This time of year is often all about relationships with Valentine’s Day being right around the corner. However, another important relationship you should consider working on is your relationship with money.
Your relationship with money is important because you handle money day in and day out. If you’re going to have to deal with money for the rest of your life, wouldn’t you want to make sure you feel great about your money and it doesn’t stress you out or make you feel overwhelmed?
Just like with any other relationship, you need to cherish and nurture your relationship with money. Here are five ways to improve your relationship with money this month.
1. Respect It
A relationship is nothing without respect. Having respect for your money means paying close attention to what you do with it and how you handle it when new money hits your account. What if you were on YouTube and you saw a catchy video title that seemed like it was interesting enough to watch.
You click on the video and realize it was not what you expected at all the title was very misleading. How do you feel? Possibly, you feel betrayed and taken advantage of. But you may also feel like you wasted time. The person who published the video and assigned a click-bait title definitely disrespected your time.
We tend to notice when our time is being disrespected, but we don’t pay much attention to when our money is being disrespected. To start having more respect for your money, make sure you’re spending it on things that have a clear purpose and provide an impactful benefit.
Don’t take money for granted and don’t treat your money like crap when you feel like it’s not working for you.
2. Pay Attention To It
Your relationship with money is likely non-existent if you don’t pay attention to it. It’s important to know what’s going on with your finances so you can plan accordingly. If you never pay attention to your money, it becomes a one-sided relationship where you only look at it when you need something.
When it doesn’t provide the solution for you, you may lash out or start to ignore it more. Here’s the thing, your money can work for you or against you.
Pay attention to it so it can start to work for you. Don’t just create a budget. Track your expenses and monitor your spending daily. Check in on your transactions and make note of upcoming bills so you know what’s going on at all times.
3. Love It
I don’t think you should love money like you love your spouse or kids. Loving money too much can actually be a negative thing. What I’m proposing is that you be more positive with your thoughts, expressions, and actions surrounding money.
Most of us love money for what it can do for us. When we don’t have money, we no longer love it. What if you had unconditional love for your money? What if you didn’t dread every moment that you had to spend time with your money whether it involved reworking your budget, a finance meeting to go over expenses, or simply logging in to your online banking each day for an update.
Pay close attention to how you feel when you do these activities. Are you basically telling money that it sucks if it doesn’t’ follow your orders? Or are you approaching your money with positivity, hopefulness, and love? This may sound silly on the surface, but your thoughts often determine your actions.
If you want to be better with money and even have more, you have to change your attitude surrounding money to one of love.
4. Don’t Be Afraid Of It
You can’t possibly improve your relationship with money if you’re afraid of it. Don’t be afraid to spend or make money. Unlike time, money is a renewable resource and asset.
You can always get more, so try to avoid the habit of excessively hoarding your money. Money is meant to be used and spent wisely. Most people who hoard money or over save do so out of scarcity.
They’re afraid of what will happen if they don’t have money along with the unknown. Since the future is unknown, it makes no sense to worry about what might or could happen.
Just prepare your emergency fund to an amount that feels comfortable for you, then live your life.
When it comes to making more money don’t be afraid to take a risk or even to fail. Invest in yourself and allow your mindset to let you dream big when it comes to the possibilities.
5. Spend Time With It
Spending time with money isn’t what it sounds like on the surface. It’s super effective when you spend time thinking about your uses and purpose for money. Why do you want to have money? What do you need it for? What are the benefits of having it around as well as the drawbacks?
When you spend time thinking about your why behind money, you can get a better understanding of what your purpose for money is. Money is just a tool. We use it for things we need and want.
Spending more time thinking about this so you understand the concept can also help you get a better understanding of your wants and needs.
Take These Steps to Improve Your Relationship With Money
Your relationship with money is one of the most important relationships you’ll have. Even if you’re not on the best terms right now, the good news is that it doesn’t take much to improve things.
You can start slow by changing your thoughts surrounding money. Make time for it and understand what you want or need it for. Respect it. Don’t neglect it. Soon, you’ll start to see the benefits of having a great relationship with money as it can help improve your financial situation overall.
Have you used any of these ways to improve your relationship with money?