Relationship advice can be found everywhere. But what about a money relationship? Whether you have never thought about your relationship with money, you're comfortable with it or you'd just like a few ideas on how to improve it, we have some tips for you.
1 - Be Honest. Take an honest look at your financial situation and acknowledge any issues. Whether you have a lot in savings or you live paycheck to paycheck, how you feel about money, your budget and your financial life will affect your relationship with money. Like any relationship, if you can't admit there is an issue, then how can you improve it? Let go of any past money mistakes and take the lessons learned to. fix it and move forward.
Key Takeaway: What we say to ourselves reinforces our actions. If there is an issue, instead of saying to yourself, "I'm not good with money" or "I just need to earn more", take a moment to reframe your thoughts. Try saying, "There's an opportunity for me to learn more about money" or "Sure, it won't hurt to earn more, but that won't change my relationship with money. It's how I look at money that matters."
2 - Start Talking. How you were raised has a lot to do with your perception of money as an adult. Growing up, what were the money conversations in your household? If talking about money was taboo, you're less likely to feel comfortable seeking the answers to financial questions you may have. Were there discussions about understanding the difference between wants vs needs? Like everything else in life, practice makes a difference. The more you can normalize the conversations around money, the better your relationship with money will become.
Key Takeaway: Find a money mentor who can motivate you whenever you get frustrated with your finances and provide tips to improve your financial wellness. It can be someone whose financial choices you admire or a financial professional. If talking to someone one-on-one is too far outside your comfort zone, start small and take advantage of free financial webinars or personal finance classes. What matters most is being in contact with people who have good relationships with their money.
3- Redefine Healthy. We all want to feel at ease and confident with our money. But it can be challenging. Especially when bills are due, prices are continuing to rise and inflation seems to be taking a bite out of every budget item. Being overly critical of yourself in your money relationship can result in destructive behaviors and choices. Celebrate your wins, whether it's having zero packages delivered this week or making a plan to save for something fun. A positive balanced approach can help strengthen your money relationship. Think of a healthy relationship with money as one that is aligned with your values and how you want to live your life. Understanding the intentional process and flow of where your money is going is the foundation for financial wellness.
Key Takeaway: Start tracking your money in a healthy way. Focus on how much you save, spend and share your money. Log into digital banking several times a month and look at where you are spending. When you know where every dollar is going, it can help you feel more at ease and in control. Once you have a clear financial picture, you can then start making decisions that are more aligned with what matters most to you.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.