The Money archetype can help you to understand your relationship with money. These archetypes will help us become more aware and conscious of our money habits. With this awareness, we can maximize our positive financial habits and discover ways to reduce or balance our unhealthy ones.
Humans are complex beings with unique money histories, experiences and emotions. These differences aside, it is possible to use money archetypes in order to identify and improve your relationship with money.
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What can archetypes do for your money relationship?
These are the recurring patterns of behaviour which influence how we think and feel. These archetypes can be described as the primary or foundation from which humans act. “Archetype” in ancient Greek means “original pattern”. These patterns are found in mythology and stories that embody universal meanings and human experiences. They are based on common plots.
The Swiss psychiatrist Carl Jung further explored the idea of archetypes in the 1900s. Deborah Price, founder of The Money Coaching Institute in 2001, first applied the concept to money.
Money archetypes are a set of common patterns of behavior that can be used to help us understand and identify our most dominant or most common orientation towards it.
In her book Money Magic, Price reveals that many of us have negative feelings about money. Increasing our awareness of how we think, feel, and act towards money can help us improve our financial well-being and achieve our money goals.
Categories of money archetypes
These are brief descriptions of five archetypes, which were adapted from Price’s book. They will help you better understand your money relationship.
Be aware that awareness of your dominant money archetype can be “where you are”, not “who are”. Our dominant archetype will likely change throughout our lives.
It is possible to have elements from each archetype active at different times and in different areas of our lives, such as our financial decision-making.
Ask yourself how much you see yourself in each archetype. Because some archetypes will be more “you”, than others.
You’re generous with gifts and will lend money to others. Sharing your money brings you great joy. Spending and sharing money dominates your interactions with it.
* You are generous and love to give to others. * You don’t create dependency by giving. * You give with the intention to support others and not out guilt.
* You give generously and are grateful.
* Never give more than what you can afford and always act in accordance with your values.
* You can give your life to become a martyr or gain power.
* You desire to feel valued and avoid financial dependence.
* You are afraid of being perceived as greedy or stingy.
* Others will feel uncomfortable when you show kindness.
* Giving can be a distraction from your financial situation, or guilt about having wealth.
Ask yourself the following key question: Why do I give?
You are a strong believer in saving money and spend your time thinking about ways to save, invest, or make more money.
* You live within your means, and you take care of your financial future through saving.
* Savings are a good idea because it allows you to make more decisions and gives you a cushion for unexpected events.
* Your spending and saving habits are in line with your values.
* You hoard and are miserly
* You should still be concerned about your financial security, no matter how much money you have.
* It is difficult for you to spend money on yourself, and you feel guilty when it happens.
* Fear of not having enough can stop you from spending your money.
Ask yourself the following key question: Why do I save?
You are a go-with the flow person and don’t think too much about money. You trust your gut and have a feeling of security that you will always have enough.
* While you believe money does not have to be the center of your life, it is an important resource that can help us take steps towards the life we want.
* Recognizing that your financial responsibility doesn’t necessarily mean you have to stop following your passions or work in low-paying, soul-destroying jobs is not an option.
* You are aware that if you manage your money well, you will not place financial burdens on other people.
Avoiding or resisting your finances can put you under financial stress.
* Only do work you are passionate about, even if it causes stress for you or your loved ones.
* You think it is greedy or not spiritual for you to be too focused on money.
Ask yourself the following key question: How would my financial dream life look?
Luxury items are something you love to spend money on. They enhance your image and provide you with lots of visibility.
* You value yourself. It is important to take care of your appearance and body.
* You are conscious about what you spend, and that taking care of your finances is an act self-love.
* Purchases that reflect your true personality, beliefs, and desired lifestyle, as well as support your financial wellbeing, are made.
* You spend a lot of money on extravagant items and end up in debt.
* You feel more successful, beautiful, more desirable etc. After making purchases.
* You are obsessed with spending and obsessed with your possessions.
Ask yourself the following key question: Does buying this really make me happier?
You prefer to make your own money rules and not follow a conventional approach to saving, investing, or spending.
* It’s okay to try new things and have a different approach to your life. This will increase your financial security.
* You are conscious about what you do with your money, whether it is renting/buying, investing/leasing, permanent income/freelancer, shares/investment properties, and whether or not they meet your needs.
* You are open to taking risks and you consider your financial and lifestyle goals.
* You can lose sight of what is best for your financial well-being and your personal challenges.
* You are tolerant of high levels of risk
It comes down to spending and investing.
* You have high levels or losses.
Ask yourself the following key questions: What am I putting at risk and why?
What are the benefits of money archetypes?
Understanding your money archetypes can help you better understand your relationship to money. These will help you become more aware about your money habits and how you can balance them.
These questions can be especially helpful to you.
* Which money archetype do feel most passive in your current interaction with money?
* Which money archetype would you rather use to improve your financial situation?
* What money archetype can you trigger to become “active” in times of stress, anxiety or fear?
Price states that if you are able to understand and work with your dominant archetype, you will be able to have a better relationship with yourself as well as your money.
Supporting and nurturing your relationships
Your close relationships will be enriched by the money archetypes. It is important to support our children, partners, and close friends in achieving a happy and peaceful relationship with money.
We often view money as a disconnector or source of conflict. It can be a great way to support and nurture these relationships if we approach money with compassion, curiosity, and not competition.
You will see all the money types in other people once you have examined your own money type. These money archetypes can be used to better understand the financial decisions and tendencies of our loved ones and help them become more aware.
If your friend is looking to travel or save money for their first home, then their dominant archetype could have an impact on their goal. They might be able look for ways to continue giving, while still achieving their financial goals if they are a “giver” type.
This can help them be more open about the joy they get from giving, and how it affects their attitude towards saving money. These emotions can be explored and they can find a way for them to balance their finances by giving to themselves.
When you’re making financial decisions with your partner, exploring money types can be a great help. You are a “gatherer” type if you are currently saving money, being careful with your money, and not spending it easily. Your partner may be a “rebel”, and they might want to change the status quo and save money for a vacation. Instead of saving, they may prefer to travel and work while they travel. It is possible to have constructive conversations with your partner by understanding each other and communicating this to one another.
It is also possible to acknowledge the challenges and gifts that each type of money brings and work together towards the balance end.
The key question about the dominant money type is what can move you towards a more peaceful state. This will allow you to feel better financial and emotional.
Power is within our awareness
In times of stress, it is easy to fall back on an unbalanced or problematic archetype. We can respond constructively and more compassionately if we have a better understanding of how money works.
These archetypes can also be useful to reflect upon once a year in order to determine if they have changed. Then, work towards the most balanced money type to maximize your financial goals.
Many of our decisions are driven by money. We worry about how much we can save, spend and earn. We can use money archetypes to better understand how money affects us and help us become more aware of how we behave with it. This awareness can help us maximize our positive behaviors and reduce our unhealthy reactions.
To create and nurture financial well-being for yourself and those you love, we must first be aware of our money archetypes.
It allows us to be more aware and mindful of money, which will allow us to better channel our finances to benefit ourselves and others.