25 Methods to Change Your Relationship with Money
Although you may not realize it, you have a relationship with your finances. Think about it: when you get paid, how do you feel? When you spend money, what emotions are involved?
An essential aspect of living a secure, abundant financial life is having a healthy relationship with your money.
Put these methods in place to change your relationship with money for the better:
- Adopt a “Start Today” attitude. For example, say to yourself, “Starting today, my goal will be to improve my relationship with money.” Then, maintain that focus throughout the day.
2. Shift your paradigm. Please tell yourself that it’s better to save than spend.
3. Reflect on your money history as an adult. Ever since you left your parents’ home, how has your relationship with money progressed? What do you think you could do to improve your relationship with money?
4. Now, could you ponder your money history as a child? Did your parents teach you anything about money? Consider that question from 12 different angles: what did you learn from observing how your parents managed their money? How do your money management attitudes reflect what you learned from your parents?
5. Consider money as the gateway to the future you seek because it likely is.
6. Take a look around you and be honest with yourself. You have tangible enough “stuff.” Isn’t it true you have everything you need, maybe even too much of some things?
7. Add up your unnecessary expenditures for last week. Could you do it for the previous month?
8. Recognize that the money you spend unnecessarily could have been banked for your future, like retirement.
9. Identify your negative money habits. For example, in what ways are you spending frivolously?
10. Get strict with yourself. Could you set up a steel-clad plan to combat your negative money habits?
11. If having a credit card in your wallet causes you to spend freely, leave it at home. So that you know, doing so will prompt you to consider whether you’ll spend money today or not carefully.
12. Recognize the negative points of using credit cards. Could you write out the issues you come up with?
13. Vow to carry just one credit card. Make it a major one (Visa or Master Card, for example). Pick one that has no monthly fees and offers low-interest rates. Avoid charging more than what you can pay off in a month. Doing so improves your relationship with money.
14. Charge to a credit card ONLY when the purchase is an emergency. For example, paying for medical care would qualify as an emergency. However, buying a new bag or smartphone game would not.
15. Establish real financial goals. Please set up a simple budget and follow it. Then, write your overall goals across the top. For example, “I will save 20% of my net pay weekly.” Then do it.
16. Use positive self-talk when you do something you’re proud of related to your money. For example, tell yourself, “I’m pleased that I met with that financial advisor,” or “Good for me, I saved 10% of my paycheck this week.”
17. Stop a spending episode on your way to the checkout. It’s always possible to back out of a purchase. Whose account would you prefer to fatten up — the store’s or your own?
18. Set a new rule: no buying the first time you shop for something. Instead, consider your first shopping trip as “surveillance.” First, see what’s available to meet your need and note the cost — reflect on your possible purchase. Then, decide if you want the item and whether it’s worth your hard-earned money.
19. Realize that having money in the bank is far more important than having that new trinket because it is.
20. Consciously think of your budget each day. If you keep your budget in mind, you’ll likely focus on saving. Otherwise, you could spend without thinking, which would place a wrench in your financial plans.
21. Put your math skills to work. Each day, add up what you spent. Did you fill the tank with gas on the way to work? Grab a gourmet coffee drink? Eat lunch out? Add it up. Then, determine how much you can cut from your daily expenditures.
22. Speaking of math, get excited about your rising bank account numbers. If you have $20 more in your savings this week than last, be thrilled with yourself. The number is going in the right direction!
23. Choose to have money in the bank over possessions. Rather than living like you want to have the most “toys,” decide you want to have the most financial stability.
- Don’t try to keep up with friends or family when owning the latest thing. Remember that the next best thing will be replaced tomorrow, the next day, and the next.
24. Ask yourself what you want for your financial future. If you’re going to retire earlier than 65-plus, plan now so you can successfully do it. Frequently pondering your retirement will help you focus on your current financial habits.
25. Give up your loyalty to self-sabotaging money practices. First, recognize the self-damaging patterns in how you manage money. Then, leave them behind you.
- Your relationship with money affects how you live your life.
You can take active control over that relationship by putting these 25 methods to work for you now. Then, you can live your life when you have a healthy relationship with money!
“If you want to thrive in today’s economy, you must challenge the status quo and get the financial education necessary to succeed” — Robert Kiyosaki
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The information contained herein is subject to change without notice. This material is provided for general and educational purposes only; it is not intended to provide legal, tax, or investment advice or to avoid penalties that may be imposed under U.S. federal tax laws. Contact your tax professional, attorney, or investment advisor regarding your legal, investment, or tax situation.
