Change Your Relationship with Money: Ways to Live with Financial Intention

Although you may not realize it, you have an emotional relationship with your finances. Think about it: when you get paid or spend money, how do you feel?

An important aspect of living a secure, abundant financial life is having a thoughtful relationship with your money.

Here are some tips you can use to start changing your relationship with money and live with intention:

• Adopt a “Start Today” attitude. Say to yourself, “Starting today, my goal will be to improve my relationship with money.” Then, maintain that focus throughout the day.
• Consider money as the gateway to the future you seek, because it likely is.
• Think back to your money history as a child. What is your first memory regarding money? Did you parents teach you anything about money? Let’s consider that question from a different angle: What did you learn from observing how your parents or other adults and family members managed their money? How do your money management attitudes reflect what you learned as a child?
• Now reflect on your money history as an adult. Ever since you’ve been on your own, how has your relationship with money progressed? What do you think you could do to improve your relationship with money?
• Identify your negative money habits. In what ways are you ignoring your finances?
• Take a look around you and be honest with yourself. Isn’t it true you have everything you need, maybe even too much of some things?
• Add up your expenditures for last week. How much was needed versus discretionary? Could you feel better, happier, or more at peace if you redirected money from some of the discretionary spending to areas that are of a greater value in your life? What are those areas?
• Shift your paradigm. Convince yourself that it’s better to save than spend.
• Recognize the money you spend with out intention could have been banked for your future, like retirement, a new home, or other life goals.
• If having a credit card in your wallet causes you to spend freely, leave it at home. Doing so will prompt you to carefully consider whether you’ll spend money today or not.
• Charge to a credit card ONLY when the purchase is an emergency. For example, paying for medical care would qualify as an emergency. Buying a new bag or smart phone game would not.
• Establish real financial goals. Write the objectives you need to accomplish the goals. For example, “I will save 20% of my take home pay each week so I can have $x in an emergency reserve account by the end of the year.” Then do it.
• Use positive self-talk when you do something you’re proud of related to your money. Tell yourself, “I’m really pleased that I met with that financial advisor” or “Good for me, I saved 10% of my paycheck this week.”
• Stop a spending episode on your way to the check-out. It’s never too late to back out of a purchase. Whose account would you prefer to fatten up – the store’s or your own?
• Set a new rule for big ticket or discretionary items: no buying the first time you go shopping.. Consider your first shopping trip as “surveillance.” See what’s available to meet your need and note the cost. Reflect on your possible purchase. Decide if you really want the item and whether it’s really worth your hard-earned money.
• Consciously think of life goals and your spending each day. If you keep your life intentions in the forefront of your mind, you’ll likely focus on redirecting your energy and resources to those goals. Otherwise, you could spend without thinking and doing so would place a wrench in your life plans.
• Don’t try to keep up with friends or family when it comes to owning the latest thing. Remind yourself that the next best thing will be replaced tomorrow, and the next day, and the next.
• Ask yourself what you really want for your financial future. If you want to retire earlier than 65-plus, plan now so you can successfully do it. In fact, pondering your retirement frequently will help you stay focused on your financial habits in the present.
• Verbally commit to give up your self-sabotaging money habits. The act of saying it outloud can have a greater impact than just thinking about it. Recognize the self-damaging patterns in how you manage money, say it and then commit to leaving the pattern in the past.

Your relationship with money impacts how you live your life. Take some active control over that relationship by putting these tips to work for you now. You can live the kind of life you choose when you have a healthy relationship with money!