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Your money habits reveal a lot about you: your hopes, fears, dreams and other deep personal truths you may not even be aware of, says accountant Robert A. Belle. He shares how taking stock of your transaction history can unlock surprisingly valuable insights about what drives you to spend (and save) — and provides practical tips on how to perform an “emotional audit” of your expenses.
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Transcriber:
I am an accountant with a numbers problem.
I mean, I’m good with numbers
and using them to report what’s happening,
but I’m also concerned
with the full story behind those numbers,
the part that gets lost in translation,
the part that numbers can’t quite tell,
the story that goes deeper
than mere strategies
for saving and earning money.
And without that story,
I don’t think I’m doing my job well.
That’s why I’ve dedicated my career
to figuring out how my work
as an accountant
can tell stories about people,
stories that will ultimately
help them improve their lives.
Let me explain.
It all started when someone told me,
“You’re obsessed with chocolate.”
And I was like, “What? No, I’m not.”
But then I wondered, could I be
in denial about my own obsession?
Was I actually spending a lot of money
on chocolate but blind to it?
Well, here was a chance
for me to test this theory.
Using my accountant lens,
off I went tracking
my spending on chocolate —
and there it was,
my love for chocolate.
I was spending about 50 dollars
a month on chocolate,
especially in months
when I was overstressed
and months when I was overjoyed.
Analyzing my expenses
helped me to understand
that I had an emotional pattern
where when I’m struggling or celebrating,
I binge on chocolate.
I had struggled with my weight
for a very long time
and I was convinced
that my diet was not the problem.
I was convinced that it was
my lack of effort in exercise,
and certainly not chocolate.
Tracking my spending on chocolate, though,
helped me realize that I was afraid
of facing myself in the mirror,
literally and figuratively,
and that I lack the courage
to deal with the real problem, my diet.
So I continued to exercise,
but devoted less time to it
and instead shifted my focus and energy
towards developing a more healthful diet.
That year I lost 50 pounds.
Our relationship with money
represents our relationship with life.
The accounting
of my own chocolate behavior
told me the story of my own denial.
I realized that perhaps
I could also help my clients
see what they were overlooking
in their own lives
and help them realize
their own emotional patterns
through their tracking and spending
of their expenses.
So I started to pay close attention
to the story behind my clients’ expenses
that may be hidden to them.
One of my clients, a critical care nurse,
was convinced that
her personal budget was reasonable
and expenses justifiable.
She had struggled to build up her savings
and I noticed that she had
minimal records of her expenses.
I suggested to her
that her lack of savings
could be due to more
than just a gap in her financial knowledge
and offered to help identify the problem.
I encouraged her to start tracking
and charting her expenses.
After a few months,
her financial records revealed
that most of her spending
was on expensive clothing and shoes.
As we sat together,
she was genuinely surprised
to see just how much of her budget
was going towards fashion.
She remarked, “Wow, these are
impulsive purchases, aren’t they?
I guess I didn’t realize that.”
She analyzed further
and realized that she was buying clothes
in an attempt to impress
and appear successful to her friends.
And also when her confidence was low,
buying clothes temporarily boosted it.
She told me that buying clothing
was her attempt
to find meaning in life and feel valued.
She sighed, and she set a goal
for herself and her finances.
Six months later, she called me
to tell me she had saved a bunch of money
by reducing her spending on shopping
and instead choosing to exercise
when she felt the urge to shop.
She’s much happier around her friends.
Three years later,
home ownership is on the horizon.
Sometimes, though,
charting expenses
may not reveal something specific,
as a chocolate addiction
or shopping problem,
but what it reveals
can be just as valuable.
A marketing strategist
and upcoming musician
needed help with her taxes.
When I met with her, I immediately
took note of the fear in her face
as she looked through
her records and expenses.
I checked in with her
and she expressed to me
that some things in her life
didn’t quite seem to work out,
including her relationships.
She was afraid of facing how much money
she was about to lose after taxes.
As we continued talking
about her finances,
she started to notice a connection
between her fear of losing money
and her fear of losing relationships.
She went on to tell me that she was
afraid of committing to anyone
because she didn’t want to get hurt.
She expressed that she had not been
close to anyone in over seven years
because she feared failure.
And maybe she might have
an avoidance strategy
around both her money
and her relationships.
It’s been six years since I first
help her chart her finances,
and she’s still consistently
keeping up with her spreadsheet.
As she confronted her personal accounting
and grew her savings in advance
of each tax season,
she developed less fear of loss
and grew more open to relationships.
She tells me that she even has the courage
to walk away from a relationship
when it’s not serving her.
She recently told me,
“My spreadsheet is basically
a story of my life’s progression
and I can see it through the numbers.”
I believe we can all do this type of audit
of our own financial behavior
and that we can learn
surprising things about ourselves
through tracking
and charting our expenses.
