Your Past and Your Financial Future

By January 7, 2016Claudia's Corner

We all realize on some level that our past can dictate our future, emotionally and mentally and, to some extent, physically.

Did you ever think your past could impact your financial future?  We make resolutions about our financial life, just like we do other aspects of our life.  When we fail to keep those financial resolutions it may be that we have issues, resentments, or childhood memories we just can’t release.

Michelle Singletary of The Washington Post writes a financial column.  She has some thoughts on letting go of the past “if you want a better future.”

  1.  If you had an impoverished childhood, are you accumulating debt in an effort to erase the memories of not having enough?
  2. Lucky enough to have a silver-spoon lifestyle growing up?  You may be in debt because you can’t sustain the same lifestyle afforded you by your parents.
  3. As a child, were you resentful of what others had that you didn’t have?  Do you try to impress others with things you can’t afford?
  4. Did you live in a house where your parents fought about money all the time?  Are you mirroring this behavior in your own marriage or relationship?
  5. Are you running up credit card debt to overcompensate for being a single parent?
  6. Do you think you can buy happiness?

It may take some soul-searching to figure out why you are always in debt; you may even need to see a counselor for help.  Fixing your financial situation – whether you feel entitled, can’t manage your money, or make yourself sick if you spend the money you have saved – can create a brighter future and a healthier present.  And aren’t you worth it?

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