Money plays a big role in our lives, but lots of people find it tough to have a good connection with it. Some might spend too much, get into debt, or always feel like there's not enough. This can make them stressed and worried. But don't worry, there are ways to make your relationship with money better and set yourself up for a happier financial future. A future where you have more freedom with your money and get to live life the way you want.
Here are some simple ways to make your relationship with money better:
1. Developing a Financial Style
We hear a lot about money from the time we're little until we're adults. Even if we grow up in the same home, we might not all think about money the same way. Our financial views can change as we grow older or go through different experiences. Sometimes big life events can totally change how we deal with money.These experiences can also influence our financial goals, such as saving for retirement, buying a house, or starting a business. For example, if you have a scary experience, you might decide to spend money on adventures instead of saving it. Or if you become a parent, you might start saving money for your kid's future.
Sometimes, people might even do things that aren't right to get more money. Even people who already have a lot of money might think they need even more.
2. Dimension of Acquisition
The dimension of acquisition is not about how you make money but how much money makes you feel secure. Some folks think money causes problems, while others feel you can never have too much. On the other hand, some folks don't see the point in chasing after money. When it comes to getting money, you might avoid it, always want more, or be somewhere in between. Where do you fit in?
In some cases, people might even break rules or laws to get more money. Even those who already have a lot might still believe they never have enough.
3. Dimension of Management
Managing money involves different aspects and varies from person to person. Some people who spend money impulsively might not manage it well. However, just like how everyone has different spending habits, managing money is also unique to each person.
Money management includes things like paying bills, handling investments, and focusing on tax planning and management. A person who is super detailed might track every little expense, while someone less organised might put off paying bills and not really know how much money they have. So, how you deal with money is personal and can be different for everyone.
4. Understanding Money
Understanding money is really important. If you're too extreme about it—either too obsessed or careless—it can cause problems. Having a balanced and healthy relationship with money means you're not stressing about it all the time. You're comfortable with how you handle money, and it's not causing you financial stress. If you're not in a good place with money, it can lead to problems. Once you figure out where you stand with money, you can work on fixing any bad habits or making the good ones stronger.
5. Practicing Gratitude
Be thankful for what you have when it comes to money. Instead of thinking about what you don't have, focus on what you do have and appreciate it. This can change how you see money from not having enough to have more than enough, making you feel happier and more in control of your finances.
Closing Thoughts
Getting better with money is something you work on over time. By following these suggestions, you can make your financial future more positive and satisfying. Remember to be patient and kind to yourself during this journey, and if you need help, don't hesitate to ask for it. With time and effort, you can build a good and lasting relationship with money that will benefit you for a long time.
Author Bio:
Sakshi Negi, works with the Content Marketing Team at Freo. She’s on a mission to simplify banking, personal finance, and money management through the content she develops. Whether it's decoding banking terms, finance planning, or mastering the art of personal finance, Sakshi shares her knowledge with her readers with actionable advice and tips. Beyond finance, she enjoys photography, reading, and practicing yoga. Feel free to connect with Sakshi at sakshi.negi@freo.money for a friendly chat about making your money work smarter for you.