Valentine’s Day is fast-approaching, and there’s one relationship that most people could stand to make improvements to – their relationship with money. Many people’s relationship with money is wrought with stress, confusion, anxiety, and poor communication. Here are some helpful tips for how to turn your negative relationship with money into one of positivity, motivation, and control.
Get Serious About Your Future Together
Money (and often debt) will always be a part of our lives. So where do you see your future together? Like any relationship, it is important to consider your long-term goals and aspirations. Goal-setting is a vital part of figuring out what you want for your future and how to adjust your financial decisions accordingly. Without goals in mind, it can feel like you are stumbling through life a little blindly. How else would you know how much you should be saving and whether you are making the right decisions for your future. Just like any romantic relationship, you could spend time with someone who is fun and makes you happy now, but are you really compatible together down the road? Consider where you want to live, your career path, your debt repayment strategy, and lifestyles choices when thinking about your financial future.
People are afraid to talk about money. They don’t talk about how much they earn, how much they spend, or how much debt they owe. And often they don’t even talk about it in their real relationships, which can lead to big trouble. Bottling up our fears and anxieties about money can often do more harm than good, especially when more than one person (such as a spouse) is involved. It is important to remember that debt is not a 4-letter word and it is ok to talk about it with your spouse, a close friend, or a family member. Often just being able to express the reasons for our stress can take a weight off our shoulders, and they may be able to offer some advice. If you aren’t comfortable talking to others about the sources of your financial stress, consider keeping a journal where you can write down what you’re feeling and why. Bottom line? Communication is an essential part of any healthy relationship, including your relationship with money.
Often just being able to express the reasons for our stress can take a weight off our shoulders, and they may be able to offer some advice.
Take Time to Relax
Everyone needs a little break sometimes. While it’s important to develop responsible spending and budgeting habits in everyday life, letting yourself get obsessive about it can just lead to more stress. The intent of a budget is not only to allow you to save and pay debt, but also to allow you to live a little and still do the things you enjoy. Make sure you have some “fun” built into your budget, even if it’s just as simple as treating yourself to lunch once a week. It is also important to find ways to take care of yourself and find ways to alleviate your financial stress. Think of it as taking a night off from your SO to take time for yourself or hang with friends.
Get Professional Help
If your relationship with money has just gotten so bad that you aren’t sure how to begin even improving it, perhaps consider talking to a financial advisor or an attorney who specializes in debt resolution. Depending on your financial situation, these experts can suggest various ways to get your finances back on track. You can think of it like couple’s counseling – it’ll force you to think about what you want from your money and how to get there.
As you can see, there are a lot of parallels between romantic relationships and your relationship with money. And just like romantic relationships, the best one is the kind that makes you feel motivated, in control, happy, respectful, and excited for your future together. These tips can help save your bad relationship with money and turn it into the type where you grow old together.
It isn't always easy to stay on top of your finances, especially when you have developed unhealthy spending habits over the years. However, as you begin to realize the many benefits of having healthy finances, it can become something you want to make a conscious effort to improve. When your finances are in a good place, you often have access to better opportunities whether it be a mortgage loan, greater credit line or business loan. On that note, here is how you can become an expert at managing your finances in case you need a few tips.
Learn to Use Technology
The good thing about managing finances in the technological age is that you don't have to do it alone. There are so many apps available that will help you pay bills on time and track your expenses. For instance, some apps force you to live within your actual income and tell you what to do when you need to balance your budget.
If you need an app that will help you get better at saving, then some will set aside your spare change for you. Also, don't be afraid to use more simple tools such as your smartphone calendar to set reminders about payments if you don't automate them.
Seek Legal Advice
Sometimes, being an expert at something means understanding that you can't possibly know it all. This is why you have professionals around you that can help fill in the gaps where you're lacking. Consider hiring a legal firm to help with any challenges that are beyond you. Lexington Law is a good firm as they could help remove negative items from your credit report. Read this Lexington Law Review (Our #1 Credit Repair Service of 2019) to find out more about how they could help improve your finances.
You can't do better than what you know when it comes to managing finances. You should, therefore, invest your time in learning more about finances and how to manage them. Think about what your goals for your finances are and what knowledge gaps you need to fill.
For example, if you want to invest in the stock market so that you can improve your net worth, then you may need to learn more about investing to do so successfully. To boost your knowledge, try reading articles on credible blogs that share finance information from professionals. Also, be weary of content from finance-driven companies as it could be biased.
Work on Growing Your Income
As a self-proclaimed finance guru, you know that the more sources of income that you have, the better. Work on increasing your streams of income so that you have more money to meet your targets whether it's to save for a property or put larger sums towards retirement. One way to do so would be by getting extra income by doing social media marketing for businesses or creating tutorials on YouTube. If you own a property, renting out rooms is a great way to make passive income.
Live Within Your Means
It can be difficult to live within your means when you live in a society that is always presenting you with things to buy. However, being more conscious about the things that you purchase could help you realize that most are wants rather than needs. To live within your means, always take time to think about a purchase as opposed to impulse spending. You should always get good at bargain hunting as many times you can find items of similar quality at a cheaper price.
Learn How to Manage Debt
Debt doesn't have to be a bad thing if you understand how it works and how to manage it. It can be a tool for credit building when you understand the fundamentals. For instance, if you take out a loan or credit card, always be mindful of your interest rates.
By paying the amount of money you borrowed back in full before the due date, you won't have to pay interest on what you borrowed. If you can't pay back in full, paying more than the minimum payment will ensure you incur less interest. For the most part, the secret to good debt management is never spending more than you can afford to pay back.
Managing finances is a life skill that can help improve your quality of life. By following the mentioned tips and taking your finances more seriously, you're more likely to master the art of healthy finances.