Here’s how.
Number one, take a look
at your bank statement
for the last six months
and categorize the expenses by type
for a more holistic view.
For example,
your spending on shopping
versus transport versus entertainment.
Number two, when an expensive
pattern emerges,
see what that pattern says about yourself.
Be curious and inquisitive.
At first, it may not be that obvious,
but asking yourself what led you
to make that choice in a given moment
can provide some clues.
Do you buy pizza every Wednesday night
because that’s when you’re too tired
to cook after a stressful weekly meeting?
Number three, observe
if there are any line items
that you are shocked by
in terms of value or volume
and see what patterns emerge.
For example, did you buy
that new smartphone
just before a major function or event
so that your friends would notice?
Or do you tell yourself
you only take taxis late at night,
but then realize that you’re taking
way more taxes every month
than you thought?
Are you working late
more than you thought?
There’s so much that we can
learn about ourselves
if we take the time to look.
And sometimes our money knows us
better than we know ourselves.
Tracking our finances
can reveal what we are in denial of,
our hidden biases,
our fears and what
might be holding us back.
Though it can be difficult
and uncomfortable
to take a good, hard look
at our financial behavior,
it can reveal some deep emotional truths.
Some truths that can help us
re-evaluate our careers,
our relationships and our priorities.
So give it a try.
The payoff could be huge.
Thank you.
Science & Technology4 years ago
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Lori Hunterzeigler
July 28, 2021 at 4:14 pm
Money doesn’t cause money problems! Best thing I learned at an early age.
Meet The Tech
July 28, 2021 at 4:43 pm
⬅️👈⏮️⏪click this logo 2 times to book vaccination appointment with the help of vaccine tracker bot🤖
Frances Bernard
July 28, 2021 at 4:53 pm
The principles talked about in this video are reliable soon after they are employed. For example after only 5 minutes of watching this video now I know why I am so addicted to coffee. It is because whenever I was out with my mom for coffee with her friends it was then I felt most safe.
Swagat Gaire
July 28, 2021 at 5:29 pm
Me watching this waiting for my monthly salary 🙄
Ahmed Mohammed
July 28, 2021 at 5:32 pm
I am sure it was a helpful talk but it was very monotonous to stay focused. I hope you get better to get the value through to everyone next time. Good luck
My Inner Andromeda
July 28, 2021 at 6:18 pm
Awesome talk Robert A Belle!
squeezeslemons
July 28, 2021 at 6:22 pm
Lol I’m already in debt up to my eyeballs but thanks I guess
Aastha Singh
July 29, 2021 at 9:07 pm
Maybe tracking will help control future spending and help with saving more money to pay off your debts
Vamsi Krishna
July 28, 2021 at 6:36 pm
Can someone suggest good app to track the expenses…!!!
Audi
July 29, 2021 at 3:11 am
I prefer to use Google Sheets because of the customization ability it allows. However on the downside, it can take a bit of effort to set it up and if you’re looking to make a comprehensive tracker, it would also require some above average understanding of formulas to program the tracker.
Yiting Liang
July 29, 2021 at 4:40 am
I use ‘fortune city’ its a gamified version of finance app and it has really nice and easy to use analysis tools to see your expenses in different categories.
T T
July 29, 2021 at 9:15 pm
My bank has a specific app for it but it might be for Canadians only.
ፍሠሓ እስጢፋኖስ
July 28, 2021 at 6:51 pm
Seriously bro?? this is on a ted talk??
Shaktijit Jenamani
July 28, 2021 at 7:13 pm
Thank god YouTube does not show the list of folks liking & disliking a video. Like for example – I’d report these 13 nuts to the authorities citing mental imbalance & threat to society .. hehe .. Thank you so very much for this talk actually. Nothing less than an eye opener for cartoons like me. Take care.
Amanda Dee
July 28, 2021 at 7:21 pm
you’re amazing
Zenn Exile
July 28, 2021 at 8:18 pm
A wooWoo accountant… Now I’ve seen it all.
Maxi Schmidt
July 28, 2021 at 9:17 pm
I can hear Capheus´ voice.
troy milton
July 28, 2021 at 10:50 pm
Cocoa increases blood flow to the brain as well as aids in serotonin production
troy milton
July 28, 2021 at 10:54 pm
Make sure it’s all organic and u won’t get fat
troy milton
July 28, 2021 at 10:53 pm
Working while being a bum is the best way to live as a king..
So man beautiful parks nobody takes advantage of
Dantick09
July 28, 2021 at 11:34 pm
I want more talks by this guy
Wilesh Sawant
July 28, 2021 at 11:59 pm
Accountant with moral psychological responsibility.
Jane Snyder
July 29, 2021 at 12:51 am
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July 29, 2021 at 12:52 am
Being following Nelson Louis from the start; I have learned so much.
