The final script is Money Vigilance. It has the most positive attributes of all of the scripts, but it does have some drawbacks. It includes themes of frugality and the importance of saving. Sometimes, it can be so extreme, that someone stresses over every penny.
Typical Thoughts on Money Vigilance
When it comes to money, does the voice of judgment in your head say any of the following?
“Money should be saved and not spent”
“Never pay for anything on credit”
“You should always find the best deal even if it takes more time”
Frugality is a good quality, in moderation. However, when it is extreme it can be very limiting.
Real Examples
I have a very good friend, a 30-something, who has a very successful career, and was incredibly frugal for most of his life. We would meet for lunch and he was so concerned about spending money that he would never pay for a sandwich. As I would eat, he would sit there and I could hear his stomach growl! He wouldn’t buy anything to eat because he didn’t want to spend the money. This went on for years and is an example of money vigilance.
Eventually, he became a client, and I worked with him on this money script. When we first started working together, he had all of his money “under the mattress.” He told me stories about his family living through the Great Depression. By helping him learn some new behaviors, he became more comfortable, and I invested his money in a well diversified portfolio. He is happier, more comfortable, and confident. A few weeks ago when we met for lunch he bought both of us sandwiches!
You can spend your money responsibly and enjoy your life without stressing over every penny. Like the other scripts, those who are Money Vigilant may find they are never satisfied. No matter how much they save and earn, there is a feeling of worrying that no amount is enough.
Not everyone that lived through the Great Depression was thrifty or had money vigilance prior to that traumatic experience. Beliefs about money are learned and in some cases, unlearned. You can talk to me about what beliefs may be holding you back.