Build a Strong Relationship with Your Money

“What you do speaks so loudly that I cannot hear what you say." - Ralph Waldo Emerson

Get Ready to GROW!

As we step into a new year, it's the perfect moment for self-reflection, especially regarding our money. It’s more than talking about budgets and balances; it’s about building a deeper connection with our money.

Here's 7 ways to love your money!

1. Befriend Your Bucks: It's Not That Weird, Promise!

Alright, let's dive into this weird  idea of a "relationship with money." I know, it sounds strange. Money's not your bestie or your go-to for movie nights. But think about it - like any good relationship, if you want it to thrive, you've got to invest time and care. This goes beyond just your income or expenses. It’s about how you feel about your finances because, guess what? Those feelings are the drivers behind your actions and, ultimately, your financial success.

2. Bond With Your Money

Now, some might say this all sounds a bit woo-woo. But as Tony Robbins says,  “Where focus goes, energy flows.” So, if you want to create more money, it's all about where you're directing your attention. Think about it - your emotions around money can either be your greatest ally or your biggest hurdle. They can bring you joy and security, or stress and fear. And these emotions? They're the puppeteers behind your spending habits, saving strategies, and even career choices. A survey by the American Psychological Association revealed that most Americans feel stressed about money at least some of the time. By acknowledging and managing these emotions, you can make more informed choices, leading to a healthier financial life.

3. Understand Your Money Relationship

It’s assessment time! How cozy are you with your cash? If you’re like me, you love the idea of money, but are you really in tune with it? Do you track your spending? Are your financial goals clear? Ask yourself:

• Do I treat my finances like a trusted friend, checking in daily?

• Do I respect and honor my money, or do I tend to ignore it?

Self-assessment is key to improving financial literacy, which is crucial, considering a report by the Financial Industry Regulatory Authority (FINRA) found that less than 30% of Americans could answer at least four out of five questions correctly on a basic financial literacy quiz.

4. Envision a Bright Future

What do you want your relationship with money to look like? Get creative. Maybe you envision a life where you’re not just scraping by but thriving. Or perhaps you see yourself as a savvy investor, making smart choices that grow your wealth. Whatever your dream is, hold onto it. According to a study by Fidelity Investments, those who set financial goals are 10 times more likely to achieve them. So, let's dream big and set those targets for the New Year!

5. Strategic Steps to Success

So, how do we turn this dream into a reality? It's all about small, consistent steps. Start by setting clear financial goals for the year. Break them down into manageable chunks – think monthly or even weekly targets.  Research shows that people who regularly check their finances save more. In fact, a study by U.S. Bank found that people who use budgeting apps tend to save twice as much annually as those who don’t.

Then, get into the habit of tracking your spending. There are tons of apps out there that can help with this. Also, start educating yourself about finances – read books, listen to podcasts, maybe even take a course. Knowledge is power, especially when it comes to your dough.

6. Build a Lasting Financial Friendship

Your relationship with money is an ongoing journey. Celebrate every financial victory, no matter how small. This positive reinforcement is crucial for long-term financial wellness. 

Remember, emotions and money are like peanut butter and jelly – they just go together. But it's crucial to manage these emotions. When you're feeling spendy, take a step back and ask yourself why. Is it a need, a want, or just an emotional reaction? And when the urge to save every penny kicks in, remind yourself that it's okay to enjoy your money responsibly. Balance is key.

7. Commit to A Year Of Growth

Fostering a healthier relationship with money isn’t about earning more; it's about understanding and managing your finances effectively. As we embark on this journey together in the New Year, let's aim for not just wealth, but financial peace and confidence. Here's to a year of becoming financially savvy and enjoying the fruits of our efforts. Cheers to a prosperous New Year!

Legal Disclaimer: This content is not financial advice and is for informational purposes only. Always consult with a qualified financial professional before making any financial decisions.