3 Ways to Build a Healthy Relationship with your Finances

Is it possible to build a healthy relationship with your finances?  YES – it is all about mindset!  The way you think about your finances directly impacts your relationship with your bank account. 

Let’s review my top 3 ways to build a healthy relationship with your finances:

1.Gratitude Mindset

 How you were taught about money has a lot to do with the relationship you develop with your finances. If you were taught having money is a struggle, or it is the root of all evil, you will likely believe money and finances are a source of pain. This limiting belief can be turned around if you are able to change your perspective from lack to gratitude.  Begin to change your mindset by being grateful for what your finances have provided rather than what you wish you had.  Think about the shelter, food, vacations, entertainment, clothing, fun, and opportunities you have been awarded.  Your day-to-day relationship with finances will improve if you look at the abundance it affords you rather than the lack it contributes to.  There is always something to be grateful for.

2. Knowing Where You Are and Where You Are Going

There is incredible satisfaction in saving money for a specific goal. There is the excitement of watching your money grow and knowing you are working hard to achieve a particular goal, be it a house, car, vacation, or big-ticket item like a computer or piano.  Having a healthy money mindset includes patience. We live in an instant gratification society, meaning we want everything the moment we decide that we want it. A need for instant gratification is damaging our relationship with finances as it removes the excitement of working towards achieving a particular goal.  Knowing where you are, where you are going, and the plan you need to get there will provide a sense of accomplishment when you are finally able to purchase the desired item.  Knowing where you are and where you want to be is the first step in building the financial bridge to getting there. 

3. Money is a Means to an End

Knowing what you want to do with the money you have will give meaning and value to your finances.  Having funds on their own should not be your goal; having funds to purchase a particular item will provide you with a much healthier outlook on your finances.  Evaluating what it is you want, what you need to make it happen and the gap you need to close.  You will switch from saying, “I have no money” to “I need $10K to be able to buy the car I want.”  That $10K adds value and meaning to your financial goals rather than merely having the attitude that you are broke or don’t have “any” money based on one particular purchase.  The reason this mindset switch is essential is it moves you from a negative to a positive relationship with your finances. You DO have money to manage your life – what you mean to say is you need to budget or save to be able to have one specific item you are seeking.  There is a world of difference in those statements. 

If you need help reviewing and managing your finances, Gail Sylvester Mortgages is here to help…we are more than just mortgages! We want to assist in creating healthy relationships with money and productive money management.  Let’s connect today to make a plan that works for you.  For more information on a variety of financial issues and questions, tune into my YouTube channel for expert advice and conversation to help you better navigate your financial life.  See you there!