Josh Elledge - CEO, UpMyInfluence
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Resetting Your Relationship With Money
Psychology and budgeting aren't things we often think of concurrently. This might be, however, one reason some individuals struggle with saving money or reaching financial goals; because of their current relationship to money. No matter what you struggle with, here are some tips to resetting that relationship and building a better foundation when it comes to handling your finances.
Assess Where You Are
The first step to recognizing your relationship with money is to dive into your own opinions and behavior towards cash. Do you want to have a large emergency fund, but you always tend to spend your extra cash? Or maybe you're not contributing enough to a specific financial goal you set previously – out of fear. Whatever your circumstance, look at yourself from this perspective. Recognizing how you innately handle money is the first step to improving that relationship. Do you save and never spend a penny on yourself? Or do you always spend whatever you set aside? Start asking yourself these questions. You can even find ‘money personality’ quizzes online that can help you determine these qualities in yourself.
Reconfigure Your Goals
If you know you've been struggling to reach a financial goal because of your personal relationship with money, start to reframe your goals. Yes, you'll need to do some work and soul searching to begin changing any negative associations with finances, but you'll also need to start framing your goals in a way that works for you. If you frame your goals in a way that appeals to your personality type, you'll actually start seeing the results you're looking for. Take a step back and decide how you can not only change your own behavior with money, but also how you can change your approach to your goals.
Seek a Financial Advisor
Sometimes, what we need is some accountability and structure. Consider seeing a financial advisor a couple of times annually to reinforce or reset financial goals that make sense for you. Making sure your financial goals are achievable and realistic is part of a financial advisor's job, so consider talking to one as you reframe your financial goals.
Give Yourself Grace and Room to Grow
Remember, no one is perfect and money struggles are as commonplace as ever. Keep in mind that you're not alone in your struggles and that your relationship with money doesn't define you. Taking the first steps to improving that relationship is an amazing start; don't forget to celebrate yourself when you dedicate yourself to growing and improving.
