Yesterday I volunteered at a workshop for a charity running a programme that introduces money in schools. It was a busy and well planned fun morning introducing the children to income tax, conscious spending and the many emotions wrapped up in money and finances.
Although a touch younger than my usual clients, it brought the fun to talking about money! Time permitting I hope to be able to get involved in lots more next school year.
It is great to see programmes like this and an increasing narrative around financial education beginning as early as possible. I’m hugely optimistic that today’s children are THE generation who will hugely benefit from plugging financial knowledge gaps from early on in life.
I also very much enjoyed being out and about after choosing to work from home for a while now due to acquiring a small furry addition at the start of the year.
Being ahead of schedule for my return train I had time to grab a favourite hot drink. Definitely a want rather than a need, however it is an occasional takeaway coffee is an enjoyable treat I’m happy to spend on.
Intentional spending is so important. This type of spending is as important (if not more so) as saving and investing. It promotes joy in life and brings a balanced approach to personal finances which ultimately creates sustainable habits for the long term.
Although I’d finally racked up the accrued points for a free drink, feeling somewhat flustered, I quickly resorted to tapping my usual payment card. I didn’t really want to sound cheap or hold up those queueing trying to grapple with my app.
Afterwards I questioned why I cared about what others may (or may not) be thinking? In reality I’m sure most people’s minds were elsewhere and not focussed on me nor how I was choosing to pay. After all, what is the benefit of a loyalty programme, if negative feelings arise when taking advantage of it?
Hello spotlight effect.
‘What someone else thinks of you is none of your business’.
Roy T Bennett, author of ‘The Light in the heart’.
Indeed. A quote that my dad frequently joked about with me over the years. Turns out I was listening to this advice after all, thanks dad!
In 2000 researchers* at Cornell University carried out a variety of experiments to test the spotlight phenomenon (feeling like we are ‘under the spotlight’).
In one study participants were asked to wear t-shirts they considered to be embarrassing (featuring one-hit wonder popstars) and were instructed to enter a room full of other students. Afterwards those wearing the t-shirts were found to have overestimated the extent to which the observers had noticed what they were wearing. This came on the back of a previous study on regret where the researchers concluded people would be more likely to live their lives more freely if they knew how little attention others truly pay.
So the next time I want to cash in an earned freebie, or indeed feel myself questioning the perceptions others may have of me, I’ll be sure to remember this quote and the Cornell study.
On the plus side, future me will be grateful I’ve a coffee banked for a rainy day and here at Rosebud we are all about considering our future me!
If you’d like to work on your relationship with money to optimise your money mindset and take care of things for future you, you can book an appointment with me here or drop me a line directly.
Oh and I would love to hear of your experiences.
Have you recently experienced the spotlight effect?
If so, were you able to rationalise your thoughts in the moment so it didn’t negatively impact you?
It is always great to hear of some real life examples.
🌹Until next time.
Bud | Bloom | Grow your money mind
Source :
*Gilovich, T, Husted Medvec, V & Savitsky K ‘The Spotlight Effect in Social Judgment: An Egocentric Bias in Estimates of the Salience of One’s Own Actions and Appearance’. 2000.
Journal of Personality and Social Psychology.
Last accessed 08 May 2024.
