Money ‘Baggage ’ Personalities Affect Spending, Saving Decisions
FLEMINGTON, N.J. Fin
ancial decisions, such as spend
ing and saving, are not just the
result of having a certain amount
of income.
On the contrary, they are
largely driven by people’s feel
ings about money and childhood
experiences and influences.
“Emotional” factors, such as per
son’s “money personality,” can
have as much of an influence, or
Milk Mustache Mobile Is
On The ‘Moo-ve’
CARLISLE (Cumberland Co.)
The Milk Mustache Mobile is
on the “moo-ve” once again and
will be rolling into southeast
Pennsylvania July 19-21.
Sponsored by America’s dairy
farmers and milk processors, the
Milk Mustache Mobile travels
across the country to educate
consumers of all ages on the im
portance of drinking milk and
physical activity in maintaining a
healthy lifestyle.
This year, the “Get Moo-ving
with Milk Tour” is cosponsored
by ESPN and includes several in
teractive activities. The focus is
on fitness and how milk and
dairy products can be a part of
your fitness plan.
“Milk is a natural power
drink,” said Mary Beth Sodus, a
registered dietitian with the
American Dairy Association/
Dairy Council Middle Atlantic.
“It contains nine essential nutri
ents from protein to potassium
that can help put muscle back
into your workout.”
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more, than “financial” factors
such as an amount or type of as
sets and income.
Susan Zimmerman, author of
“The Money Rascals,” likens a
person’s financial belief system
to an iceberg. Just as the crew of
the Titanic could see only the tip
of the iceberg with which it col
lided, only part of the root causes
people’s “money behavior” is
usually “visible.” In other words,
Milk fans across Pennsylvania
can bone up on fitness and nutri
tion during the following Milk
Mustache Mobile events: July 19
Harrisburg Senators Game at
City Island, from 5 p.m. to 7
p.m.; July 20 Martin’s Coun
try Market in Ephrata, from 3
p.m. to 7 p.m.; and July 21 the
Vellodrome in Trexlertown, from
6:30 p.m. to 10 p.m.
During these events, free per
sonal fitness tests will be offered
to assess strength, flexibility and
body composition. Participants
also will have the opportunity to
speak with a registered dietitian
from ADA/DC Middle Atlantic
and other health and fitness ex
perts.
Along with testing athletic
skills during the sports challenge,
participants can put on their best
milk mustache and enter a con
test to star in their own Milk
Mustache advertisement to be
featured in ESPN The Magazine.
One national winner will be se
lected at the conclusion of the
“Get Moo-ving with Milk Tour.”
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you may need to “dig deep” to
find out what really causes peo
ple to spend or save money.
Children develop beliefs about
money through their family or
origin and from the U.S. culture
at large (for example, advertise
ments). They may tithe the same
amount to their church, for ex
ample, or keep records in the
same manner their parents did.
Even if a child’s money behavior
is the exact opposite of their par
ents (for example, disorganized
parents and organized child), the
parents still had an influence.
To understand some of the in
fluences on your money beliefs,
answer the following questions:
• How did the people who
raised you handle money?
• Do you have any specific
childhood memories about
money that stand out?
• How were family conflicts
about money resolved?
• In what ways is your money
management style the same or
different than family members?
• What commercials or adver
tisements do you recall as being
most influential?
Gov. Ridge Asks Pennsylvania, ‘got milk?’
HARRISBURG (Dauphin
Co.) Gov. Tom Ridge and his
mother have teamed up with the
Pennsylvania Dairy Promotion
Program and are asking Penn
sylvanians if they’ve “got
milk?”
Building on the success of the
celebrity milk mustache cam
paign, PDPP enlisted the help of
a notable statewide public figure
to extend milk promotion at the
local level for June Dairy
Month. Gov. Ridge debuted in
1999 as the first statewide public
Official to be featured in the far-
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Zimmerman classifies people
into eight distinct belief systems
ranging from “super spenders”
to “super sabers." People often
have “pieces” of several money
personalities but usually one
dominant style that drives their
financial behavior. The eight
money styles are as follows:
• People who make flashy pur
chases to impress others
(“image” spenders).
• People who make rash and
impulsive financial decisions and
hate planning and budgets.
• People with conflicting
money beliefs who procrastinate
so as not to have to make deci
sions.
• People who are “too busy”
and avoid all types of financial
activities (balancing checkbook).
• People who live a very mod
est lifestyle and display their vir
tue by rejecting luxuries.
• People who feel helpless,
fearful, or insecure about money
and worry a lot about their fi
nances.
• People who are security con
scious and save steadily in slow
growth cash assets.
mer-funded “got milk?” adver
tising campaign, which was
sponsored by PDPP.
“My mom and I are glad to
have this opportunity to encour
age Pennsylvanians to drink
milk it’s good for you and it
tastes good too,” Gov. Ridge
said. “We hope the billboards
remind other parents and chil
dren that drinking your milk
can give you the healthy body
and strong bones to take you
where you want to go!” Gov.
Ridge also noted that milk is
Pennsylvania’s official state
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• People who invest steadily
and assume risks to potentially
achieve a high rate of return.
Once a person understands the
origins of his or her money be
liefs and dominant personality
trait, it is often easier to change
future behavior (increase sav
ings). Another driving force that
is important to understand is a
person’s “money baggage,"
which are feelings and beliefs,
however false or irrational,
which affect financial behavior.
One example of “financial bag
gage” is that some people believe
that their bank account or “name
brand” possessions determine
their self worth.
In summary, emotional as
pects of spending and saving
money are often extremely com
plicated. They are also very es
sential to getting your financial
house in order. What is your
dominant money personality,
childhood money influences, and
“financial baggage”? Insights
into these emotional aspects of
money can be a very important
resource for taking charge of
your financial future.
beverage and milk production is
a big part of the state’s economy.
To help enhance the image of
milk and support Pennsylva
nia’s dairy industry, the gover
nor and his mother, Laura
Ridge, are pictured wearing
milk mustaches and clinking
glasses of milk as they toast
Pennsylvania’s dairy industry.
Gov. Ridge is seated on the arm
of a chair beside his mother. The
caption reads, “Mom always
said I’d go far if I drank my
milk. Got milk? ”
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