What:
The Ascetic deals with money stress by disappearing. Well - by having their spending and expenses disappear. The ascetic, or money monk, faces stress around money by claiming “I don’t need money” - they might demonize money or they might simply stop having needs. Their mantra is you can’t have money problems if you don’t need or have money.
Trademarks:
Ramen, no new purchases, busted car/ TV/ Laptop/ Front porch step that they have created a workaround for (or just gotten used to), an aversion about talking money, an ability to make frugal look greedy, money under the mattress.
Pitfalls:
The Ascetic is not frugal or just values driven - they are afraid of money and deal with stress by making their life smaller, they do not make money moves or create long term goals around finances, If they do have money they tuck it away but don’t think about growing it or investing it, They can even “other” or demonize money as something that is bad and not for them which can shut them out from valuable or fun experiences, THey can get stuck in a rut.
How To Work With It:
Create A Fun Fund:
This fun fund helps the ascetic learn how to spend their money in a way that might expand their world some. It can be limited rough to not scare them (even 20 dollars a month) just to spend on something different or new and it gives them a chance to gain some capacity around budgeting.
Tiny Treat Yourself:
This is to once a week or once a month buy or spend or give in a way that makes them feel special. The ascetic often doesn’t care for a lot of material things - but they might love the small wonder of paying for a stranger’s coffee or buying flowers just for themselves. Just going something small and pleasurable just because it makes them happy starts to create a relationship to money not based in ear.
Connect It To Your Values:
The saddest part of The Ascetic is often that the fear of money leads to a limitation of the power of money to do good in the world. The Ascetic might be best served by gaining money competence by raising money or donating money or investing in a way that feels in line with their values. So create a stock account made with ESG rated companies or find a non-profit to donate to and see if you can help them raise money from your friends - learn to talk about money in a way that honors your values. Create goals - like buying a house or paying off debt- that are less about “shoulds” and more about living out your own values - like having a place for family to stay or paying off debt to save money to help create the awesome project you have secretly dreamt about.
Enjoy It With Others:
Create a budget for friendship/ community spends or a once a month adventure date with a loved one or new friend to try a new restaurant or visit a new local shop. This will help The Ascetic break out their rut and explore the world in a way that shows that spending money can be a tool for exploration, connection and discovery.