Clara
July 29, 2021 at 12:52 am
I see Nelson Louis as someone who takes success of everyone under him seriously with top priority and he knows when to flip to generate good profits.
Stella Robyn
July 29, 2021 at 12:54 am
I expanded my portfolio daily with Nelson Louis signals. Nelson gave me so much confidence in trading,I love it.
Carla Dougal
July 29, 2021 at 12:55 am
Wow the recommendation about him is nice beautiful comment
Flourish James
July 29, 2021 at 1:04 am
Nelson Louis is a perfect person, Nelson will always update you, and let you know the right time to buy and sell. His trading techniques are precious.
Aastha Singh
July 29, 2021 at 9:09 pm
The fact that all 6 of these bot replies were made seconds apart-
Aarti M
July 29, 2021 at 12:54 am
I started doing this a few months ago and it’s painful sometimes, you’re almost in denial of the numbers staring back at you. You can lie to yourself but the numbers certainly don’t! It’s also important to not write anything off or not include it because you think it was a rare occurance or too insignificant.
Squirrel Covers
July 29, 2021 at 2:40 am
Emotion has ZERO to do with $$$$
Gennext bd.Sylhet
July 29, 2021 at 3:18 am
👍
Craig Nolan
July 29, 2021 at 3:27 am
$50 a month for chocolate doesn’t sound like that much lol
TakanashiYuuji
July 29, 2021 at 7:51 pm
It’s $50 more than I’m spending.
123
July 29, 2021 at 4:15 am
This person knows how to use the word “literally” and “figuratively”. Rare nowadays.
maxcoseti
July 30, 2021 at 10:12 pm
They mean the same, duh
123
July 29, 2021 at 5:46 am
“Numbers don’t assume or lie”
Pandaboi
July 29, 2021 at 7:27 am
Common themes I’m seeing both in this video and in my own life, is spending money to impress others.
Traveling Teacher Caroline
July 29, 2021 at 10:50 am
Same here.
Hadi Shams
July 29, 2021 at 11:45 pm
There is a wise man who said something like that:”no matter how much gold you but on a camel, it is still and will always stay a camel”.,people…we came to this life with no thing and we will leave with no thing with us. Remember that and don,t bother too much about materialistic things, they are not gonna be your happiness, happiness come from within not from outside.
Lindokuhle Masilela
July 30, 2021 at 7:22 pm
We all are hey..🙈🙈🙈
Fong Man
July 29, 2021 at 11:28 am
1) Pay yourself first.
Set aside a certain amount every month for savings first, and spend the rest.
2) Your partner is very important in your financial health.
Before I met my wife, I thought I was financial literate enough.
But I was wrong. I spent money unnecessarily.
She was the money conscious one and she helped me saved even more than when I was alone.
Aastha Singh
July 29, 2021 at 9:10 pm
I’d also mention that paying off your debts is more important than anything 🙂
Fong Man
July 29, 2021 at 11:08 pm
@Aastha Singh That is very true.
And more importantly to distinguish between good debt and bad debt.
Aastha Singh
July 30, 2021 at 2:48 pm
@Fong Man what’s the difference?
Fong Man
July 30, 2021 at 3:05 pm
@Aastha Singh Good debt helps you finance ventures that can increase your net worth (Business, investment)
Bad debt are those that are liabilities (Car loan, personal loan)
Aastha Singh
July 31, 2021 at 11:13 am
@Fong Man Ah that makes sense. Thanks!
Diskifaith
July 29, 2021 at 5:56 pm
Good stuff. Love your fiancial advice
Morne' Pillay
July 29, 2021 at 7:06 pm
Wow really good ted talk. Thank You.
CreativityZero
July 30, 2021 at 2:00 am
It’s something that sounds pretty simplistic and trivial, but it does make a huge importance in our lives. I think the hardest part is to check everything to watch over youself, and, mainly, to assume that you might be mistaken about your choices.
Van Duc-13 Nguyen
July 30, 2021 at 2:29 am
Such an informative Ted. Thank you!
Hazel O' Hara
July 30, 2021 at 2:29 am
Such an informative Ted. Thank you!
Vanessa Pangestu
July 30, 2021 at 4:16 am
“Our relationship with money represents our relationship with life.” Well said.
Terry
July 30, 2021 at 6:02 am
I believe you are just reading someone’s script.
gaainga
July 30, 2021 at 6:07 am
follow the money
myPerspective
July 30, 2021 at 9:57 am
Valuable insights. Thanks for sharing your experience.
