Financial self-abuse, using your money in ways that are harmful to you short and long-term, resembles other forms of self-abuse (drug and alcohol use). The basic similarity is that financial self-abuse is an effort to escape from the problems of your life which is impossible. Financial self-care is being more proactive with your money in order to improve your financial wellbeing.
Describe how you can you shift your behavior from financial self-abuse to financial self-care.
By answering this question before April 18th, you will be entered into FTN’s Financial Literacy month contest! One winner will be picked randomly to receive entry into the online “My Money Myself” self-help program – a $99.00 value.
The tip that I most need to work on and which I have the greatest difficulty is changing my spending habits and patterns. The trick is to see the “big picture” of what I need my money to do for me and how I can get there. By identifying this and thinking about it whenever I make a purchase, I should be able to keep myself on track.
Good topic today. I’m not sure if my clients see the “self-abuse”- maybe they would admit to self neglect of their finances and that they have been trying to hide their mistakes (overdrafts, late payments, upside down mortgages/car loans, and even pay-day loans, etc). It is also easy for clients to point to medical debt that “victimized” them and blame the system/the misfortune of poor health for their current problems. Since we, as Social Workers try to avoid blaming the victim, I would probably NOT use the term self-abuse in my client conversations but would still address it as a history of risky behavior and putting their family stability in danger
The tip that I find most useful at this time is tracking my spending. This is a recommendation that I make to my clients. This helps to determine what I am spending my money on to create a realistic budget.
When reading the description of someone who is practicing financial self-abuse, I instantly thought of myself! Understanding my financial habits has been a journey that I decided to start a few years ago. I find that being aware of what money I have and how much I owe has been an eye-opener. This information is empowering in that I am not blindly spending money on a lot of unnecessary things. With that said, I still have room to improve in the area of frivolous spending!
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