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Americans have 4 core beliefs about money but only one leads to success

Changing our thoughts can be a pathway to success.

via Karolina Kaboompics/Pexels

A happy woman holding up a few hundred dollars.

A strange thing about being an adult is that many of our core personality traits, including our attachment styles, attitudes towards failure and ability to resolve conflicts, are developed as young children and can follow us for the rest of our lives.

In addition to those traits, psychologists are beginning to understand that we develop our attitudes about money as children and they can significantly impact our financial future.

American clinical psychologist and planner Dr. Brad Klotz developed a theory called the Klotz Money Script, in which he outlined the four core beliefs that people have about money. They are either money-avoidant, worship money, status-seekers, or vigilant.

He’s also created a test that people can take to learn which money script they follow.

Klotz believes that many factors contribute to the money scripts we run in our heads. “It’s not just errors in thinking; it’s also developmental psychology, multicultural psychology, family systems. It brings in all these other areas of psychology to help understand financial behaviors,” he told The American Psychological Association.

Here are the 4 money scripts:

Money Avoidant

People who are money-avoidant believe money is evil. They might feel they don't deserve money, think the wealthy are corrupt and see virtue in living with less. They may be prone to sabotaging their finances, have trouble budgeting, or avoid dealing with money altogether.

Money Worshippers

These people believe that money solves problems and brings happiness. They never feel they have enough money and find that the pursuit of money makes them miserable. They often have high levels of debt and lower net worth.



Status-Seekers

Status-seekers often equate their sense of self-esteem to their net worth. They like to show off flashy clothes and cars but are prone to overspending. They are usually attracted to gambling, borrow money from others and hide spending from their spouses.

Money Vigilant

The Money Vigilant make the best decisions for their financial health. They believe in working hard, saying no to handouts and saving. They also avoid credit card debt and love a good bargain. However, being vigilant can cause them to fear their financial futures, which can create a constant feeling of anxiety.



Overall, Klontz believes that the financially vigilant have the greatest chance of becoming financially prosperous. However, it can come with some pitfalls.

“Don’t let your healthy vigilance turn into anxiety or a tendency to hoard out of fear. If you feel that watching over your financial situation is taking up more than an hour a week, keeping you up at night, or getting in the way of other hobbies or activities that you want to do, it may be time for a change,” he said according to SF Money Coach.

In the end, to be free from the financial attitudes that were cultivated in us as children—at a time when we hardly knew what money was—Klontz says it’s important to examine your past so you can plot a better future.

“Take some time, interview your family members, be an anthropologist into your own family,” he told CNBC. “Try to figure out why your family has the beliefs around money that they have.”

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PhD student shares her plan for a 'no buy year' that could save her thousands

Small tweaks like this could help almost anyone get closer to their financial goals.

@miawestrap /TikTok

Many people find a no-buy year to be extremely helpful for their financial goals.

Everyone wants to save money. But with continuously rising costs, virtually no one knows how to make those lofty “10K in savings by 2025!” aspirations really happen.

One thing’s for sure—without some kind of plan, they most assuredly won’t happen. Which is why PhD student Mae Westrap created a detailed list of actions to make 2024 a “no-buy year."

For those who don’t know, a “no-buy year” is a self-imposed set of rules when it comes to extraneous spending. Though everyone’s “no-buy year” might look a little different, the general rule of thumb is to avoid unnecessary items or impulse purchases. That extra money can then go towards debt, savings, a larger, a more meaningful purchase, whatehaveyou.

Determined to stop “living paycheck-to-paycheck,” Westrap began taking a hard look at her finances and realizing that she wasn’t spending on “experiences or anything special,” leaving her to blame her situation on “pure laziness.”

And thus, her “no-buy” plan was born. And to hold herself accountable, she

's shared her journey on TikTok.

First up on the agenda: consolidating books and entertainment.

no buy year, finances, how to save money

If you haven't perused your local library lately, do yourself a favor.

@miawestrap /TikTok

Westrap admitted that she spends way too much on books, and will often put down a book she has already purchased because the next new release has caught her eye (relatable). So to combat this, she purchased a library card, which she was amazed to discover how much her library card had in terms of new releases and even audio books, which made her able to also cancel her Audible subscription.

In addition, Westrap created a list of books she already had that she’s excited to read to keep her motivated to use what was already available. Plus, she went through and canceled streaming subscriptions she wasn’t using like Disney + and Paramount +.

