. They are a starting point for understanding how we think about money.
By shining a light on our money scripts, we can identify how they shape and influence our financial decisions. While many money scripts can get in the way of our goals, they can also be helpful for figuring out what we want to do with our money. No matter what kinds of stories you find, ultimately, they should empower you to lead the life you’ve dreamed of.
In this post, we’ll talk about where to find your money scripts, practical ways to identify them, and how to use them to empower your life.
“While many money scripts can get in the way of our goals, they can also be helpful for figuring out what we want to do with our money.”
Where are your money scripts hiding?
The concept of a money script was formed by Dr. Brad Klontz and his father, Dr. Ted Klontz. Money scripts are beliefs we have about money that shape how we interact with it. These beliefs are often conflicting, partial truths that we follow on autopilot like a script we’ve memorized – hence the name “money scripts.”
Building an awareness of our money scripts can be tricky because they aren’t necessarily out in the open. For example, your money script may be, “I don’t deserve money.” You’re probably not saying that to yourself out loud whenever you interact with money. You may not even be thinking it! Most likely, your money script is buried in your subconscious, driving your everyday interactions with money – and you’re not even aware of it.
Practical exercises to help you explore your money script
So how exactly do you find your money scripts? The first step is engaging in some reflection and self-analysis. Recall childhood memories you have about money, and ask yourself these questions:
- When did you first learn about money? How was it presented to you?
- How did your family talk about it? Were money discussions open or taboo?
- Was there a significant event in your childhood involving money (e.g., your guardian gaining or losing a job or your family not being able to afford something important)?
- What did you observe in your family about spending and saving? Did you witness financial struggles or success?
Next, look at your current behavior with money. Ask yourself:
- How do I feel about money now?
- Does money cause me anxiety or excitement or another emotion?
- How do I approach spending and saving?
Last, consider the cultural and societal messages you experienced regarding money. Questions might include:
- What are the messages you received about money from your community?
- What significance does money hold in your culture?
- How has media influenced your perception of money?
Journaling, joining a money mindset workshop, or speaking to someone (e.g., a trusted friend or family member or a therapist) can help you explore these questions more deeply. Some other (fun!) ways to identify your money stories could be:
- Use prompt-based reflection such as, “When I think about my financial future, I feel…” or, “Rich people are…” or, “I deserve money when…”
- Write your “money autobiography” that details your experience with money from childhood to the present.
- Create a collage that represents your dream financial situation, including the money scripts that you want to have.
Along with the practical steps above, you can also take a short quiz developed by the Klontz duo, which will ask you a number of questions about your beliefs about money.
Infusing your money script with abundance
Now that you’ve identified your money scripts and where they come from, it’s time to evaluate them for their usefulness. And, yes, “negative” money scripts have been useful! As Brandon wrote in our last money script post, “I used [my money script] as my go-to framework for navigating the world as a responsible adult, and it stemmed from my desire to protect and care for myself.”
Just like avoiding speaking in public or asking for a raise, your negative money scripts play a role in protecting you from harm, disappointment, or rejection. A money script like, “I don’t deserve to earn more money” could result in you avoiding a career change. While this decision may hold you back, it also protects you from the uncertainty of a new career path or failure at your new job. This is not to say you should accept that money script but more that you should recognize and honor the job it has done in your life.
Using an abundance mindset to flip the script
When you’re ready, using a mindset of abundance is a great way to start flipping those money scripts to ones that will help you live out your best financial life. But what does having an abundance mindset mean, exactly? It means that you believe there’s enough resources and opportunities for everyone, including you! We’ll explore abundance mindsets in more depth in a following post, but for now, let’s apply this definition to a common money script.
“I’ll never be good at money.” Under the surface, this might mean:
- I’ll never be good at money, so why should I even try?
- I’ll never be good at money, so I’ll spend all of it because it doesn’t matter.
- I’ll never be good at money, and that makes me unworthy to have any.
Just like avoiding speaking in public or asking for a raise, your negative money scripts play a role in protecting you from harm, disappointment, or rejection. A money script like, ‘I don’t deserve to earn more money’ could result in you avoiding a career change.
What happens to this script when you apply an abundance mindset:
- I can learn new things about money that will empower me to act and make financial decisions.
- I can find resources that will help me manage my money and teach me healthy ways to spend and save it.
- I can talk to financial planners with expertise on money and rely on them for guidance and support as I learn to accept abundance in my life.
Applying an abundance mindset changes inhibitory money scripts to actionable ones and makes the impossible seem possible. Identifying your money script is the first step to transforming it. Even if you only do one or two exercises or find a totally different way to explore your money script, you will have built an awareness that could positively reshape the way you think about money for the long term.
Jim is a financial advisor and owner of Thinking Big Financial, Inc. Thinking Big Financial is a fee-only registered investment advisor offering financial planning and investment management services. Specializing in working with the LGBTQ Community.
Please read my legal disclaimer here.