Washington Post Columnist, Michelle Singletary, writes about the psychology of money.  Her column begins as follows:

It took a few years of running a financial ministry at my church before I realized the program needed to be revamped.

Initially, I would have participants start with creating a budget. But by the time we got midway through the 10-month schedule, far too many people hadn’t done theirs.

So I spent one session probing why folks couldn’t finish, or even start, their budgets. For the most part, it all came down to fear. One 50-year-old woman clarified it for me.

“I’m ashamed,” she said, shaking and choking back tears. “And I’m afraid to see what my budget says.”

I learned that if I didn’t address the fear and behaviors behind people’s financial decisions, I couldn’t get them to make lifelong changes to become better stewards of their money.

Read full column at Okay, you make money mistakes. Here’s why. – The Washington Post.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.