Tips to Uncomplicate Your Relationship with Money
Our finances impact every aspect of our lives, sometimes in positive ways and sometimes in negative ones. It’s normal to have complicated feelings about money and personal finance, and even to have a love-hate relationship with them. You may love the feeling of getting a paycheck and being able to buy something for yourself or a loved one, but you may also suffer from stress and anxiety caused by your spending habits, lingering debt, and more.
If you’d like to improve your relationship with money, there’s no time like the present. Use the tips below to fall in love with personal finance.
Tip #1: Take Yourself on a Money Date
This may not be your ideal way to spend a few hours, but it’s important to set aside time to focus on personal finance. Schedule a specific time and place where you’re unlikely to be interrupted, and where you feel comfortable. Pick a location with internet access so that you can view all your account statements and bank information. You could also take screenshots or print out everything ahead of time to bring with you for reference. Plan ahead to make your money date feel less like a chore and more like a fun opportunity. You could treat yourself to a drink and a pastry at your favorite coffeehouse, or even a three-course meal!
Aside from making it feel fun, you’ll also want to set personal finance goals for your first money date with yourself. This could be things like:
- Making a list of all your assets
- Making a list of all your debts
- Listing out where your discretionary income is going each month
Remember that your money date is just a first step. Don’t expect to solve everything and fall in love with the process in one sitting. In fact, you may come away with more questions than answers, and that’s okay! Put more money dates on your calendar and give yourself a small goal or two for each one. In time, you’ll find that you’re gaining clarity and confidence in your money habits and improving your relationship with money.
Tip #2: Dig Deeper: Create Goals You Care About
Your first few money dates may be a bit like “small talk.” You’ll be reviewing details and asking yourself some foundational questions, but your next step is to dig into deeper issues. Specifically, you’ll want to think about your future and the financial and life goals you’ve set for yourself. Are they all just a means to an end, such as paying off debt? Or do you have a goal or two that you’re truly passionate about working towards? Think about your dreams and make a list of all your financial aspirations, both short-term and long-term. They don’t have to be particularly achievable in the present, so let yourself dream big. Next, ask yourself what obstacles stand in the way of accomplishing each goal, and think about making a game plan to overcome them. Write down what you come up with and revisit it regularly to make changes and additions.
Related Article: 10 Steps to a Happy and Healthy Retirement
Tip #3: Rekindle Your Connection with Your Budget
Just as every relationship requires check-ins and regular maintenance, so does your budget. Many people put off creating a budget or updating it as needs change. So, if you find yourself practicing avoidance, try pairing the process with something you love. For instance, maybe you always have a budget date with yourself after your monthly massage (or any form of self-care). When you combine your budget work with something enjoyable, you can trick your brain into feeling more positive about the budgeting process.
Tip #4: Say Goodbye to Stressful Debts
If you’ve been trying to break up with your debt for a while now, consider this your reminder to recommit with vigor. Feeling burdened by debt is the reason many people develop an unhealthy relationship with personal finance in the first place, and it’s a fantastic feeling to finally release yourself from its grasp. Strategize about how to pay off what you owe – you might try the snowball method or the avalanche method – and let yourself dream about what you’ll be able to do with all that extra money once you’re debt-free. Most importantly, put your plan into action and celebrate your progress.
Tip #5: Remember There Are Lots of Fish in the Sea
There is no one-size-fits-all method to falling in love with personal finance and creating a healthy relationship with money. If there are aspects of your relationship with personal finance that you can easily change in order to feel more positive about your money management, make the changes! For instance, you might be reticent to leave your auto insurance provider because it feels like a confusing process, even though it can save money. Similarly, many people stay with a financial advisor they don’t truly “click” with because they don’t want to hurt anyone’s feelings, or they don’t know their other options. Don’t forget to consider all your options and partner with people and companies to help you reach your personal finance goals.
Are You Working on Your Relationship with Personal Finance?
If you think you would benefit from a conversation about your personal finance habits and strengthening your finances, contact Alphastar Wealth by emailing emeraldcoast@alphastarwealth.com, or to schedule a complimentary discovery call, use this link to find a convenient time.
Illuminated Advisors is the original creator of the content shared herein. I have been granted a license in perpetuity to publish this article on my website’s blog and share its contents on social media platforms. I have no right to distribute the articles, or any other content provided to me, or my Firm, by Illuminated Advisors in a printed or otherwise non-digital format. I am not permitted to use the content provided to me or my firm by Illuminated Advisors in videos, audio publications, or in books of any kind.
