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12/02/2020

7 tips to take your relationship with money to the next level

12/02/2020

7 tips to take your relationship with money to the next level

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Having a relationship with money isn’t something you usually think about. It isn’t a living thing, so how can you have an emotional connection with it?

But the reality is, we all have a relationship with money that’s as real as our human ones, and you should treat it the same way.

The word relationship is defined as “the way in which two or more people or things are connected” – and whether you know it or not, you’re connected to your money through your behaviour and your choices.

Exploring your relationship with money allows you to think about how you want it to be, what you enjoy, or don’t, about its current status and what you can do to improve it.

Just like your all partnerships, the more time you invest in your financial relationship the more it will improve. Here we share seven simple tips to help take your relationship with money to the next level.

1. Give it some attention

You’d never say “I’ll deal with you later” to your loved ones, so don’t do it to your money either. It’s important to make sure you pay attention to your finances to avoid missing any urgent issues.

It also allows you to take time to reflect on your behaviour and set out your money values, which in turn will help to increase the chances of success by allowing you to make positive changes.

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2. Set yourself limits

That fancy coffee, those extravagant trainers, tickets to your favourite band – everyone has splashed the cash on a treat for themselves at some point. Sure, sometimes there’s room in your budget for you to afford them, but other times they just aren’t worth sacrificing the goals you set yourself.

Setting yourself spending boundaries can help you learn to say no to yourself when it counts and help you reach a financial goal.

3. Know the difference between want and need

In relation to the above, it’s important to know the difference between wants and needs. You want to go on that dream holiday, but you need to pay all your bills.

By determining the difference, you can then work your way up to giving yourself room for wants. It doesn’t always have to be about needs, but they should come first and you need to be realistic in your approach.

4. Set yourself goals

Relationships don’t stay the same forever, and neither does your financial situation. That’s why it’s important for your financial growth to set realistic goals that will help lead you to success.

It’s also important to make sure that your goals are tailored to you. There’s no point in setting out goals to try and be better than others or comparing your success to them – it’ll only lead to disappointment.

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5. Celebrate success and forgive mistakes

Remember when you were younger, and your parents would put your medals, artwork or school certificates on the fridge or display? It would always give you a sense of pride, and you need to give yourself that with your money. When you make progress, acknowledge that and pat yourself on the back.

This also goes for your mistakes. Losing your temper over them isn’t going to change anything, so instead acknowledge that you tried and forgive yourself. It’s only a momentary blip in your relationship, so it’s best to move on and not dwell on it.

6. Don’t lie to yourself

It’s drilled into us from a young age, to be honest in our relationships and that lying isn’t going to get us anywhere. Well, this also goes for your relationship with money – you need to make sure you’re honest with yourself about your financial decisions.

Being truthful about things you’ve done right, wrong or not at all gives you the opportunity to learn and allow your relationship with your money to grow with you.

7. Seek clarity and understanding

The most important way to give yourself a better relationship with your money is to make sure you understand it. If something goes wrong, you need to look for clarity before jumping to any conclusions.

Once you have done this, you’ll be able to move forward with a better understanding of how to deal with certain financial situations. This again will help your relationship with money to develop and grow with success.

If you’re struggling with your financial relationship and need some help with your finances, speak to Creditfix today. Our experts are on hand to offer you free and confidential advice, just call 0808 2234 102 or click the button below to be connected to an advisor.

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