If you struggle to manage your money, and it’s been a problem since you were young, it could be a family trait that’s been unfortunately ingrained in you. Early childhood experiences will give you habitual responses to things, and that can include how you manage your financial resources, says clinical psychologist Dr Bob Montgomery. “Growing up with parents who routinely indulged in expensive treats could programme you to develop a spendthrift habit, resulting in serious debt,” he says.
“On the other hand, if you lived in a household that was constantly on the receiving end of cut-off notices and phone calls from debtors, you might find yourself in a similar state of denial when you’re paying your own bills now.”
If you’ve inherited some of these toxic money habits, your first line of defence is to seek financial counselling. Once you’ve been given the money management tools by a qualified professional – such as managing debt, living within your means and how to set financial goals – you may be pleasantly surprised by how easy it is to turn your troubled relationship with money into a much healthier one.