What’s Your Money Script? Find Out and Learn What to Do Next

Knowing your money script can help you better manage your personal finance. Klontz’s money scripts are a good place to start.

We all have things we tell ourselves about money, and they can have more impact than we realize. No, this is not an article that’s going to teach you to manifest money and become uber-rich simply by thinking positively about it. If only it were that simple.

Unfortunately, positive thinking is not going to magic money out of thin air. I do acknowledge though that some beliefs about money can make any money problems we have even worse, and that understanding those beliefs can be a small part of improving specific aspects of our personal finances.

I first came across the idea of ‘money scripts’ via Dr. Brad Klontz, a financial psychologist, author, and journalist who has a lot of ideas about money, some of which are very sensible, and some of which are somewhat oversimplified.

I decided to do some delving and ended up with a full report that informs me that I am very high on money focus and money vigilance, and low on money avoidance and money status. I can’t say I’m surprised.

Can Knowing Your Money Script Be Helpful?

It probably can. Money scripts, according to Klontz, are often unconscious, learned in childhood, and passed down through generations. He also claims they are responsible for our financial outcomes, which is where he and I are going to have to agree to disagree. I believe there are dozens of things that are responsible for our financial outcomes, and our money scripts are a small piece of the puzzle. They are, however, a significant piece of the puzzle, for some people.

Yohance Harrison is CEO and Wealth Advisor of Money Script Wealth Management, a financial advisory firm based in Cedar Hill, Texas. Yohance and his team focus on empowering their clients to improve their financial future by designing a personal money script.

“We develop scripts around everything in our life – Family, friends, education, leisure, and of course money,” says Yohance. “The script we have with money is especially important because money is deeply woven into all of our relationships. It’s important to recognize the money script we have created and take responsibility for rewriting the script.”

“When we work with clients, we focus on helping them to identify their values and goals. We then analyze their financial behaviors and assist them with bringing their goals and values in alignment with their financial behaviors. We help them rewrite the script of their relationship with money.”

Here are the four main ‘scripts’ or money styles that we tend to take on.

Money Avoidance

If this is your script you tend to believe the wealthy are corrupt and that there is virtue and moral high ground to be found in having little money. You don’t really want to deal with money, and certainly don’t like making budgets, investing, or planning for your financial future. Aiming to ‘make more money’ or ‘build wealth’ actually feels morally wrong for you.

Rewriting your avoidance money script: While certain billionaires of the world may indeed be pretty corrupt, you can stop worrying as you’re unlikely to ever join their ranks. Avoiding day-to-day money decisions is likely to harm you, your future, and the future of those who depend on you.

It’s time to start seeing money as a way to do some good in the world, to provide yourself and those around you with more choices and freedom. Money isn’t evil. It’s not good, either. Money is neutral. Having more of it doesn’t have to change who you are.

Money Focus

Those with high money focus tend to think that money is the key to happiness and the solution to all their problems. This can seem like a reasonable enough belief in a world where almost any problem can at least be mitigated if you have enough money. But those with a money focus script are more likely to have a lower net worth and to carry credit card debt. Presumably, they’re spending out on all that stuff that will eventually make them happy.

Rewriting your money focus script: Seeing money as the solution to all your problems isn’t actually that bad. As the old saying goes, whoever said money doesn’t buy happiness just didn’t know where to shop. Money may not be able to literally buy happiness, but having money can definitely make life easier, less stressful, happier, and healthier.

But having money is the key. Not spending it. I still have a high money focus, but I focus on trying to create a life where I have enough money to deal with the problems life throws at me. I don’t try to make myself happier by spending on material stuff that doesn’t solve any of my current problems.

Money Status

Those with a money status script tend to believe that net worth equals self-worth. They prioritize conspicuous consumption and an outward display of wealth. Often they have grown up with relatively little money and have felt judged for it. A money status script is associated with overspending, excessive gambling, being financially dependent on others, and hiding expenditures from one’s partner or spouse.

Rewriting your money status script: It can be hard to separate material wealth from self-worth, especially in a society where the two are so very intertwined. Success in America is still defined largely by how much you earn and how much you have, even though we all know that other things, such as family, friends, and health, are way more important.

There’s no shortcut with this one, but working on your own inner confidence is a good place to start. As Ben Le Fort explains, it takes a lot of confidence to be frugal.

Money Vigilance

The money vigilant crowd is alert, watchful, and concerned about their financial health. They are less likely to buy on credit and more likely to be discrete about their financial status with others. Money vigilance results in saving, frugality and generally being financially healthy, but can also lead to excessive anxiety that can prevent people with this money script from enjoying the benefits that money can provide.

Rewriting your money vigilance script: As someone who scores very highly on this one, I know that rewriting the script is important, even though being vigilant with your money doesn’t seem to be that harmful. Money is for spending and enjoying, not hoarding in fear of a rainy day.

Sure, it is going to rain someday. That’s why we money vigilant people have insurance, emergency funds, HSAs, and other tools that are in place because we worry too much about the possibility of not having enough money. Money is there to have fun with too. If you have trouble remembering that, don’t forget to put fun money in your monthly budget.

Do You Know Your Script?

So what’s your script? Avoidance, status, focus, or vigilance? Whichever it is, just being aware of it can help you deal better with some of the issues that crop up around personal finance, for most of us, almost every day.

Find a Financial Advisor

Do you have questions about your financial future? Find an experienced financial advisor who can help you enjoy life more with less money stress. Get to know experienced financial advisors by visiting Wealthtender’s free advisor directory.

Whether you’re looking for a specialist advisor who can meet with you online, or you prefer to find a nearby financial planner, you deserve to work with a professional who understands your unique circumstances.

Have a question to ask a financial advisor? Submit your question and it may be answered by a Wealthtender community financial advisor in an upcoming article.

This article originally appeared on Wealthtender. To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers.

Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

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