Episode 105 – Stress on our Finances with Sonya Lutter

In this episode, we sit down with Financial Psychology expert Dr Sonya Lutter. Delving into the root causes of our financial decision-making, from the impact of societal expectations on our spending to the role of inner conflict and psychological stress on our financial choices. With some great exercises you can explore with your partner and yet another brilliant #tightasstommo money saving tip, this is an episode not to miss.

Introductions

The Financial Wellbeing Podcast has been going for 8 Years

Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation

What’s on Today’s Podcast?

Interview with Financial Psychologist and founder of The Financial Therapy Association in the USA, Sonya Lutter

Tight Ass Tommo

• Avoid the sneaky January price hikes with streaming services
• Ring providers to get lower costs (from Episode 95 with Paul Lewis)

Interview with Sonya Lutter

Bridging the gap between therapy, counselling, coaching and financial planning.

What is at the root of our bad money making decisions?

We act how others think we should – often in conflict with our own values.

Inner conflict and psychological stress

In fight or flight mode blood is not pumping through our brain to aid thinking – when stressed we are protecting ourselves in the moment, not thinking long term.

The disconnect between what we do, due to how we perceive others think we should act, versus acting on our own personal values.

Why it’s hard to be content with what you have

Your friends friends have more impact on your happiness than a salary increase. So pay attention to how your friends make you react.

Happiness doesn’t just happen, it takes effort

How joint bank accounts lead to better relationships – talking about money together

Exercise for couples – tell your partner about your earliest money memory

Suggestions for financial advisors to help make an impact in their clients lives

Conclusions from the guys

Get past superficial thoughts and get deeper understanding of your core values

Another exercise for couples

• talk about your values individually
• compare each others values to find common ground and outliers
• compare common ground with current spending

Dr Sonya Lutter is Director of Financial Health and Wellness Director of Financial Health and Wellness at Texas Tech University School of Financial Planning and founded the ELITE academy to help bridge the gap between financial planning and mental health.

Come and connect with Dr Sonya Lutter on LinkedIn for more information.