8 Domains: Financial
Stephanie Barca, LMSW - Resident Therapist
Imagine the best day you could have without considering the cost or spending money. In this vision, are you in the same financial position that you are today, maybe just walking in your neighborhood instead of going to Starbucks? Or do you have to picture winning the lottery before financial decisions recede to the back of your mind? Hold on to this exercise; as with the other domains, your wellness in the Financial Domain begins with determining your values, and the day you envisioned will help conceptualize the transient wealth you buy with your money.
Perhaps the idea of "work/life balance" stems from the pervasive nature of thoughts from the Financial Domain. If you find yourself dubious, consider leaving all forms of payment at home the next time you leave. You are not alone if you just began listing all the reasons that you should have at least a little money, "just in case." No judgment; we've all had that day that began twice after we turned around and went back for our wallet. Financial judgments tend to creep in just as we start enjoying time with friends or a romantic night out, but even a day without a price tag indicates a money mindset. The Financial Domain focuses on your relationship with money and its place in your life, whether at the forefront or pushed aside.
Capitalism is one of many systems designed to move goods and services around, but that mundane description belies a larger truth: our financial decisions can be as emotional as those made in romantic or relational contexts. Morgan Housel notes that money disobeys the laws of physics because of the human element. Our parents and past generations had their money ideas, and those perspectives were communicated in ways large and small. If your parents flipped through the sale racks, that may be your natural habitat. Did you hear, "Money doesn't grow on trees?" Or did your parents observe that "you can't take it with you?"
Benjamin Holmes defines the financial domain as your relationship to and experience with the use of money. Ego integrity in the Financial Domain results when our intentional decisions reflect our values. Identifying those values is thus a good first step, and it may be easier to conceptualize your values in this domain than in others. You make financial decisions daily, sometimes without much consideration, and the prices of those decisions can be compared dollar to dollar.
Look back at some of the decisions that changed your financial situation over the past month. What expenditures did you enjoy? Were there any costs that seemed harsh and unfair, or did an outing or purchase fail to live up to your expectations? Those times in which you felt uncomfortable and uncertain may be times that you made decisions contradictory the values you hold.
Now, recall the day you envisioned without considering costs. What types of activities did you consider? Those activities that were truly free or used the resources that you already have provide clues to your values and an opportunity to live more creatively. You have a list of things to do the next time you need a side quest! But did you have to scrap treasured experiences, food, or items during the exercise because they cost money? These expenditures also point to your values and indicate times when your money brought you real satisfaction.
This exercise can feel cruel if you feel financially uncertain or uncomfortable. Research has shown that scarcity affects cognitive ability, as the constant financial concerns drain mental energy during the day. One experiment involving low-income participants found that a tough decision dropped their IQ by thirteen points, the equivalent of a sleepless night. The base of Maslow's pyramid is heavy!
However, the Eight Domains framework of finding and living your values can help you build a healthier mindset in quiet moments when stressful decisions are not at hand. Once your decisions have that solid, intentional foundation, your daily actions – many of which happen without thinking – will exemplify more of your chosen values.
The Financial Domain is often off-balance in our dominant culture. The work to make your finances a reflection of yourself is hard, but it will reap dividends in confidence, wellness, and life satisfaction.
3 Kelly, M. (2013). "Poor concentration Poverty reduces brainpower needed for other areas of life." Princeton University. https://www.princeton.edu/news/2013/08/29/poor-concentration-poverty-reduces-brainpower-needed-navigating-other-areas-life.
4 Cherry, K. (2024). "Maslow's Hierarchy of Needs." Verywell Mind. https://www.verywellmind.com/what-is-maslows-hierarchy-of-needs-4136760.