Understanding Your Money Attachment Style and How it Affects Your Business
What is a money attachment style?
Money attachment style refers to the attitudes, beliefs, and behaviors that one has towards money. This theory is based on the emotional connection that individuals have with money, and it can be influenced by various factors including your individual experiences with money, what you were exposed to growing up and/or your culture.
Here at Bloom Bookkeeping, we categorize money attachment style into three types: avoidant, anxious and secure. Each type can vary and you can actually have multiple types all in one. Because finances are so layered, you can feel all three types in different aspects of your business finances at different times. This is totally normal! For example, you can feel one way towards monthly invoicing and another way towards your bottom line.
With every Bloom Bookkeeping service, we provide education around these types and guide you through the journey of healing your relationship with money therefore; becoming secure. We follow your lead on this journey, and we recognize it’s not the same for everyone. Our kind and realistic approach has allowed many of our clients to reach their business goals in ways they could have never dreamed!
We’ve categorized each money attachment style type below, so you can become familiar with these concepts. The first step to healing your relationship with money is awareness and that starts here!
Avoidant attachment
We define avoidant attachment as a relationship where you tend to avoid dealing with your finances or even thinking about them. People with avoidant attachment to money may avoid checking their bank account, paying bills, or making financial decisions altogether. This can stem from a fear of being overwhelmed or anxious about money, or from a belief that it is not important or that they will never have enough of it.
Symptoms of this type can include:
Missed payments or late fees
Prevention from setting and achieving financial goals
Making decisions rooted in how you feel in the moment rather than based around a budget or planning ahead
Shutting down the topic
Avoiding budgeting
High risk tolerance
Anxious attachment
Anxious attachment is a term coined by psychologists to describe a type of relationship style where individuals feel insecure, fearful, and doubtful. When it comes to money, anxious attachment can manifest as a deep-seated fear of losing financial security, leading to anxiety, stress, and even panic.
Symptoms of anxious attachment can include:
Constantly monitoring finances
Obsessively checking bank accounts
Constant worry about the future
Trouble saying no to financial requests
Catastrophic thinking
Difficult living in the moment
Cannot enjoy money
Secure attachment
For us, secure attachment is all about having a healthy and balanced relationship with money. One where you feel comfortable and confident managing your finances. A sense of trust, safety and security.
When you have a secure attachment with money, you tend to:
Set realistic financial goals
Make informed decisions
Maintain healthy spending habits
Have a clear understanding or your financial situation
Value money education
How your money attachment affects your business
Understanding your money attachment style can be incredibly valuable in managing your business finances.
For those struggling with a more avoidant money attachment style, your relationship with money will more likely become crises and can be damaging to your business as financial issues can quickly spiral out of control if not addressed properly. On the other hand, if you have an anxious money attachment style, you may be more likely to excessively worry about money and avoid taking risks that could actually benefit your business.
By understanding your money attachment style, you can become more aware of your financial habits and tendencies. This awareness can help you make more informed decisions about your business finances and take steps to mitigate any negative impacts your attachment style may have.
Ultimately, understanding your money attachment style can help you build a healthier relationship with money and make better financial decisions for your business. Money is fluid and there is enough to go around, that is why as part of your journey with Bloom Bookkeeping these concepts are top of mind, and applied to all aspects of your bookkeeping.