Episode•December 20, 2022•8 min

Tiffany's Take: Your Relationship with Money And How To Change It | Ep. 181

This Tuesday, we dive into the archives and revisit Episode 2 of Money Talk with Tiff. In this episode, we discuss emotions and how they affect our money decisions. Will you do things differently or the same? How has your family affected your relationship with money? These are some questions to explore as you listen to this episode. Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Your family and upbringing heavily shape your relationship with money, often leading to either replication or rebellion.
Tiffany grew up in a family of spenders who used credit cards excessively and avoided deal shopping.
The 2008-2009 financial crisis led to multiple family bankruptcies, creating a traumatic impression that pushed her toward extreme caution with credit.
She chose the 'opposite direction' path rather than following the spending patterns she witnessed.
2
Awareness of emotional triggers is the first step to changing your money habits.
Many spending decisions are driven by emotions like stress leading to 'retail therapy.'
Chronic spenders often feel worse after shopping once the credit card bill arrives.
Recognizing how emotions, environment, and family influence your behavior is essential before making changes.
3
Building credit requires intentional use, not avoidance.
Tiffany initially avoided credit cards due to family trauma but realized credit history requires active use.
She started with small purchases like $30 in gas and paid them off immediately to avoid interest.
Paying interest means losing more money than the original purchase price.
4
Couponing and deal shopping can stretch limited income significantly.
Tiffany began couponing at age 16 while earning $7/hour at CVS to make her money go further.
She views coupons as 'a piece of paper worth money' that shouldn't be thrown away on planned purchases.
Her family dismissed deal shopping as not worth their time, but she found it essential for financial control.
5
Breaking generational money patterns requires a deliberate decision to change.
You either follow what you've seen or become traumatized enough to take the opposite path.
Changing your trajectory means declaring that negative patterns stop with your generation.
This 'light bulb moment' comes from learning more about money and taking emotions out of decisions.

Intro

This episode revisits Episode 2 of Money Talk with Tiff, exploring how emotions, family background, and personal experiences shape our relationship with money and how to intentionally change those patterns.
Tiffany Grant is a financial coach and host of the Money Talk with Tiff podcast who shares her personal journey from growing up in a family of spenders to developing disciplined money habits.

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– Opening and Personal Background

Tiffany introduces the topic of personal relationships with money, noting that everyone's experiences and role models differ.

Everybody in my family is a spender. So it wasn't, you know, I had to learn how to be a saver, rather than following the same path as everyone else.

– Growing Up in a Spending Environment

Tiffany describes her childhood where family members loved spending, using credit cards, and buying whatever was wanted without restraint. Her grandmother would readily purchase items seen on TV.

This environment felt great as a child but became clearly detrimental as she matured and witnessed the consequences.

– The 2008-2009 Financial Crisis Impact

Multiple family members filed bankruptcy due to uncontrolled spending and maxed-out credit cards. This period was deeply impressionable for Tiffany as a child.

Going through that time period made me realize like this is not the life I want. So I was petrified of having a credit card.

– Learning to Use Credit Responsibly

Despite her reluctance, Tiffany obtained a credit card to build credit history. She started with small purchases like gas and paid them off the next day to avoid carrying balances.

I'm really paying more than the $30 in gas if I carry a balance from month to month.

– Discovering Couponing and Deal Shopping

Tiffany began couponing at age 16 while working at CVS for $7/hour, recognizing that coupons represent money that shouldn't be discarded on planned purchases.

It's a piece of paper, but it's worth money. So why throw that money away if it's something that you're going to buy anyway?

– Two Paths: Replication vs. Rebellion

Tiffany explains that people typically either follow the financial patterns they grew up with or take the opposite direction due to trauma. She chose the latter but notes that changing generational patterns requires intentional effort.

In order to change your trajectory and your kids trajectory, you have to be the one to make the change.

– Emotions and Money Decisions

Spending and saving behaviors are often emotion-driven. Retail therapy provides temporary relief but leads to worse feelings when bills arrive. Finding balance and understanding your emotional triggers is key.

Am I going to feel better for the moment or am I going to feel better later on?

– Closing

Tiffany encourages listeners to examine how emotions, environment, and family influence their money relationship as the first step toward awareness and change.

Topics

personal financemoney mindsetfamily financial patternscredit cards couponing emotional spending financial trauma generational wealth retail therapy financial education