Westrap's next goal might be a tad controversial: cutting out caffeine.

debt, no buy year, no buy month

Pepsi is a "big no-no" for Westrap this year.

@miawestrap /TikTok

Westrap shared that she would be weaning herself off of her beloved Pepsi Max, which she currently bought 500-milliliter bottles of everyday that set her back about “a grand a year.”

“That’s like the big no-no of 2024,” Westrap said in her video.

And while this might trigger some coffee lovers out there, with cafes costing anywhere from $1 to upwards of $5+ a cup—depending how fancy you take your joe—it’s a habit worth looking at to see where costs could be cut.

Lastly, Westrap made a list that put items in one of three categories. Green (for items she could buy without question like groceries) Yellow (for items that could be bought if she has extra cash, like face cleanser) and a red list (for things she absolutely cannot buy, like Pepsi Max, books, clothes, etc.).

@miawestrap 2024 is the year of no cherry pepsi max. Not sure why I said I “bought” a library card, they’re free!!! #nobuyyear #nobuy2024 #nobuychallenge #lowbuyyear #budgeting ♬ original sound - Mia Westrap

While your no-buy list doesn’t have to look like Westrap’s, her template makes it easy to replicate in a way that does make a no-buy year work for you, especially as you figure out your own red, green and yellow categories.

Yes, a no-buy year does take some planning, but in addition to extra cash flow, you can also have peace of mind, a chance to declutter, more time and energy to spend on something more meaningful to you. Plus less consumption means less waste, meaning less damage to the environment.

It’s also good to note that you can commit to a no-buy month, rather than a full year. Or a no buy year for one item. Again, this should probably be a personal approach that’s challenging, but it doesn’t have to be extreme. And even if you “fail” in your no-buy attempts, you have still changed your relationship to shopping, which is a big win.

Bottom line: any goal, certainly a financial one, needs to be broken down into small actions that feel doable. A no-buy year is just one example of how to enact that principle.

To follow along on Westrap’s no-buy journey, find her on TikTok.

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19 super practical life hacks people swear by to save money, time and aggravation

“Life hacks” may be cliché, but all these deliver.

via Karolina Grabowska/Pexels

Happy woman in blue long sleeve blouse holding money.

There isn't a person on the planet who doesn't have some trouble with the basics in life, whether it's time management, focus, money, health, children, waking up, staying organized, getting enough exercise, or making sure they can find their car keys.

Some of us do better than others, but we could all help with the basics. The good thing is that we have each other to help us along the way. One of the great things about the internet is that it allows us to crowd-source great advice on conquering life’s struggles from strangers.

Now, imagine how extraordinary our lives would be if we could only put them into practice.

A Reddit user called angelicasibs asked people on the LifeProTips forum to share their “favorite” life hack that has “saved you money, time, or made your day-to-day activities easier.” They received over 3,300 responses, and many were super practical but not necessarily obvious, life hacks they swear by.

Many of the hacks are for developing the focus and dedication it takes to handle small tasks before they get out of hand. A lot of times, it’s not the big things in life that cause us stress, but a dozen small things that add up to a big headache.

People also shared their tips on how to save money, keep their kids on task and stay hydrated. So, here are 19 of the best life hacks to give you money and time or make your day-to-day activities easier.

1.

"When my kids started school, I set an alarm on my phone for about 10 minutes before we had to leave. That way, it was only the clock/alarm telling them to hurry up, not their mother. They’re in their final years of schooling now, I still have the alarm and in those 13 years, I’ve only had to yell to get ready maybe 5 times and my kids have only been late for real reasons (car trouble etc). It really helped us." — Technical-General-27

2.

"I keep a $2 Great Value feather duster in the glove box of my car. At the first sign of dust accumulation on my dash, vvvt vvvt my dashboard and vents are pristine again. Learned this LPT from the most awful woman I've ever had the displeasure of dating, which just goes to show you can learn something from everyone, folks." — NeverEnoughCharacter

3.

"When the butter is cold use a potato peeler to get a nice thin slice that spreads easier." — ldawg413

4.

"'Just 10 minutes': Put on a timer, and start doing what needs to be done in the house. Folding the laundry, washing dishes, putting away clutter, etc. When the timer goes off, you can stop. But far more often I'll just keep going until everything is done." — feestfrietje

5.

