After her husband, Robert, passed away unexpectedly in May 2006, Burch didn’t have anyone to help her pay for her large purchases. With two teenage children who depended on her, she was forced to face her compulsion. Thumbing through the Bible one day, she came across a scripture that says one is righteous when they pay their debts. She took a Crown Financial Ministries class at church and found a person who was willing to hold her accountable. When the lease ended on her BMW, Burch got a less expensive car, saving $400 a month. She now has a strict budget and no longer goes on spending binges. She’s also paid off her credit cards with the highest interest rates and started her own business, True Essence L.L.C., and has other ventures that bring in additional income to supplement her full-time job. She now pays it forward by helping others with their finances.
According to Gurney, signs that you are having a dysfunctional relationship with money are that you earn it but never reap the benefits, live with chronic debt, live beyond your means, have frequent arguments about money with your partner, use it to buy love, or have a financially dependent lifestyle relying on family and friends.
“First we must acknowledge that we have a problem. Knowing isn’t enough. It will take rewiring/renewing one’s financial beliefs to change one’s behavior,†says Hancock. “Schedule a meeting with a financial professional to discuss your financial fears, goals, objectives, and your personal financial philosophy, which is more than likely what has you at this point.â€Â