Tag Archives: Money Magic

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

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