"Mine is 'Might as Well' when walking past laundry on the floor, might as well take it to the bin if I am heading that way. Walking past trash on the floor, I Might as Well pick it up and put it in the bin. Going downstairs Might as Well take a cup and put it in the sink. Trying to compress multiple activities into one when it is convenient." — w13szczus

6.

"Batch cook lunches. It takes an hour out of your Sunday but is so much cheaper and ensures you don't just eat junk food because it's easier." — looj87

7.

"Stop caring if things go well or not. Literally revolutionized my life and how I enjoy the world. Being frustrated by circumstances out of your control will drive you insane. And if you look closely, basically everything in your life is out of your control. It’s just raining circumstances on you every day." — unnameableway

8.

"For dealing with emails: The Four Fs - Finish it (read and reply), Forward it, File it, F… it (delete it)." — knownuthinatall

9.

"When my 3 kids were little, and there were lots of taco Tuesdays and spaghetti dinners, I would buy hamburger meat in bulk and go ahead and cook it and then freeze the cooked burger crumbles in 1-2 cups freezer bags. Easy to pull out, defrost and reheat." — srchd4

10.

"Don’t drink your calories. A small glass of orange juice is 130 calories. A can of soda is 140. A bottle of beer is 160. Swap those out for water/tea/black coffee and that’s 430 calories you didn’t consume each day." — ernurse748

11.

"Weekly menu planning combined with meal prep. Once a week, my fiance and I go through our pantry and freezer, and plan out a menu for our evening meal. This allows us to grocery shop once a week for only the items we need for said meals that we don't already have in the house. When we make those meals, we make enough to have a couple leftover containers for the next day's lunch, or put in the freezer for a future meal." — 306ughmyknees

12.

"Lifting weights. It literally makes every aspect of my life better." — marshall_chaka

13.

"At stores or anywhere that has a membership connected to a phone number, I always use whatever area code I’m in + 867-5309, usually someone has it set up to that number and you get the discount." — UhOh_its_Rambo

14.

"Floss. Get some floss picks and use them after every meal. It doesn't have to be a crazy process. I'm in my late 40s and still have all of my teeth, and when I go to the dentist, they always say, 'Whatever you're doing, keep doing it.' There is a lot of evidence that poor gum health can lead to heart disease and other issues. Lazily using a floss pick after meals can make a huge difference." —LostMyKarmainElSegundo

15.

"Minimalism and going low waste. Both saves a ton of money, minimalism saves a lot of time as well (managing and cleaning a household becomes way easier and faster)." — SquirrelTail13

16.

"Always put your keys, wallet, phone, or any other everyday important item in the same place every time. Don't put it down anywhere else, but its designated place. This will save you 5-10 minutes searching for any one of these items on a regular basis. This time adds up and helps prevent you from being late to things. It very well might save you from losing your job." — ShiverMeTimberz

17.

"Deleted all social media. Do not regret it at all. Have so much more time, concentration has improved drastically, and mental health has improved." — jmffett

18.

"Home automation definitely; robot vacuum and turning on ACs before I come back home." — Legitimate-Station45

19.

"The quicker you do it, the quicker it's over with. You still have to do it if you put it off, but now instead of sitting there dreading doing the thing you can be glad it's already done. Exercising is a good example. Do it in the morning and the rest of the day you don't have to think about how much you don't want to." — ThatVaultGirl101

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This mom had little money for prom, but she still made her kids feel like a million bucks.

In Karin Klein's Southern California community, it's not unusual for families to drop close to $1,000 on a prom dress.

Klein's family has never been one to splurge in that way. As a parent, Klein was always uncomfortable with spending money on something that might only be used once. And her kids' awareness of fashion-related environmental and human rights concerns kept the family on an tight budget.

"There were always a lot of talks [with the kids] about where we place our values," Klein says.

Spending that much for prom might sound over the top, but it's not unheard of. American families are spending on average more than $600 on prom-related expenses according to a 2017 Yahoo Prom Across America survey. For many families struggling to pay rent and put food on the table, $600 isn't just a splurge, it's out of reach.

But prom night doesn't have to cost as much as a used car, and parents like Klein have found realistic ways to keep it affordable.

[rebelmouse-image 19534402 dam="1" original_size="500x281" caption="GIF from "Mean Girls."" expand=1]GIF from "Mean Girls."

Here is how the Klein family spent a fraction of the average prom-related costs in three big spending areas:

1. Attire and accessories

With two kids who wore dresses and one who wore a tux, the Kleins experimented with a variety of options for prom wear.

