Money Ghosts: Haunting Our Financial Decisions

Mark W. Vandenburg, Jr. |

As the chill of fall settles in and Halloween approaches, the Vandenburg household is buzzing with excitement over costume planning. Since having children, my wife has loved coordinating our family outfits. We’ve been everything from “Monsters Inc.” to “Milk and Cookies.” This year, however, my son has his own ideas; he wants us to dress up as “ghostys.”

As we explored the many different types of ghosts (I was surprised by how many exist after a quick Google search), a thought struck me: just as there are all sorts of ghosts, we each encounter Money Ghosts that can haunt our financial lives. These psychological forces shape our beliefs and behaviors around money, often in ways that quietly limit our financial well-being.

Here are a few of the most common Money Ghosts we see:


Fear

Fear often appears as anxiety about financial stability. It can lead to overly cautious behaviors, especially after hearing stories about market downturns or economic uncertainty. While it’s natural to be protective of your savings, fear can sometimes cause missed opportunities to grow or preserve wealth over the long term.


Scarcity

The scarcity mindset often develops from early experiences with limited financial resources. It can result in an ongoing sense that “there will never be enough,” even when circumstances change. This mindset may lead to holding back from experiences or decisions that align with your values. Finding a healthy balance between saving and spending is key to financial confidence.


Guilt

Some people feel uncomfortable enjoying financial comfort or success, believing they haven’t “earned” it or that it’s wrong to spend freely. Others may feel guilty for not reaching certain financial milestones. Guilt can cloud judgment and prevent thoughtful, value-aligned decision-making.


Comparison

The “Keeping Up with the Joneses” ghost pressures individuals to measure their success against others. This often leads to unnecessary spending or financial stress. True financial wellness is deeply personal; it’s about aligning your money with your own goals, not someone else’s.


These are just a few examples of Money Ghosts that can influence how we think about and use money. Others, such as Avoidance, Entitlement, Regret, or Insecurity, can quietly impact decision-making as well. Recognizing and addressing these emotional influences is an important part of creating a financial plan that reflects your priorities and values. Working with a financial professional can help bring these unseen factors to light and support more intentional, informed decisions over time.

In the spirit of Halloween, take a moment to reflect:
Which Money Ghost might be influencing your choices, and what could your financial life look like if you faced it head-on?


Disclosure

This material is for informational and educational purposes only. It is not intended as individualized investment, tax, or legal advice. Investing involves risk, including the possible loss of principal. Always consult with a qualified financial professional before making decisions based on your unique circumstances.