In the month of Valentine’s, it’s all about relationships – a great time to consider your relationship with money, to recognise how it affects your other relationships, and to build relationships that will help you achieve your financial goals.

Here are our Top Tips for better money relationships

What kind of relationship do you have with money?

Is money a resource you value and use wisely to make your dreams a reality? Or is it a source of dissatisfaction, stress, anxiety, fear and frustration?

Top Tips

  1. Take an honest, neutral look at your finances, without blaming or criticising. Do you have income challenges, a spending problem or debt issues? Do you struggle to manage your money, to save money or to invest?
  2. Once you’ve pinpointed your financial issues, identify the beliefs about money you have that could cause these issues. Do you believe that money is bad? That you can’t handle money? That there is never enough? Begin to entertain more realistic, supportive beliefs: that money is a valuable resource and that you are willing to learn to manage and improve your finances.
  3. Good relationships have clear, healthy boundaries and when it comes to money, those boundaries are called a budget. Create a realistic budget that covers your basic needs and provides for spending, saving and investment.

 

How does money affect your other relationships?

Your relationship with money affects all your other relationships, particularly with your partner. In a survey by a US consumer credit agency, respondents reported that money was the most common cause of relationship stress and almost 80% said that financial issues were a strain on their relationship. The survey also found that couples tend to fight more about money the longer they are together and the more money they have.

Top Tips

  1. Have an honest and open talk with your partner about money, your beliefs about it and what each of you would like to change. Given the survey findings, it may be the most valuable Valentine’s gift you and your partner ever shared!

Do it together! Team up to draw up a budget, have regular money meetings, make decisions together and learn together by, for example, attending a financial workshop.

 

What financial relationships do you have in place?

Good relationships with trustworthy third parties that provide quality financial products, services and solutions are crucial to your financial success.

Top Tips
  1. Look at the financial relationships you have established – your bank, your advisers and your financial service providers. Are you receiving value for your money?
  2. Build new money relationships with experts who can help you make the right decisions about, for example, financing, loans, personalised savings and investments, and even debt restructuring or counselling.

Implementing these two tips are quick and easy: in an absolutely confidential consultation with your Careways financial coach you could review your existing financial relationships and establish new ones that will help you achieve your financial goals, quickly and simply.

In this month of celebrating relationships, these tips will help you transform your relationship with money into one that empowers you to achieve your financial goals and dreams in 2018!
Yours in financial wellness