They purchased new: For her oldest daughter's first prom, Klein bought a slip dress, which she paid to have altered because it was too long. Klein then hand-made a shawl and bought her daughter shoes from a discount store.

Total cost: $160

They reused, borrowed from friends, and wore hand me downs: The next year, her daughter borrowed a dress from a friend and re-wore the shoes she had bought the prior year.

And having used her older sister's first prom dress as a play outfit as a child, Klein's younger daughter decided she wanted to wear that dress to her first prom. They paid to have it cleaned and pressed.

Total cost: Cleaning fees

The dress the Kleins bought new (left) and their eBay steal (right). Photos by Karin Klein, used with permission.

They bought on clearance and from auction websites: For cute shoes and accessories at a great price, the family headed to Payless.

Klein and her girls shopped around, but they didn't really like anything, and the dresses were very expensive. They turned to eBay and found a vintage slip gown for $7.

"I figured for that price it was worth gambling; it came cleaned and pressed, to my surprise, and fit her perfectly," Klein recalls. Her daughter still really loved her shoes from the previous year, so she wore those again.

Klein's youngest daughter liked that prom dress so much that she says that if she ever wants to marry, that ivory dress might do the trick.

Total cost for prom and potential wedding dress: $7

[rebelmouse-image 19534403 dam="1" original_size="448x249" caption="GIF from "Footloose."" expand=1]GIF from "Footloose."

When it came time for her son to attend prom, Klein decided to purchase a tux, dress shirt, tie, and vest on clearance instead of rent them because she figured it was a better investment. He ended up wearing that getup to four proms, and Klein has since loaned it to other kids in need of a tux for prom.

Total cost: $132 plus the joy of an investment paying off for other families.

Lastly, they committed to eliminating corsages and flowers to cut down on both on costs and waste.

In addition to ideas like borrowing, swapping, and thrifting, a number of organizations in communities across the country give away donated prom dresses to those who cannot afford them. Check out the Princess Project or Google "Cinderella project" and your location to find one of these locations in your area.

2. Hair and makeup

Klein's oldest wore her hair down and wore minimal makeup that she did herself for each of her proms.

Cost: $0

[rebelmouse-image 19534404 dam="1" original_size="480x257" caption="GIF from "Romy and Michele's High School Reunion."" expand=1]GIF from "Romy and Michele's High School Reunion."

Klein says her younger daughter did her own make-up and hair but that the hair did not work out so great.

Klein, a writer, happened to be up on a reporting fellowship in an extremely remote area of arctic Alaska around prom time. She gave her husband and daughter instructions for a simple updo, and they managed to get her out the door looking good, but it fell out shortly after. Klein says she was pretty unhappy about it.

"She's not one to make a fuss about things, but it was definitely a disappointment to her," she says. "She hadn't asked to have her hair done professionally, but it was one of those times when a mom wishes she'd been home for her daughter."

After the hair fiasco of the previous year, her daughter asked if she could have her hair put up professionally the following year. Klein obliged.

Total cost: $0 and $65

3. Transportation, food, and post-prom

Klein's daughters sometimes had rides from significant others who could drive or they shared the cost of a party bus with friends. They swung through In-N-Out Burger for dinner.

In Klein's community, a lot of parents rent hotel rooms for their teens for the night, but her family was not comfortable with that for a lot of reasons, so they skipped out.

Total cost: $0-$50

Outside of the actual prom ticket, the Kleins had years where they spent nothing on prom. ‌‌

[rebelmouse-image 19534405 dam="1" original_size="500x281" caption="GIF from "100 Years of Prom in 2 Minutes"/Teen Vogue." expand=1]GIF from "100 Years of Prom in 2 Minutes"/Teen Vogue.

Their most expensive year cost around $280, which is significantly below the American average for the night. The cost of the prom ticket at their school was $70.

In fact, most schools and communities are doing their part to help make sure the night is accessible to everyone.

School administrators are directing families to resources like community dress give-aways and often assist lower-income families with obtaining prom tickets, too. (This school partnered with a non-profit; kids wrote essays in exchange for everything they need for prom.)

The fact is, prom can be affordable. One fun night doesn't have to (and shouldn't) break the bank. As the Kleins have discovered, a creative spirit, knowing where to look for deals, and a commitment to the fun of it all makes all the difference.

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