Ka-ching! Here’s how you can build a healthy relationship with money

Love it, hate it, but you cannot ignore it; that’s money. Indeed, money plays a central role in our lives. We spend a significant portion of our time working to earn it and it influences many of our decisions and experiences. Money provides us with the independence to make choices, the freedom to pursue our hobbies and interests and the stability to plan for the future. Because of its importance, having a healthy relationship with money is crucial for our overall wellbeing.

Building a positive relationship with money involves understanding how it affects our happiness and how we manage it. It’s not about earning and spending but also about making sure our financial habits support our goals and values. By learning to manage money wisely and with a balanced perspective, we can achieve peace of mind and enjoy a more fulfilling life as an adult.

So, join us as we explore how we can build a healthy relationship with money.

Have a growth mindset

When it comes to money, many of us tend to focus on what we lack. Whether it’s not having enough money to buy a car, take a vacation or achieve other financial goals, its always a matter of needing more. Now, this mindset can lead to stress and make us unhappy. Instead, it’s important that we shift our focus and practice gratitude for what we do have. Appreciating our financial blessings, no matter how small is the first step towards building a healthier relationship with money.

Having a positive attitude towards money can make a significant difference in how we manage it. When we approach financial matters with optimism and acceptance of how much we have, we’re more likely to make thoughtful decisions and handle our finances effectively. Further, a good attitude helps us stay motivated and allows us to view financial challenges as opportunities for growth.

Watch the little spending habits

Many of us often overlook small expenses and minor financial details, thinking they’re not significant enough to worry about. However, ignoring these spending habits can lead to bigger problems down the line. Little amounts can add up over time and impact our overall financial health. For instance, ordering food online can go from being a weekend habit to an anytime habit if you don’t know where to draw a line.

Often, it’s the small financial habits that make a big difference. Simple actions like tracking your daily expenses, setting a realistic budget and saving a small amount regularly can lead to improvements in your financial situation. Paying attention to these details can help you stay on top of your finances and reduces stress in the long run.

Don’t get stuck on past mistakes

Everyone makes financial mistakes from time to time. Maybe you invested in the wrong stocks or perhaps, you kept your money in a savings account instead of exploring investment opportunities. These kinds of error are common and part of learning how to manage money better. It’s crucial to remember that past financial mistakes shouldn’t dictate how you handle your money today. It is also important to not let anyone who knows about such errors hold them over you.

A great way of bettering yourself is by focusing on the present and making informed decisions here on, so that you can improve your financial habits and build a healthier financial future.

Compare to none

It’s natural to compare ourselves to others, especially when we see friends’ or colleagues’ post social media content that showcases their lifestyle, possessions and financial success. This tendency to compare can however make us feel insecure about our financial situation.

Comparing our finances to those of others can be harmful. Everyone’s financial journey is different—some people have generational wealth and lesser stress around earning and saving. Others may have had to rise up in life from harder circumstances. So, what works for one person may not apply to another. It’s better to focus on our own financial goals instead. By setting personal targets and celebrating our successes, we can build a healthier relationship with money. The only person we need to compare ourselves is to the person we were yesterday.

Seek experts to manage money

Since math and accounting is not everyone’s cup of tea, managing one’s money can also be overwhelming for some. Seeking help from a financial advisor or counsellor can be beneficial for such individuals. Professionals can provide guidance tailored to your specific needs and help create a plan to achieve your financial goals. They can also assist in addressing any underlying issues that may be affecting your financial wellbeing. Professional support can help you feel more confident in your financial decisions.

Building a healthy relationship with money is important for financial stability and overall wellbeing. By adopting a positive attitude, avoiding harmful comparisons and seeking professional guidance, you can create a balanced and fulfilling financial life.