"Money mistakes happen. We've all had that moment of overspending, taking on debt or making an investment that didn't work out. Financial mistakes are part of being human, but for many, these mistakes come with the heavy burden of shame. Unlike guilt, which can motivate us to change our behavior, shame can leave us stuck. Understanding how shame shows up and learning how to work through it can create a path toward a healthier relationship with money."
"Shame is particularly destructive because it thrives in silence. It encourages us to hide our struggles and deepens the sense of isolation. This can severely impact financial recovery and erode our emotional well-being. It's important to distinguish between guilt and shame when thinking about past financial mistakes. Guilt says, "I made a mistake," while shame says, "I am the mistake." Guilt can push us toward corrective action, like adjusting spending habits or seeking financial guidance, while self-condemnation leads to avoidance and paralysis."
Financial mistakes are common and part of being human. Shame often attaches to those errors and transforms actions into judgments about personal worth, creating toxic thoughts like "I'm bad with money" or "I'll never figure out my finances." Shame thrives in silence, prompting hiding, isolation, and obstructing recovery and emotional well-being. Guilt differs by focusing on behavior, signaling "I made a mistake," and motivating corrective steps such as adjusting spending or seeking guidance. Separating self-worth from financial missteps and practicing self-compassion, connection, and values-based choices foster resilience and a healthier relationship with money.
Read at Psychology Today
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