Out of four fundamental beliefs Americans hold about money, only one can make you wealthier.

Understanding the impact of money scripts on your spending and saving habits is crucial to achieving financial wellness.

Four common money scripts that Americans tend to hold are identified by Brad Klontz, Psy.D, a financial psychologist and instructor in the online course Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure.

1. People who view money negatively may be reluctant to ask for a raise, even if they are deserving, due to the fear of being perceived as greedy or materialistic.
2. Many Americans believe that money can buy happiness, leading to overconsumption, overspending, and credit card debt, according to Klontz.
3. Valuing others based on their wealth and flaunting one's own wealth is known as money status-seeking, which is similar to money worship. It involves keeping up with the Joneses and stretching one's money to have the same or better possessions as one's peers.
4. Financial wellness is linked to money vigilance, which involves being cautious about spending, diligent about saving and investing, and considering future uncertainty. According to Klontz, a "healthy dose" of financial anxiety can help individuals stay on track to meet their money goals by fostering a future orientation that motivates them to make sacrifices today.

Identifying your personal money beliefs is the first step to addressing problem areas in your finances, such as overspending or anxious oversaving. However, it can be challenging to completely eliminate these beliefs.

"According to Klontz, as children, we try to understand the world and develop beliefs about money based on our experiences. These beliefs become our sense of reality, like water to a fish."

By understanding your money scripts and how they manifest, you can take steps to rescript if needed.

Know when you need to reexamine

Klontz argues that it is a misconception to believe that one money script pattern is worse than another, as the beliefs themselves are neutral and their impact on one's life depends on the results achieved.

If you feel confident in your financial situation, you are meeting your bill payments, managing your debt comfortably, and saving for retirement, you may not require any financial planning.

If you're financially stressed or have too much debt, it's time to start examining your money scripts, says Klontz.

Financial wellness leads to happiness, wealth, and financial security.

If you comprehend the money scripts, any financial behavior, regardless of how unusual or self-destructive it may seem, makes complete sense, according to Klontz.

Instead of beating yourself up for accumulating credit card debt through impulsive spending, it's important to recognize your "money worshiper" mindset and understand that you're seeking material possessions to bring you happiness.

Before making a purchase, consider if it will truly bring you happiness after the initial dopamine rush wears off.

While it's acceptable for individuals who value money to occasionally make impulsive purchases, it's important to remember that true life satisfaction and happiness often stem from other aspects of life, such as relationships, experiences, and one's career.

Recognize when your context has changed

The reason why money scripts can be challenging to break free from is that they often stem from personal experiences and emotions, according to Klontz. For example, money vigilance may be a result of growing up in a household where money was limited.

If you're financially stable but still avoid spending out of fear of going broke, it may be time to reconsider your spending habits.

"When our beliefs about money don't change with the context, it becomes dysfunctional," Klontz says.

Instead of telling yourself that you can't spend any money because you're afraid of having none, remind yourself that emergencies can be costly. However, taking preventative measures like contributing to an emergency fund can help protect your finances from disaster if you encounter unexpected expenses.

Be open to challenging your beliefs

Many adults retain their financial attitudes from childhood because their money beliefs have not been challenged, according to Klontz.

"It's challenging to change your views on relationships or politics because people don't openly discuss money," he remarks.

Discussing money with your peers can help you assess whether your actions and attitudes towards money are typical or extreme.

Discussing your friends' salaries can help you overcome your fear of money. You may not believe your friend is selfish simply because they earn more than you. Additionally, there are advantages to this conversation: It can help you determine if you are being compensated fairly and motivate you to seek a higher salary.

Being aware of when to adjust your financial scripts can help you break bad habits and make better financial decisions.

To stop worrying about money, enroll in CNBC's online course, Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, stress management, and healthy financial habits. Plus, use code EARLYBIRD for a 30% discount through September 2, 2024. Start today!

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