Life is a journey! The path we choose to take is dependent upon how we make decisions to meet our needs and wants. Maslow’s Hierarchy of Human Needs graphic below shows the progression for identifying our needs as we move from foundation to peak.
Now back to the title of this week’s message – Behavioral Economics aka Emotions & Money!
The field of Behavioral Economics considers people as human beings who are subject to emotion and impulsivity, and who are influenced by their environments and circumstances.
Money decisions are deeply emotional experiences…and we are constantly “nudged” to encourage spending money to meet our needs or perceived needs. Remember to concentrate on your and your family’s needs when making financial/money decisions.
THIS WEEK’S FINANCIAL FRIDAY CHALLENGE:
Take some time to identify what your emotions are around money. Use a notebook or journal to write about three money decisions you made within the past four weeks. Next, go back and reread what you wrote and circle the words that describe the emotions you experienced in the decision-making process. Whatever the emotions, make space for them and acknowledge what they’re telling you. Take time to learn from them and decide which ones to let go of as you move forward on life’s journey.
OSU Extension would like to work with you as you take the journey down this personal discovery path. Contact me at Jenkins.188@osu.edu for further financial empowerment education.
