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So why was her mother so tight-fisted?
That sense of scarcity clung to herand she in turn passed along her money worries to her daughter.
I have a strict budget, McCombs says.
Its something many of us do without realizing it.
This childhood imprint of how to deal with money cuts both ways.
DNA also predisposes us to having more or less self control, according to aUniversity of Edinburghstudy.
That may be key in determining our likelihood to spend with abandon.
Heres your three-step plan to escape from a legacy of financial mismanagement.
Ask yourself a few questions: What three things did your mom and dad teach you about money?
What is your earliest money-related memory and your most painful money memory?
What is your biggest financial fear these days?
Addressing these can uncover deep-seated patterns, Klontz says.
Theyre likely to use money as an emotional Band-aid.
Connecting the dots between family members habits and your own is a powerful step to activating positive change.
They tell themselves that they have money problems because theyre crazy, lazy or stupid.
Have a conversation with them about their own childhoods and what your grandparents taught them about money.
It helped me understand my moms anxiety about money, Klontz says.
So did his own behavior.
With this awareness, Klontz says hes been able to invest more prudently.
First, question why you developed that concept.
Next, challenge the accuracy of that position, suggests Klontz.
For instance: Some rich people are greedy, but others do incredible things to make the world better.
I want to be one of those people.
I will use my money to provide my family with positive experiences and to do philanthropic work.
It is okay to have more money than I need so that I can achieve those goals.
Repeat this truth or write it down whenever you find yourself slipping into old habits.
Over time, itll replace the thinking that led to destructive behavior.
There is a strong emotional connection that keeps the beliefs locked in place, Klontz says.
Because they are so entrenched, it can be very helpful to work with a therapist.
Check out theFinancial Therapy Associationto find psychologists skilled in helping people navigate money-related behavioral change.
Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice.
just consult a financial adviser, attorney or tax specialist for advice specific to your financial situation.
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