Anyone else grow up poor and is now bad with money

Many individuals raised in low-income households develop a unique relationship with money as adults. Growing up with limited resources often leads to an overwhelming sense of freedom when financial status improves, causing some to overspend as a way to compensate for their past. This phenomenon is commonly referred to as ‘retail therapy’ or ‘compensatory spending.’ Understanding the psychological effects of poverty can help illuminate why some individuals struggle with managing money effectively later in life. It's crucial to realize that financial literacy plays a pivotal role in breaking this cycle. Many find themselves in a position where, despite having the means, they lack the skills to budget wisely. Establishing a budget, tracking expenses, and prioritizing savings are fundamental steps that can redirect one's relationship with money. Engaging in personal finance education through workshops and online resources can also empower individuals to make informed financial decisions. Additionally, practicing mindfulness in spending—taking time before making unnecessary purchases—can help curb impulsive behavior. Ultimately, acknowledging past experiences while striving for financial stability can lead to a healthier understanding of money management.