Uncovering The Gold in Your Unique Money Story

Discover the profound impact of your Money Story—an ancestral relationship with money that shapes your financial behaviors and decisions. Uncovering this hidden narrative can lead to greater financial clarity, improved decision-making, and personal growth. This Evolve article guides you through reflective questions to help you understand and transform your Money Story. Join us to unlock the gold in your unique financial narrative and take the first step towards financial empowerment.

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Understanding your relationship with money is more than just managing finances; it’s about uncovering the deep-seated beliefs and patterns passed down through generations—your “Money Story.” This ancestral relationship with money shapes how you earn, spend, save, and invest, impacting your financial well-being and overall life satisfaction. Let’s explore why it’s crucial to uncover your Money Story and how you can start this transformative journey.

The Science Behind Money Stories

Research in behavioral economics and psychology reveals that our financial behaviors are often influenced by subconscious beliefs rooted in our upbringing and family history. A study by Klontz, Kahler, and Klontz (2008) found that individuals who explored and understood their financial psychology could make more informed and effective financial decisions, leading to greater financial health and stability.

Consider someone who grew up in a family where money was always scarce. They might develop a scarcity mindset, leading to chronic under-saving or over-spending. Understanding this inherited belief allows them to consciously shift their mindset towards one of abundance and financial prudence. Believe it or not, this is quite the norm. Someone making the shift, on the other hand, is where you can be the one who shines through as the beaming example in your family’s history.

Before we begin, I would like to take a moment to highlight some of the more obvious benefits of taking this leap of faith and venture into perhaps formerly uncharted territory. A territory that could be, perhaps, riddled with a lot of generational pain and traumas. Our money stories hold deep roots and far too many of us never integrate and evolve those roots beyond their origins.

Benefits of Uncovering Your Money Story

1. Enhanced Financial Decision-Making: By recognizing patterns and beliefs, you can make more informed decisions, avoiding financial pitfalls driven by unconscious biases.

2. Improved Relationships: Money is a common source of conflict in relationships. Understanding your Money Story helps you communicate more effectively about financial matters, reduce tension, and foster cooperation.

3. Greater Self-Awareness: Knowing your financial triggers and tendencies leads to increased self-awareness, allowing for personal growth and emotional intelligence to be more easily transferred into those daily decisions.

Uncovering your Money Story involves delving into your past experiences, beliefs, and behaviors regarding money. Taking the journey to truthfully walk in the footsteps of the below steps and answer their detailed questions will help you gain clarity and make positive changes in your financial life.

While these are just some of the benefits, there remains a laundry list of how these connect to a multitude of other benefits that discovering your money story has in store for you. So, for those of you looking to find the gold in this venture, let’s get right into the how-to part of this Evolve Article and cut through the treasure map that travelers often get lost in when it comes to this topic!

Getting Started: Uncovering Your Money Story

Step 1: Reflect on Your Financial History: What Early Experiences Shaped My Views on Money?

   – Reflect on your earliest memories related to money. Write down significant financial experiences from your childhood. Consider family dynamics, significant events, and the messages you received from parents, guardians, or influential figures. How did your family handle financial matters? How did your family handle money? What were their attitudes towards wealth and poverty? Were there periods of financial struggle or abundance? Was money considered a tool?

Why It Matters: Early experiences lay the foundation for your financial beliefs and behaviors. Understanding these origins can help you identify patterns and attitudes that influence your current financial decisions.

Example: “Growing up, my family often struggled to make ends meet. My parents argued about money frequently, which made me associate finances with stress and conflict. As a result, I’ve always felt anxious about my financial security and tend to avoid looking at my bank statements.”

Step 2: Identify Patterns and Beliefs: What Beliefs About Money Did I Inherit from My Family?

   – Identify the specific beliefs about money that were passed down to you. These could include notions about wealth, poverty, spending, saving, or investing. Look for recurring themes in your financial behavior. Do you often feel anxious about money? Do you avoid discussing finances? Consider phrases or sayings about money that were common in your household.

Why It Matters: Inherited beliefs can and will unconsciously dictate your financial behavior whether you want to admit it or not. Recognizing these beliefs allows you to assess whether they are beneficial, are entirely in your blind spot, or need to be redefined.

Example: “My family often said things like ‘money doesn’t grow on trees’ and ‘rich people are greedy.’ This led me to cultivate and reinforce in my own life a belief that financial success was both difficult to achieve and morally questionable, causing me to feel guilty about pursuing wealth.”

Step 3: Identify The Emotions: What Emotions Do I Associate with Money?

   – Reflect on the emotions that arise when you think about or deal with money. Do you feel anxiety, fear, joy, guilt, excitement, or eagerness? How do these emotions impact your financial decisions?

Why It Matters: Emotions play a significant role in financial behavior. Understanding your emotional triggers can help you manage them better and make more rational financial decisions.

Example: “I often feel anxious when paying bills or discussing finances with my partner. This anxiety stems from a fear of not having enough, which was a constant theme during my childhood. I even get super nervous and can feel my throat closing when I think about having a conversation at a future point in time with my partner.”

