Letting Go of Money Self-Doubt

Letting go of money self-doubt is one of the best gifts you can give yourself. Sometimes these messages operate in the background, quietly driving decisions when we don’t realize it. Other times they’re front and center.

What does money self-doubt sound like? “I knew I’d screw it up.” “I’ll never be good with money.” “If I can’t manage my own finances, I’m a failure.”  “Why am I so stupid with money?”

Painful statements, these are. While sometimes spoken out loud, they are spoken silently far more often.

Money Self-Doubt Origins

Where does money self-doubt come from?  It could be one traumatic event or a repetition of harmful moments that lead to flawed beliefs about our financial capabilities. Without counterbalancing mantras like, “You’re still good. You just made a mistake,” or “You can do this,” the message delivered can be, “You’re a screwup. You’re a failure. You will never get it.”

Sondra (not her real name) is a highly educated and accomplished professional. Her parents came from Depression-era families where money was tight in their younger years. Money was never talked about in Sondra’s home, although she was given everything she needed. She grew up with the belief that her parents didn’t discuss it with her because they believed money was something she was not capable of handling.

Money Self-Doubt Results

Without realizing these beliefs exist, we allow th to influence what actions we take or fail to take. It can affect who we allow into our lives, and who we don’t. It can affect our choice of career. Or how we spend, or choose not to, on our own needs, wants, and wishes. Ironically, money self-doubt can lead to overspending with some people, and deprivation with others.

Sondra chose a career where she was assured a salary and the chance of a bonus if she worked hard enough. She worked longer hours than she wanted to. She lived minimally, foregoing many comforts and rewards of her hard work. Her dreams of having more work-life balance were put on hold because she never felt financially secure. In her personal life, she chose friends and partners who also didn’t talk about money, leaving a gap in her closest relationships.

Letting Go of the Messages

If you’ve been operating under flawed assumptions, and now you know it, you’ve taken the first step to reset your relationship with money.

What else can you do? Here are two suggestions to start:

1) Be aware of those who are too willing to reinforce doubt-based messages – family members, partners, friends, or even (especially) financial professionals. Instead, seek the company of those who say, “I am confident you can handle this,” and will work alongside you, not put themselves ahead or above you.

2) Be aware of body messages. Self-doubt, sometimes manifesting as shame, has a feeling to it – it might be tightness in the chest, nausea or butterflies. Breathe through the feeling and redirect your thoughts to positive truths. You are smart. This is something you can do. You got this, even if you have to ask for help to get started. Call someone supportive to talk about it.

After talking with a friend, Sondra decided to educate herself about money. She began to read books that explained things simply, and take online courses that took a simple approach. Patiently, she interviewed many financial professionals. The more she talked about money, the more confident she became. In the end, she found someone who prioritized her financial education and independence. She began to feel more secure, and consider a daring career move.

The Gift of Letting Go

Letting go of money self-doubt can be one of the greatest gifts we give ourselves to reach peace and security about our financial future.

For more on unspoken money messages see Chapters 2 and 3 of The Mindful Money Mentality: How to Find Balance in Your Financial Future, or this 5-minute video with mental health counselor Ken Donaldson on Money Shame.

For a short online course on how to speak “finance” about retirement readiness, see Simple Finance Retirement Readiness: https://bit.ly/3p3BkXE

Holly Donaldson

Holly P. Donaldson, CFP® writes and consults on the psychology of money. Her fee-only, product-free financial planning practice focuses on increasing financial self-efficacy for those seeking a financial navigator to help them make good decisions. She is the author of The Mindful Money Mentality: How to Find Balance in Your Financial Future (Porchview Publishing, 2013) and publisher of the award-winning monthly e-letter, "The View From the Porch." With a fully virtual practice in Seminole, Florida, she primarily serves clients located in the Tampa, St. Petersburg, and Clearwater areas. Holly will also work with clients who are a good fit located elsewhere in the United States.

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