Untangling feelings and behaviours
Participants in Made of Money use the simplest of tools to begin understanding some of the emotions and attitudes which influence their financial decisions.
From week one of their course they keep a spending diary. Here they not only note down what they spend and how much it costs, but also what they were thinking and feeling when they bought it.
On a practical level people find the spending diary an excellent tool for getting a handle on managing their outgoings. Physically recording the emotions surrounding spending can have a more profound impact.
"Now I look at money, the meaning, and the way I spend it, the things I buy, and what influences how I spend it."
Made of Money participant
Practicalities and emotions combine
Coming back to the group people share their experiences, feelings and thoughts. From there on every topic involves discussions, activities and games to help people become more aware of the particular psychological pressures surrounding their own financial behaviour. Participants also explore external influences like advertising and branding. They see how marketing plays on our emotional triggers.
This understanding provides the determination to actually use the practical skills and knowledge they also learn.
"Other organisations who support with debt, only give advice. Advice a lot of these parents already know.
The Made of Money course prompts them to take action, to start thinking about their current situation and they could change it and that it is possible."
Farhana, Parent support worker, Stewart Headlam school
Find out more about our approach to financial capability: