Some individuals struggle with handling money wisely. They quickly spend whatever they receive and find themselves in debt, often borrowing from friends or family. You might know someone like this, or you might relate to Marianne’s story. In her own words, she used to “throw money away,” and her bank balance was a mystery unless her card got declined.

To improve her financial situation, Marianne read “Money, A Love Story” by Kate Northrup. The book revealed that her money problems were tied to insecurity and a childhood of extremes.

Prompted by the book, Marianne took a 2-hour exercise to jot down all her money-related memories. This revealed that her family’s wealth during her childhood, which disappeared by her twenties, left her with guilt and a belief that money was transient. This influenced her to avoid planning or being conscious about her spending.

However, her childhood wasn’t the whole story. Reviewing her bank statements, she discovered a $19,000 debt, mainly from splurging on costly coffees and beauty treatments. This realization, coupled with wondering why her sisters didn’t share the same issues, made her emotional. It dawned on her that her excessive spending was an attempt to feel good enough, rooted in low self-esteem.

Although Marianne acknowledged that fixing her relationship with money would take time, she committed to the process. She followed the book’s advice, organizing her finances, tracking accounts and spending regularly, and fostering gratitude for her money.

Unfortunately, her commitment to change was short-lived.