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'Mind Over Money'
By Tammy Barton

mind cogsHave you ever wondered what causes our spending habits? How much our lifestyle choices really cost us? Why we often spend more than we earn?

Janine Newman, an expert in money education, will be presenting a free workshop for MyBudget clients and their guests in Brisbane on the topic of ‘Mind Over Money’ at 7PM on Wednesday, 9 February. Years of experience has taught Janine that people only truly take control of their money when they understand why they do what they do.

I asked Janine to share some of her teachings with all of our clients in this short Q&A:

Why is it often so difficult for people to change their spending and saving habits?

Janine: There are many reasons, but one of the central factors lies with our emotions. We all have basic emotional needs that drive our behaviour—our need for self-worth, our need to belong, our need to feel safe and the freedom to make choices in our lives. How often do we buy ourselves something special because we’ve had a bad day or buy something because we want to impress others or be seen to fit in? Another factor that drives our spending is the availability of money in the form of credit and interest free options. We no longer need to have money in our wallet to be able to buy something now—so we have no limits or immediate consequences. We can readily escape our emotional discomfort instead of dealing with the real issue.

Where do our attitudes and beliefs about money come from?

Janine: While our initial attitudes and beliefs are inherited from our family and life experiences, each child in the same family can respond to money in different ways. Each of us has a financial personality. As a child we’re surrounded by the messages provided by our parents and immediate family. As we grow older our circle of influence increases and we are influenced by social expectations provided by peers, the media etc. Self-awareness is vital to changing our money habits. And, of course, self-awareness needs to be followed by action.

Is it possible to reprogram our belief system?

Janine: Absolutely! The first step we need to make is to change our expectations and thinking about what is possible for ourselves. Then we need to want to change and to do whatever it takes to make this change possible. Just like breaking other bad habits, it takes time and effort—the old saying “no pain no gain” certainly applies here—but you will well and truly reap the rewards if you stick to your commitment. You have to want to change more than you want to stay where you are! At the end of the day we have to stop talking about what we should do and start doing it!

MyBudget clients living in Brisbane are invited to attend the free ‘Mind Over Money’ workshop:

Wednesday 9 February, 2011
Registration from 6:30PM. Workshop 7-8:30PM.Where?
Southern Cross Sports Club
Corner of Klumpp & Logan Roads, Mt Gravatt. Free on-site parking.Who?
MyBudget clients and their guests. Bring a guest (or guests) and go in the draw to win a mystery door prize on the night.Pre-register
Seating is limited. Pre-registration is not compulsory, but appreciated. Please email your name and number of seats required to:
A light supper and refreshments will be provided after the seminar. Feel welcome to mingle with MyBudget clients and staff members, including Juliet Lever, National Manager of the Personal Budgeting Consultants team.
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