Whether you’re a super saver or serious spender, it’s always important to consider your relationship with money. While some of you may have been taught to think about money in a certain way since childhood, others may have had bad financial experiences as an adult. No matter your reason for wanting to work on your relationship with money, here are three things to consider when trying to improve it.
Focus on your mindset
Do you have a healthy relationship with money? Or does the thought of managing your cash fill you with dread? Whether you succeed in saving each month, or get anxious when it comes to planning your finances, it’s vital that you work on your emotions towards money in order to develop good habits. By focusing your mindset and remaining positive on the topic of money management, you will find that you feel more in control.
If you’ve had a bad day, you might feel a lot happier after a spot of retail therapy, a meal out or drinks with friends. However, this contented feeling is only temporary, and the dread will begin to sneak back in when it comes to the end of the month and you’ve gone into your overdraft. Try to cheer yourself up with less expensive treats — whether that’s a walk among the autumnal leaves or watching a film with a loved one.
Cut back on luxuries when you’re trying to save
No matter what you’re trying to save for, you’ll benefit from sitting down and working out where your money goes each month, before calculating how long it’ll realistically take you to to afford the thing it is that you’re after. If you’re viewing your bank statements and seeing that money is being wasted on expensive snacks, coffee or trips to the spa, you will have to try very hard to cut back on these spending habits in order to set some cash aside each month.
Instead of popping into your local coffee shop every morning, try and make time for a latte at home. Equally, if you find that you are going overboard on the shop-bought snacks and meals, set aside an hour every Sunday to prepare your lunches for the week. Recognise the difference between want and need, and these small changes will make a big impact. If disaster strikes and you do need to pay out for something unexpected while you’re trying to save, it might be worth weighing up all your financial options to get by in the meantime.
Celebrate your achievements and don’t dwell on the bad
Have you been able to save more than expected over the past six months? Or do you feel more at ease when discussing money with your partner? If you have moved in a positive direction, make sure that you celebrate it. Likewise, don’t dwell on the blips. If you’ve exceeded your budget for one month, just ensure that you cut back for the following for weeks. After all, we’re all human.
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