Did you know: your relationship with money could be the root of your money problems? You could be your own worst enemy. Our self-esteem, friends, upbringing by our parents, and more influence our feelings, attitudes, and, ultimately, relationship with money. Sometimes it’s positive, but sometimes it’s not.
Having a healthy relationship with your money means understanding how money and spending work for you. It means you learn from these insights and apply better ways to think, feel and act when making financial decisions. Here are some ways to improve your relationship with money:
Know your Weak Spots
Are you an emotional spender? It can be helpful to know what feelings drive you to hit the shops. For example, if you have an argument with your family, you may feel better if you buy yourself something nice. Be aware of these triggers and replace them with healthier behaviour other than shopping.
Value Yourself
Sometimes we spend on things we can’t afford to impress other people. It makes us feel better about ourselves in the short term, but in the end, we feel worse because we overspent. Tell yourself you are worth more than the type of clothes you wear or the things you possess. Valuing yourself as a person will make you feel strong and empowered to stick to your spending plan.
Ditch the Denial
Sometimes it’s easier to deny a problem than to face it up front. But long-term denial can make us feel ashamed and stressed as our financial situation worsens. It’s better to face the truth and tackle your financial problems head-on. Taking responsibility for the problem is the first step toward a solution.
Have a Good Money Attitude
A positive money mindset is worth a lot. Maybe you’re thankful for a job that provides you with an income. Being grateful for what you already have could help you to buy less stuff to make you happy. Let go of regret about financial decisions in the past. Learn from your mistakes and focus on a better future.
Stop trying to Keep Up
Comparison is toxic. Maybe you have spendy friends and feel pressured to fit in by spending more than you can afford. Maybe your neighbours love showing off flashy purchases, and you feel left out. Avoid resentful thoughts like “It isn’t fair!” or “It must be nice.” Surround yourself with friends who generally share your financial outlook and values. Remind yourself to focus on yourself and stick to your spending plan.
Be Kind to Yourself
It’s okay if you don’t change things overnight. Good money habits can take years to build. Have grace with yourself if you make mistakes. Continue to take small steps every day toward financial freedom
Call LifeAssist to speak to a financial coach to further improve your relationship with money.