Why You Need to Improve Your Relationship with Money
by Kaitlyn Ranze
If you’re like me, you have a love-hate relationship with money. You love the idea of having money and being able to afford the things you want, but you hate the fact that you have to work hard to earn it. (Yeah, I know the miracle of compounding makes it easier to earn, but that doesn’t make keeping my money or not spending it is any easier.)
The truth is, your relationship with money is just like any other relationship. It takes work to maintain a healthy relationship and it’s important to be mindful of your money habits. Just like any other relationship, if you want to improve your relationship with money, you need to put in the effort.
We all have a relationship with money, whether we realize it or not. Just like any relationship, our relationship with money can be healthy or unhealthy. Unfortunately, many of us have an unhealthy relationship with money which can lead to all sorts of problems.
If you’re wondering why you should work on improving your relationship with money, here are a few reasons:
1. Money habits are learned and impact what we do and how we feel.
Most money habits are learned from our parents or guardians. We see them handle money, make decisions about spending and saving, and usually follow their lead. Of course, there are other influences too, like friends, media, and even money itself.
Some money habits are positive and help us manage our finances well. Others can be harmful and lead to debt or financial problems down the road. It’s important to be aware of both types so that we can make informed choices about our own money management.
These habits can be learned through good role models, financial education, or simply by paying attention to our own money management. They help us make sound financial decisions and build a foundation for a healthy financial future.
On the other hand, some money habits can be harmful. These include:
Perhaps you’re constantly stressing about money or maybe you’re a shopaholic who can’t seem to stop spending. Either way, these habits can be difficult to break unless you’re consciously aware of them and work on changing them.
2. An unhealthy relationship with money can lead to financial problems.
If you’re constantly worrying about money or spending more than you can afford, it’s only a matter of time before you run into financial trouble. By improving your relationship with money, you can get your finances under control and avoid future money problems.
3. An unhealthy relationship with money can affect other areas of your life.
Your relationship with money doesn’t exist in a vacuum; it affects other areas of your life as well. For example, if you’re always stressed about money, it can lead to relationship problems, health problems, and even job problems. By improving your relationship with money, you can improve your overall quality of life.
If you’re ready to work on improving your relationship with money, here are a few tips to get you started:
1. Be honest with yourself about your money habits.
The first step to changing your money habits is to be honest with yourself about what they are. Do you spend too much money when you’re out with friends? Do you have a hard time sticking to a budget? Once you know your money habits, you can start working on changing them.
2. Set realistic financial goals.
If you want to improve your relationship with money, it’s important to set realistic financial goals. Otherwise, you’re setting yourself up for disappointment. Figure out what you want to achieve financially and make a plan for how you’re going to get there.
3. Talk about money with your friends and family.
Money is still a taboo subject for many people, but it doesn’t have to be. Talk about money with your friends and family members. Share your financial goals and ask for their advice and support.
4. Seek professional help if necessary.
If you’re struggling to improve your relationship with money on your own, seek professional help. A money coach is a great place to start or maybe you need a financial planner or therapist. They can help you get to the root of your money problems and find solutions that work for you.
Improving your relationship with money won’t happen overnight, but it’s worth the effort. By taking the time to improve your relationship with money, you can enjoy a healthier, happier, and more financially secure life.