Category Archives: Relationship to money

Money and finances isn’t all about dollars and figures. Money is very tied to our emotions, our self-worth, our values and beliefs and bythe experiences we have had with money in the past. What’s your relationship to money and what role does it play in your life?

Money, Happiness and Our Vision for 2015

The end of a year is often a time for reflection. What are we thankful for? What challenges did we face last year? What do we want from the coming year for ourselves, our family and our community? Often the short answer is that we want to be happy. We want those we love to be happy. A simple, common word that can be hard to explain, because while Webster’s dictionary may define it as ‘having, displaying, or marked by pleasure or joy,” ultimately we must each define how we achieve happiness for ourselves.

When we founded the Women’s Financial Learning Centre (WFLC) and Money Coaches Canada (MCC), our vision was, and still is, to help Canadians do much more than pay down debt and plan for retirement. We want our clients to achieve a level of financial well-being and contentment they never thought possible. Continue reading →

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Can money make you happy? Try giving some away.

By Kathryn Mandelcorn, FMA

Money Coaches Canada Giving and happiness

Charles Dickens wrote A Christmas Carol in 1843. Most people know the story of Ebenezer Scrooge, a miserly man who transforms his life after three spirits teach him the joy of giving. It seems Dickens was way ahead of the research on money and happiness.

Dr. Elizabeth Dunn an associate professor of psychology at University of British Columbia and Michael Norton an associate professor of business administration at Harvard Business School wrote an article in which they say their research has shown that “people with a comfortable living standard are happier than people living in poverty.” But once people reach a “comfortable standard” of income, which falls somewhere around $75,000 a year in the United States, additional income doesn’t create additional happiness. Continue reading →

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Cracking your personal money code – the psychology of money

By Karin Mizgala, BA Psyc, MBA, CFP® 

Prescriptive advice is the staple of magazines and blogs. It’s often presented in easy to read lists with catchy headlines like: How to…. 3 ways to… 7 habits of…. We’ve all seen the format, we even use it here on this blog. It’s a popular style because it gets right to the point with actionable steps to make changes in everything from your health, your parenting, and of course your finances.

So why aren’t we all healthy, wealthy, fantastic parents? Well, some people are. But many others find that somewhere between information and action, something disconnects. It’s that space between that motivates Vancouver psychologist turned financial advisor, Tracy Theemes, to explore the psychology of money, especially as it pertains to women. Continue reading →

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The biggest money mystery – Why do I do what I do? (Part two)

Depressed woman By Melanie Buffel, BA Psych, MBA candidate

In part one we met Jill, a successful single women in her early 40’s who was laboring under debt and stuck in a pattern of avoidance and confusion with her money. She tried many times to create a budget but just couldn’t seem to make it stick. A big or unexpected cost always seemed to come up and lead her to overspend. She felt like the universe was conspiring against her, “This always happens to me!” One month it was her property taxes, the next month it was a vet bill and then a car repair and then her parents came to town and then and then…. Once the budget was blown for the month she didn’t see the point in being careful with her spending and would “treat” herself with a new outfit, a new haircut and dinners out to deal with the anxiety. Her VISA bill climbed and her sense of failure deepened.

The eight money archetypes, as defined by Deborah Price in her book Money Magic, offer a way to build our awareness of what fuels our money behaviours and transform our relationship to money so we can release the fears and live from a deep sense of abundance.

I shared the first four archetypes in part one. The remaining four types are described below. Do you recognize what archetypes Jill is operating from? Do you have a sense of what archetypes most influence your behaviour? Continue reading →

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The biggest money mystery – why do I do what I do? (Part one)

By Melanie Buffel, BA Psych, MBA candidate

woman with question markJill is a single woman in her early 40’s. She enjoys her job and has interesting hobbies. She has good friends and family who often remind her how fabulous she is. Her cat seems to think so too, at least when he’s hungry.

Jill makes $75,000 a year, significantly more than the average Canadian income of $48,250. Yet she feels trapped by her money, always chasing her debt and never managing to put anything away in savings. How do other people manage she wonders?