KC Nwokoye
July 30, 2021 at 11:17 am
Thank you! 🙌🏾
Lindokuhle Masilela
July 30, 2021 at 7:19 pm
Our money know us well then we know ourself 👌👌👌
maxcoseti
July 30, 2021 at 10:14 pm
I love how every example was an immediate lifechanging epiphany
seattlegrrlie
August 1, 2021 at 3:44 pm
I started removing money every paycheck to a separate account. It was scary at first, but then I realized that I absolutely can live on my budget
Are Stol
August 2, 2021 at 3:31 am
Anyone know what that style of shirt is called?
Michaela Bettge
August 2, 2021 at 5:19 pm
listening to you right now. you have my full attention.
Michaela Bettge
August 2, 2021 at 5:20 pm
i want to destroy money not, i am using it in another way.
Michaela Bettge
August 2, 2021 at 5:25 pm
only for you: this is how I train my empathy 😉
Nora L
August 2, 2021 at 11:33 pm
That is an great perspective on spending habits. That really clicked in.
Daniel Menges
August 3, 2021 at 2:54 pm
Well said. Thank you, Robert.
Patty Salvatore
August 3, 2021 at 9:27 pm
Looked at the videos title and said ” Well, here we go, this should be enlightening.
Good Golly, Miss Lolly
August 4, 2021 at 1:33 am
I was raised poor and spent my early adult life obsessively holding onto my money and was constantly on the lookout for what I can “score”. I only ever spent money on essentials – and they were the cheapest essentials I could source. I was stingey, I was first in line if something free was being given away, and always compared “my share” with those around me. It was a poverty mindset and I hated it. It consumed me. I decided to change it and started going out of my way to be generous … I donated to causes; I shouted friends coffee; I found ways to give anonymously to people around me. I am a changed person. Being generous comes naturally to me now. I finally feel free from the torment. I know it goes against what we are taught about money but I actually manage my finances better all round now and have more savings than I’ve ever had
Gethro Omilda
August 18, 2021 at 11:38 am
oh wow, thanks for sharing
Gygy
August 4, 2021 at 9:43 am
Oooh excellent! 🙂 I like the way you addressed and presented the topic. Short, clear, kind and insightful.
I knew all this, yet this specific video, I believe, actually activated the seed for doing better. Thank you Sir!
Nairobi Garage
August 5, 2021 at 6:01 am
We loved hosting Robert for this session! Well done!
Yuri Bugaenco
August 5, 2021 at 2:22 pm
I hope to one day have an office just like this one where I can work in silence. Such tranquility
Jelly
August 7, 2021 at 9:22 pm
I LOVE THIS SO MUCH!!!!! THANK YOUU!!!!
mxachary
August 8, 2021 at 12:08 pm
Just curious how he isolated chocolate purchases on all his receipts?
crypto miner
August 8, 2021 at 11:16 pm
Nice video buddy! Cryptominer solutions has made buying stuffs internationally a whole lot easier. You can now shop for your best gift cards for smooth and convenient transactions. Thank me later guys 🙂
Bongani Tau
August 9, 2021 at 12:18 am
Thanks for the insights.
irene delaney
August 9, 2021 at 7:38 am
Wow what a revelation. Thank you for this wonderful information.
stella akinyi
August 9, 2021 at 8:25 am
Very enlightening.
chocola4llusion
August 10, 2021 at 9:27 am
Great!
Robert Calamusso
August 10, 2021 at 10:48 am
Great. Thanks.
Tilek Mamutov
August 12, 2021 at 6:31 am
I think it’s a lower quality content than usual on TED.
PinkSallyProductions
August 12, 2021 at 9:46 am
Very enlightening and well presented, thank you! Be well 🌹
Monkey Journey
August 12, 2021 at 10:22 pm
So true. My younger self was not confident and yes I spent so much money on clothes, bags and anything externally to fill my inner holes. Later (and older) I did something with my life to gain my confidence. Fast forward my spending habits have changed in a better way.
Easter George
August 13, 2021 at 6:55 am
Love this video
Alper B.K
August 14, 2021 at 12:57 pm
So true. Thanks for sharing
Kite
August 14, 2021 at 6:04 pm
4:28
0hwbe
August 16, 2021 at 8:11 pm
REALLY BAD STORIES AND VIDEO!
KINDERGARDEN!
Yin Ger
August 17, 2021 at 9:08 am
I feel so excited after I watched this video. Because I spent some money on games. Although I like this game, I found the money I cost was too much. So by tracking the cost record help me knowing that my habit is in the wrong way. It’s time to get it back.
Chandy Hampson
August 17, 2021 at 1:01 pm
Bringing our spending into perspective, illuminates those critical areas that needs curbing. Therefore, creating a balance and a healthy outlook overall.
Anatoliy Korneychuk
August 23, 2021 at 4:43 am
That guy sounds like he was one of the horde members in VRchat looking for a queen
Adeena Alexander
August 24, 2021 at 5:44 am
this was such a good talk!