Use narrative therapy and financial literacy to shift limiting beliefs, reduce money stress and build wealth.
During these times of economic uncertainty, it is common for people to experience scarcity mindset , financial anxiety and limiting money beliefs .—a narrative we tell ourselves formed by childhood and prior life experiences, family beliefs, culture, societal messages and financial trauma .
If you are experiencing money anxiety, you are not alone. According to a Mind over Money survey by Capital One and the Decision Lab as reported by CNBC,Our money stories shape all our financial thoughts, behaviors and decisions including how we earn, borrow, spend, save and invest. Therefore, they create our financial reality.. This leads to unconscious money behaviors such as overspending, overworking, avoidance, guilt, under-earning, debt accumulation and operating without a sound financial plan with systems of accountability. Understanding your money story is critical to building on its strengths and letting go of that which no longer serves you so that you can cultivate financial resilience and abundance.Narrative therapy is an approach to change your money story, fix your financial mindset and gain financial empowerment. Foundational work byThis is a non-pathologizing approach that empowers and is rooted in the belief that the person is not the problem—the problem is the problem. This helps people transcend shame and avoidance and become empowered to take action.Honor your earlier life experiences and how they have shaped and molded you. Then rewrite your internal story with intention, agency and an abundant mindset. In doing so, you change your financial mindset, heal your money identity and welcome prosperity.This involves amplifying empowering stories already within your narrative . This strengths-based approach encourages you to focus on your success and build on those, rather than dwelling on the challenges and hardships . This facilitates an identity shift from being an over-spender who is bad with money to a successful saver and investor. Pairing strengthening preferred narratives with practical financial literacy helps build confidence and reinforces your strengths-based identity. You can promote your financial literacy by taking an online personal finance course, meeting with your personal banker or credit union representative, listening to money podcasts and more.Becoming aware of cultural or familial narratives that are limiting. Perhaps these are money stories and messages like, “Our family is not rich,” “We will never have that,” “A woman’s place is in the home” or “Wealthy people are greedy, selfish and bad.” The reason it is important to challenge these beliefs is because they may be unconsciously causing you financial self-limitation and self-sabotage. Consciously choose to let go of beliefs that no longer serve you and replace them with positive money thoughts.Imagine that your money story is a person. Ask yourself, “What would they be named? What do they look like? What do they say and believe? Where did they come from?” Doing this exercise will shed light on internalized money messages that are driving your financial behavior. For example, when I was in my 30s, my money story would have been named Penny. I was neglectful, ashamed of her and expected a lot of her—and she was exhausted and depleted. Today, my money story is named Prosperity.Challenge Your Dominant Money Narrative Become mindful of your self-talk and money narratives such as, “I’m bad with money,” “I’ll never have enough” or “I spend money like water.” Recognize the power of self-fulfilling prophecy and consider how these narratives have impacted your financial life. Challenge yourself and ask, “Is this belief objectively and always true?” It is likely not. Look for the exceptions. You can also pair challenging the dominant money narrative with intentional action to negate it. For example, if you often tell yourself, “I live paycheck to paycheck,” challenge that belief by taking a small but concrete financial step—like setting up automatic transfers to a savings or retirement account. Even a modest, consistent contribution helps rewrite the narrative from scarcity to empowerment.In narrative therapy, "sparkling moments" are exceptions to the problem story. Journal about your financial wins and successes to reinforce this improved narrative. For example, the time you saved money and were able to buy yourself a car.Write a new narrative: “I am worthy of wealth,” “I am building a life of financial ease and integrity” or “I invest in myself because I believe in my future.” Remember to use affirming language and present tense. Unplug from fear and guilt and anchor the new story in values such as abundance, generosity and alignment.Share your new money narrative with a trusted coach, therapist or accountability partner. Once you feel comfortable, expand to share this narrative with others in your life. This will reshape how you see your financial self through other people’s eyes and reinforce your new identity as financially savvy and successful.Instead of being your worst money critic, choose to become your best financial friend. Your money story is not set in stone, and you have the power to write the chapters from this day forward.
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