Selective Financial Amnesia
We have all had it where we have looked at our bank
statement and think hang on… Who spent that? Or I don’t remember spending that.
But that is the point our consumerist society makes it so easy and so quick to
spend money that one tap, one pin number or one signature enables money to fly
out of our accounts. Our lives are so busy that we move from one transaction to
another without actually paying attention to what we have actually spent on.
Also all the advertising and marketing plans make us feel as though we will
lose out if we do not buy immediately. This is a clear recipe for financial
amnesia. So how do we stop this turning into complete financial amnesia where
we travel in a mental fog purchasing everything that takes our fancy? Well,
this is where we have to introduce a sense of control. It is the same as
calorie counting. This is where we take a journal and write down everything we
spend, on what and to make it even more exciting, we can also add in how we
were feeling at the time. Over a period of weeks it begins to dawn on you –
actually there is endless frittering and spending taking place that you just
don’t register. The same thing happens when people are on diets. When they
begin to record their calories and what they have eaten, they can’t believe how
much they have consumed because they have selective food amnesia. Obviously
there are times when people cheat but of course that is where they cheat
themselves. What makes this financial habit even more fascinating is once a person
begins to make a financial diary there will be times that a more sensible
financial choice is made and the spend does not take a person beyond their limit.
It is at these crucial moments when the inner saboteur and inner critic take
their power. In terms of finance you may wish to re-label them as the inner
shopper and the inner ‘go on just have a treat…’ and the ‘you’ve done it again,
you have over spent you should feel guilty.’ Awareness of your financial habits
is crucial as is observing the inner commentary that goes on with it. You may
never have paid attention to the endless commentary playing inside your head. When
you pay particular attention to that commentary when you are spending is it any
wonder we develop selective spending / financial amnesia because it bypasses
the commentary and the critic. Instead it enables you the pleasant feeling of
the spend until you realise you have either gone over drawn again or are
peering at a huge credit card bill. With this in mind, what is the solution?
Mindful spending. Pay attention to what you spend, record it and notice how you
feel. Be there and be present throughout and if you don’t really need something
breathe and ask yourself why you are willing to spend on something that will
make you happy in the short term but miserable in the long term? Ask yourself
if there is another way or is it possible to experience the equivalent feeling
by focusing attention elsewhere like doing a workout or writing a book or
watching a great film, anything other than spending. When you become mindful
and present in your spending you will notice a shift in what you buy and also
the selective financial amnesia will diminish because essentially selective
financial amnesia is part of a denial process. When you move beyond denial to presence you
can be awareness and awareness is the first step to true presence. Enjoy.
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