I’m not giving any secrets away if I tell you it is relatively easy to create a spending and savings plan for Jill. We can add up all the numbers and create a balanced plan that provides a good lifestyle today as well as put money away for a dream vacation, some renovations on her condo and toward her retirement. We can easily make the numbers add up on paper. But then the real work begins. Continue reading →

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Should you give your kids an allowance?

By Karen Richardson, HBOR

Kids with their expert piggy bankParents often ask me if they should give their children an allowance. The answer is yes! As our children grow and change they will have many different dreams for their future, but whichever path they take they will need to know how to manage their money.

You may have read Money Coach Kathryn Mandelcorn’s recent post about being the architect of your financial future, she suggests people look at their  family history around spending and saving to understand their current relationship to money. Your children’s future habits are being shaped right now. The good news is you’re in a position to help shape them.

Of course not everyone sees that influence as good news. One of the concerns I hear from many parents is that they don’t think they are doing a great job with their own finances, so they shy away from “teaching” their kids. I say that’s all the more reason to make teaching their kids about money a priority! Kids are watching and listening all the time, so you are either actively or passively teaching them your attitudes to money every day.

So where do you start?
Continue reading →

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Six steps to begin your career change

By Karin Mizgala MBA, CFP

iStock_000037313958SmallThere is a popular expression, that’s actually the title of a book published in the 1980’s, “Do what you love and the money will follow.”  But my experience as a financial planner and money coach tells a different story.  The people who are most successful following their bliss are the ones who don’t just assume the money will follow, they take charge and make a plan. These six steps are a great way to start.

Step 1: Evaluate. Look at this career change decision as an opportunity to evaluate your mindset around money. Examine your limiting thoughts, and be determined to believe in yourself and your ability to take charge.

Step 2: Take stock.  With a positive attitude in place, take stock of your assets, savings and debt level. You can use this Net Worth Statement to get started. If your debt is high, (especially credit card debt) you will want to work on lowering that debt before you make changes. But don’t let debt stop you, let it take you to step 3. Continue reading →

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The Key to Financial Resolutions That Succeed

2 image courtesy of feelart-FreeDigitalImages.net

Have you ever looked at your credit card statement and been washed by a wave of guilt, because you broke your resolution to spend less? If you have, you’re certainly not alone.

Why do resolutions lose the power to motivate?

Often it’s because we don’t know why we’re making the resolution in the first place. We think we know – too much debt, looming retirement, insufficient savings for a rainy day – but those reasons are generic and vague and won’t likely inspire restraint against a fantastic deal on a great purse, or a big screen TV clearance sale.

Making plans and resolutions before you know what’s really important to you, is like buying building materials before you know what you’re going to build. If you want your resolutions to have a chance at success, the key is to make them for reasons specific to you. Continue reading →

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Estate Planning – What Happens if I Die Without a Will?

Estate planning may sound grand, but it just means that you have made plans for what you want to happen when you die, if you are incapacitated, or near death. Essentially, it’s a gift you can prepare while you’re alive for the people or organizations you leave behind.

Make Your Wishes Clear
You need a Will. A Will is a legal document that leaves instructions about what you want done with your estate.

It can save your family a tremendous amount of grief and headache. You may not think it could happen in your family, but the combination of intense emotion and money can turn even the most functional families into feuding and angry antagonists. The best way to minimize this risk is by being very clear and specific in your intentions upon death, and by having those wishes drafted into a legal Will.

What Happens if I Die Without a Will? Continue reading →

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How Much Do I Need to Retire?

Retirement, or financial independence, ranks as one of people’s top financial goals. Despite that, in the face of so many immediate financial pressures, it’s easy to avoid thinking about the future. You may think you’re too young to be thinking about retirement or you’ve waited too long to plan for retirement, but it’s never too soon or too late to give yourself choices. So where to start?

Step 1: What does retirement mean to me?
Just as it is important to dream and set goals for your current life, it’s important to do the same for your retirement so that you can build a financial plan accordingly. Imagine what retirement will look like for you. Start with your dreams. Will you travel? Work part time? Next, set clear, attainable and true retirement goals, and then prioritize them. Continue reading →

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