Step 4: Challenge Limiting Beliefs: How Do My Current Financial Behaviors Reflect My Money Story?

   – Examine your current financial habits and behaviors. Do you budget meticulously or spend impulsively? Are you a saver or a spender? How do you feel when handling money matters? Question the validity of these inherited beliefs. Are they serving you well, do they seem to overpower your ideal behaviors, or do they need to be revised?

Why It Matters: Your current behaviors provide insights into the underlying beliefs and experiences that shape your Money Story. This self-awareness is the first step towards making intentional changes. In addition, your data will help show you where you’re living in or out of alignment with your ideal beliefs about money.

Example: “I find myself making impulsive purchases whenever I’m stressed, as it (temporarily) makes me feel better. This behavior reflects my childhood experience where spending was seen as a way to cope with emotional difficulties. It’s more and more obvious to me, the more I reflect, that this limiting belief is one that even my culture reinforces regularly, too.”

Step 5: Set New Intentions: What New Beliefs and Goals Can I Adopt to Improve My Financial Well-Being?

   – Based on your reflections, identify and define new, empowering beliefs that you want to embrace and set financial goals that align with them. How can you shift your mindset and behaviors to support these new goals? (For example, if you’ve identified a fear of scarcity, set a goal to build an emergency fund and practice gratitude for financial abundance.)

Why It Matters: Reframing your beliefs and setting clear goals can lead to healthier financial habits and greater financial security. It’s a proactive step towards rewriting your Money Story – a critical step in changing the future story your family will thank you for one day, and friends will envy.

Example: “I want to believe that financial success is achievable and ethical. My new goal is to save 20% of my income each month and invest in my education to advance my career. I will remind myself that being financially secure allows me to help others and contribute positively to society.”

By thoughtfully answering these questions, you can gain a deeper understanding of your Money Story and take proactive steps toward a more prosperous and fulfilling financial future.

Closing Thoughts

Uncovering your unique Money Story is a journey toward financial freedom and personal growth. By understanding and transforming your inherited financial beliefs, you can pave the way for a healthier, more prosperous relationship with money. If you’ve struggled with money before, or have had financial problems in your past, there’s a strong chance you could greatly benefit from seeking the support of advisors, therapists, or consultants who specialize in financial psychology.

To support you in this journey, consider joining the Evolve #YouDoYou Program. This comprehensive program offers workshops, expert guidance, and practical exercises designed to help you explore and redefine your Money Story. Sign up now and take the first step towards unlocking the gold in your unique financial narrative.

Join the Evolve #YouDoYou Program today and transform your financial future by understanding your past, and taking practical steps to rewrite the future!

Keep evolving friends,



Klontz, B. T., Kahler, R., & Klontz, T. (2008). Facilitating Financial Health: Tools for Financial Planners, Coaches, and Therapists. National Underwriter Company.

Bradbury, T. N., & Karney, B. R. (2014). **Intimate Relationships**. W.W. Norton & Company.

Byrne, M. M., Miller, S. M., & Schweitzer, M. E. (2004). Psychological Accounting and Financial Decision Making. *Organizational Behavior and Human Decision Processes, 93*(2), 149-161. https://doi.org/10.1016/j.obhdp.2003.10.003

Grable, J. E., & Joo, S. (2001). A Further Examination of Financial Help-Seeking Behavior. *Financial Counseling and Planning, 12*(1), 55-74. 

Hayhoe, C. R., Leach, L., Turner, P. R., Bruin, M. J., & Lawrence, F. C. (2000). Differences in Spending Habits and Credit Use of College Students. *Journal of Consumer Affairs, 34*(1), 113-133. https://doi.org/10.1111/j.1745-6606.2000.tb00087.x

Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. *Econometrica, 47*(2), 263-291. https://doi.org/10.2307/1914185

Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. *Journal of Financial Therapy, 2*(1), 1-22. https://doi.org/10.4148/jft.v2i1.451

Shapiro, M. D., & Slemrod, J. (2003). Consumer Response to Tax Rebates. *American Economic Review, 93*(1), 381-396. https://doi.org/10.1257/000282803321455368

Stolz, D. P. (2007). Financial Behavior and Problems among University Students: A Comparison of Puerto Rican and American Students. *Journal of Student Affairs Research and Practice, 44*(1), 45-62. https://doi.org/10.2202/1949-6605.1772

Thaler, R. H., & Shefrin, H. M. (1981). An Economic Theory of Self-Control. *Journal of Political Economy, 89*(2), 392-406. https://doi.org/10.1086/260971

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Uncovering The Gold in Your Unique Money Story

Discover the profound impact of your Money Story—an ancestral relationship with money that shapes your financial behaviors and decisions. Uncovering this hidden narrative can lead to greater financial clarity, improved decision-making, and personal growth. This Evolve article guides you through reflective questions to help you understand and transform your Money Story. Join us to unlock the gold in your unique financial narrative and take the first step towards financial empowerment.

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