Wise Money: Create a healthy relationship with money

By Kevin Theissen
Skygate Financial Group LLC
©2018-Telegraph Publishing LLC

Here are six steps for a healthy relationship with your money.

Expect the Best, Prepare for the Worst

We go through many tough experiences in life, most of which are not our fault: job loss, unforeseen illness, accidents, etc. Unfortunate circumstances happen – be prepared for them and your survival rate increases exponentially.

Create Beliefs about your Money that will Service your House Budget as well as Support your Lifestyle and Goals

This will help you to identify the limiting behaviors you have developed with your money. Recognize and evaluate any unhealthy patterns you might have with your money.

Live Within your Means

Don’t spend more than you make. Limit debt and start to view credit cards as a means to be used when needed, and then pay it back immediately. Buy things you can afford, and if you can’t, save up for it! It will feel much better when you know it was a financially sound purchase.

Save

I look at saving money as an item in my monthly budget. Aim for allocating at least 10 percent of your earnings to savings. However, if you can’t start at 10 percent, start lower and increase it on a regular basis to prepare for what’s next in life.

Know Where your Money Goes

Don’t ignore it, but learn to appreciate it. Track your inflows and outflows. This habit alone will build your confidence with your money. But, it can also help when building a steady, strong, and healthy relationship with its role in your life.

Give

Last but not least, allow giving to be a healthy way of living. Choose to be generous and this will help break your desire for more material possessions. Having more money doesn’t make you happy. If you are not at a point where giving financially is an option, choose to be generous with your time. Do random acts of kindness, volunteer to help those in need, or simply listen to someone.

Be open to having a life of abundance – it’s a healthy human instinct. It’s OK to long for a better life. Be aware of your feelings about money and, if they are negative, you can train yourself to change the way you think. Having a healthy relationship with your money can do wonders in avoiding a disaster that could unexpectedly occur.

Print Friendly, PDF & Email

Filed Under: Business & Personal FinanceWise Money

About the Author: Kevin M. Theissen, principal and financial advisor at Skygate Financial Group LLC, has more than 20 years of experience as an investment advisor, wealth manager and tax professional.

RSSComments (0)

Trackback URL

Leave a Reply