Summer Lovin’: Money Scripts
There is an entire field of psychology known as financial psychology, which studies our beliefs around money and how those beliefs affect our financial decisions.
A pioneer in the field, Dr. Brad Klontz, has identified four money scripts®—narratives that shed light on how we perceive money: Focus, Status, Avoidance, and Vigilance.
A person may not fall squarely into any one of these money scripts and may identify with multiple scripts. I don’t use the money scripts® as a diagnostic tool but rather to bring awareness to how we might perceive money in our lives. If this awareness informs us that certain perceptions are not serving us, we can then use tools and strategies to change these narratives.
I want to highlight these money scripts® for you to consider both for yourself and as part of the Summer Lovin’ series on managing money with your partner. If you and your partner have opposing money scripts®, this awareness can help explain any tension you might experience when managing money together.
It's believed that these narratives form at a young age, influenced by our experiences with caregivers and our community's interactions with money. As you read through the scripts, think back to your early childhood experiences. Which scripts resonate with you? Can you pinpoint where these beliefs originated? Do these narratives support your financial well-being or hinder it?
Klontz Money Script Inventory – The four Money Scripts®
Money Status:
People who have strong money status beliefs tend to tie their self-worth to their net worth. They like to show that they have money and, because of this, may overspend.
Money Focus:
Someone who is money focused may believe that money leads to happiness and that the more money they have, the fewer problems they’ll face. They might feel like they can never have enough money and may be prone to buying things for happiness.
Money Avoidance:
Money avoidant individuals might believe that money is bad or that they don’t deserve it. They often think wealthy people are corrupt or greedy and that there is virtue in having less money. They might self-sabotage by avoiding thinking about money, ignoring bills or statements, overspending, having difficulty managing a budget, or giving away what they have.
Money Vigilance:
A person who is highly money vigilant tends to be very concerned about their financial well-being and spends considerable time managing their finances. They are savers who don’t expect windfalls or lottery winnings—they believe in working for their income. While money vigilant individuals often have the best financial health by numerical metrics, they may struggle with spending their money and might still feel anxious about their financial futures.
Understanding your own and your partner's money scripts® can be incredibly insightful. It can help identify financial behaviors and the tensions that may arise from them. By bringing awareness to these scripts, you and your partner can work towards more harmonious financial management, leading to a stronger, more supportive relationship. If you’re feeling the strain of differing financial habits, consider exploring your money scripts®.