What is the purpose of a money clip?Jul 28, 2021
If you have won one of the limited edition money clips, here is a look at what they are for, and why they are important (in addition to what I say about them in the book, Get the Hell Out of Debt, in Chapter 14 about rebuilding your relationship with money.)
A money clip is all about RESPECTING your money.
Whenever we care about something we treat it with reverence.
You can keep your money clip in your wallet, as I do most of the time, or you can just pop your clip in your pocket or bag (or fanny pack like I do when I’m exercising.)
1. When you put cash in the clip, arrange the cash in order.
A long time ago my mentor told me that I needed to carry around 3 crisp $100 bills in my money clip, and that I would know I had mastered my money when if after a year, those 3 $100 bills were still in my clip.
This was such a VALUABLE exercise in money management for me. I failed a few times and spent the money ‘for emergencies’ because I didn’t have a Q+D. I eventually figured it out, and I see those $100 bills now not as money to be spent, but as a physical reminder that I am the boss of my money and my life. (Don’t worry about that until you are in Phase 3!)
When you put your money into your clip arrange it in order.
Big bills on the outside, smaller bills on the inside. I love my USD money clip more than my CDN money clip because those ones sure make your feel like a Kardashian when they are all piled up!
2. Slide your card or ID in after the money is clipped in.
Most money clips will expand slightly with the pressure, and it is an unconscious way to increase the cash in your clip. I used to get annoyed when I didn’t have enough bills to keep the clip and the money taut, so I would LOOK FOR WAYS to find cash to fill up the clip. Subtle mind Jedi tricks from the money clip to you! Do not use a magnetic money clip. The magnet can mess up your cards.
Getting money out of the clip can be tricky so if you have a lot of bills/denominations, you can pull the clip off, fan out your money like a 5-year old having the best Go-Fish game of his life, and then put it back in the clip.
But when you get the hang of it, the key is subtlety. Don’t flash that cash around. You are not more likely to be robbed if you have cash vs cards, but that’s what we think because of the cartoons we watched as kids. Digital theft and identity theft are much more likely. (Stats Can.)
3. Money does not like to be crinkled, rolled, folded or written on.
It doesn’t reduce the value of the denomination, but it definitely says something about your relationship to it. Try and keep the money flat or if you are folding in half with the clip, make sure half is free, so it’s easy for the money to stretch out.
You are right. I sound ridiculous. But if you have been manhandling crinkled balls of cash you could try a change in behaviour and see if that works.
We’ll talk about coins next time, but in the meantime, round those bad boys up and put them in one place, so that your money isn’t strewn about your life like glitter in a kindergarten classroom.
If you have received one of our limited edition money clips - I want to hear your story about your relationship to money. Tag me on social media using the hashtag #getthehelloutofdebt
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