Lack Of Self-Esteem Has An Impact On Money Management

Last updated by Rosie Harlow

Even though I’m trying to work on it, I must admit that I’ve always found it very hard to have self-confidence. I know how crucial it is. Recently, I’ve even realized that it has consequences on my money management. Yes, it’s great to open your eyes to this at the age of 33! I’ll explain how a lack of self-confidence can have a (negative) impact on your wallet.

Lack Of Self-Esteem Has An Impact On Money Management

Understanding the lack of confidence

For as long as I can remember, I’ve always been an introvert and found it very hard to assert myself 🤐. This can come from a variety of causes, such as upbringing, social comparison, or even perfectionism.

There’s some of that for me, but I think that what impacted my self-esteem most was the fat phobia I experienced when I was very young. Indeed, as psychiatrist David Burns explains, negative childhood experiences undermine our confidence and self-worth. So it’s hardly surprising that as an adult, I’m still self-deprecating 🤕!

However, how can a lack of confidence impact our financial management? To fully understand, I’ve done some research to find the concrete issues and the link between the two 👀.

👋 You may be interested in this article: What is cash stuffing?

The impact of self-confidence on our financial management

Firstly, when we lack self-confidence, we’re paralyzed by indecision, as financial psychologist Brad Klontz has shown. I can never make a decision because I’m always afraid of making the wrong one. So when it comes to a subject as delicate as money, my brain goes haywire easily 🤯!

Of course, all this has an impact on the way we perceive financial risks: opening an ownership saving scheme is out of the question, even if it could be very interesting for my future. Psychologist Daniel Crosby explains that people who are confident will find it easier to invest in things that offer financial rewards.

Bitcoin

I’m willing to bet that those who have invested in Bitcoin and other cryptocurrencies don’t have a problem with self-esteem 😅. Or maybe they invested by mistake or when we had no idea it could pay off big.

Less confidence, less money

If risk-taking is reduced, our lack of confidence is also problematic, especially when it comes to negotiating 💰. Financial expert Rami Sethi explains that the more we believe in ourselves, the better we are at negotiating. We’re aware of our value and what we’re worth (and want!). It reminds me of all the times I’ve had my bank adviser trying to sell me financial products. I was interested in some of them, but I preferred to decline, for fear of being taken in and not knowing how to discuss rates 😓.

Yes, there are many fears when you don’t believe in yourself. We’re in a constant state of insecurity, which prevents us from planning our financial future. For a long time, my fear of numbers made me bury my head in the sand when it came to my accounts. If I didn’t go and see what was going on there, it was because everything was fine (spoiler alert: that’s not true 🙃). Of course, it’s a defense mechanism, I was in a state of avoidance so as not to panic. Except that, well, it’s hard to organize your spending and save for the future with that kind of behavior...

👋 You may be interested in this article: Why we need the recognition of our bosses

Knowledge that reassures

We can find ourselves in a huge financial quagmire due to our lack of confidence. For a long time, I relied on my parents or people I considered adults (even though I’m an adult myself!) to help me manage my finances.

Except that, I’ve made myself less independent and more at the mercy of other people’s opinions. Clearly, I was infantilized for a long time because I didn’t know how to manage my money 😫. And that’s normal, it’s hard to take someone seriously when they’re asking to be mothered and accompanied.

That’s why I made a resolution a while back: it’s to stand on my own two feet and learn to have confidence in myself 💪. Of course, it doesn’t happen just like that, but I’ve made some small decisions to make progress. For example, I called my advisor to ask her some questions. As a result, I was able to open a savings account with a better rate than the one I had 🥳.

I’ve also learned savings methods, such as cash stuffing, to learn how to manage my money better. I think that’s one of the keys; you need to get rid of your fears because that’s what learning is all about. The more informed you are, the more confident you are! Gradually, you can take a series of small steps to get a better grip on your money!

Editor’s note: Believe in yourself

Believing in your worth, your potential, and having self-confidence are vital if you’re to feel good about yourself and your life and dare to make decisions. If you feel that your lack of self-esteem is having an impact on your financial management and preventing you from developing your full potential, make an appointment with a psychologist to take stock of the situation and put in place together new habits that will enable you to free yourself.

🤗 Understanding yourself, accepting yourself, being happy... It’s here and now!

#BornToBeMe

Be sure to check out these articles too;

Article presented by Rosie Harlow

Writing has always been a form of therapy for me. For as long as I can remember, I have always used paper as a punching bag. Get to know me, I am Rosie Harlow.

Read our latest articles here:

Female Covert Narcissists

It’s time to set the record straight, although male narcissists typically get a lot of flack, yet, female covert narcissists are just, if not even more dangerous than the guys. These women are the definition of devious and know how to wrap people around their little fingers without anyone ever really catching on to their behavior and conniving ways. 🦹‍♀️ They are a force to be reckoned with and certainly never back down from the challenge of breaking someone’s soul. Here are insights into how to identify a female covert narcissist and how to deal with one.

Do We Always Need To Have The Last Word?

Today, I’m focussing on a habit that drives me crazy: wanting to have the last word. It’s probably because I’m not very good at comebacks or self-confident enough that I’m both fascinated and annoyed by people who always want to be right. But why do they always want to have the last word? What’s behind it?

