Photo Illustration by Becky Harlan/NPR
Money goes beyond dollars and cents; it is deeply emotional. Your hopes, fears, guilt, and shame can significantly influence your financial decisions. These feelings are often influenced by upbringing, environment, and media messaging. Building a strong, secure financial voice requires expertise.
Tiffany Aliche, known as The Budgetnista, is a financial expert and author of Get Good With Money. Her book, released on March 30, offers practical guidance to achieve financial wholeness through ten pillars: budgeting, savings, debt management, credit, earning, investing, insurance, net worth, financial team setup, and estate planning.
Aliche emphasizes starting with understanding one’s financial identity and the emotions tied to it. She views money more as a mindset than a simple monetary matter. Her belief is that by addressing emotional aspects, anyone can improve their financial situation.
Understanding Financial Wholeness
Financial wholeness is when all areas of your financial life work together for your greatest benefit. It is accessible to everyone regardless of income, age, or occupation. It encompasses how to efficiently manage and maximize your money.
Influences and Habits
Aliche discusses the importance of recognizing the influences on our financial habits. For example, a frugal parent might lead to discomfort with haggling. She suggests acknowledging such habits, exploring their origins, and practicing self-advocacy in non-financial settings to build confidence.
Mindful Spending
Mindful spending revolves around evaluating needs, loves, likes, and wants. Needs are essential for health and safety. Loves provide lasting joy. Likes offer temporary satisfaction. Wants are fleeting. Focus resources on needs and loves for long-term benefits.
Prioritizing Financial Love
Aliche shares an anecdote about choosing vacations over regular brunch outings with friends. Brunch was not a love for her; vacations were. This approach encourages spending based on personal passions instead of external influences.
Talking About Money
For people who lack a background in discussing money openly, finding a supportive group or digital community helps. Aliche advises sharing financial discussions with friends to create a judgment-free environment, fostering knowledge and informed decision-making.
This article first appeared on March 28, 2021. The podcast version was produced by Clare Marie Schneider.
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