Is My Mom A Narcissist? 10 Things Narcissistic Mothers Do

Do you remember back in the day when you were a teen and constantly fought with your parents, and in particular your mom? Whether it was because you wanted to stay out past your curfew or chose to parade around in your new miniskirt, many of us have faced constant battles with our mothers. However, for those of us dealing with a narcissistic mom, the problems don’t stop when we finish puberty, no, in fact, they stick with us throughout our lives and make it impossible for us to establish a healthy relationship with the person who brought us into the world. Now, if the scenarios below seem all too familiar, then you might just have been raised by a narcissist.

Do We Have To Love Our Parents?

When we’re little, we love them unconditionally and do anything to seek their affection. Our parents are our role models, our inspiration, our protection. Then, when puberty kicks in, and we become teenagers, war sometimes breaks out. This is all very normal, but once the period of hormones and braces has passed, it’s not always a given to love your parents, and that’s okay, plus admitting it feels fantastic!

The 10 Weak Points Of A Narcissist Revealed

Each one of us has our own weaknesses that hold us back in life; be it at work or in relationships. However, on a more positive note, most of us have the will to work on them and transform them. That being said, once narcissists are brought into the picture, the idea that they want to work on their weaknesses doesn’t exactly seem feasible. For a deeper understanding of these narcissists and more insights into the workings of their minds, discover their weak spots and which pointers they struggle with on a daily basis, yet aren't willing to admit or work on 👎.

What Are The Traits Of A Narcissist?

Whether it’s your boss, your partner, or even a family member; we are all very likely to come into contact with what’s known as a narcissistic at one point or another. Now, we hear so much about them and especially about how dangerous they can be for us, so how can we be prepared to avoid falling into a destructive spiral with one? Well, the best solution to avoid plunging into precarious territory with one, is knowing how to recognize their narcissistic characteristics. Indeed, all types of narcissists exhibit common behavioral traits and attitudes, so without further ado, let’s explore them and learn to spot them.

10 Weird Things Narcissists Do Sexually - Romance Is Dead

As with many things in life, narcissists also have unhealthy relationships with sex and treat it as nothing more than a self-gratifying activity. After all, manipulation, control, and emotional abuse are their so-called trusty weapons that they hide behind in most circumstances, so why wouldn’t they call on them in the bedroom too? The bottom line is people with this personality disorder are used to getting what they want and will only ever put themselves and their pleasure first, which doesn’t bode well for a healthy sex life. 🙈 Discover the weird things narcissists do in the bedroom and what you should do if you are involved with one.

I Still Suck My Thumb As An Adult

In general, thumb sucking ends around the age of 6. I say “in general” and not “normally”, because as an adult I don’t feel weird or particularly bothered by it. When I get stressed, I allow myself to let go and return to my childhood self by sucking my thumb. Those who know about it or catch me by surprise make me realize I should be ashamed… But is this habit a big deal? What if it makes me feel better? It’s certainly no worse than lighting up a cigarette or biting your nails…

Signs A Narcissist Is Playing Mind Games With You And What To Do

People with narcissistic personality disorders love playing games because it reinforces their sense of control and validates their need to pull the strings. Now, the idea of playing games may seem fairly harmless and innocent, but the truth could be further away from the reality when these manipulative personalities are involved. 😱 Indeed, narcissists are always one step ahead of the rest of us, which makes it difficult to recognize when they are toying with people. So, to open your eyes to what they are truly capable of, discover the lengths they’ll go to, to remain on top.

Can A Narcissist Become Obsessed With Someone?

Now, narcissists are known for demonstrating a worrying lack of empathy along with deviously manipulative traits, oh, and before I forget to mention it, HUGE egos too 😈. Yes, that’s right, they love spending hours looking in the mirror and being told how fabulous they are. To put it in other words, people with this personality disorder are firmly in love with themselves, to the point of being totally obsessed with their so-called perfection, but the question is, can they put their self-admiration aside enough to become preoccupied with someone else? If, on the other hand, you're looking to get a narcissist hooked on you, you're in the right place with these tips.



Wengood's favorite tunes 🎵

Wengood's playlist

wengood

  1. Only LoveBen Howard
    4:08
  2. Invalid date
  3. Fix YouColdplay
    4:55
  4. Beautiful DayU2
    4:08
  5. Thinking out LoudEd Sheeran
    4:41
  6. White FlagDido
    4:00
  7. Lay Me DownSam Smith
    4:13
  8. Nine Million BicyclesKatie Melua
    3:17
  9. Put Your Records OnCorinne Bailey Rae
    3:35
  10. Summertime SadnessLana Del Rey
    4:24
  11. Imagine - Remastered 2010John Lennon
    3:07
  12. Shake It OutFlorence + The Machine
    4:37
  13. Space Oddity - Love You Til Tuesday versionDavid Bowie
    3:46
  14. What A Wonderful WorldLouis Armstrong
    2:17
  15. With Or Without YouU2
    4:56
  16. HelloAdele
    4:55
  17. Don't Stop Me NowQueen
    3:29
  18. Skinny LoveBirdy
    3:21
  19. WingsBirdy
    4:12
  20. Californian SoilLondon Grammar
    3:41

How to detect a narcissist

How to detect a narcissist

How to soothe an anxiety attack

How to soothe an anxiety attack