Changing Your Money Relationship

It is not difficult to be broke. From the day we begin breathing oxygen, we are consumers. At first, we consume much of our parent’s time, energy, and money. As we grow older, our own relationship with money begins to form.

Many young people receive money for their birthday, Christmas, or some other special day. What do most of us do with the first money we receive?

Spend it!

Through this experience, a “receive it = spend it” mentality forms as we begin our relationship with money.

As we grow older and move into adulthood, many people must “unravel” this broken thinking and change their money relationship.

The biggest challenges people face with their finances are:

  1. Planning its use for the funding of individual hopes and dreams (Budgeting – short and long term)
  2. Saving money (Emergency funds, Known upcoming non-monthly expenses, and Dreams)
  3. Investing (Preparing for the future funding of dreams and retirement)
  4. Spousal involvement (Unity)
  5. Long term planning (Estate planning including wills and advanced directives)

Like any relationship, improvement requires time, effort, and money. How do you need to change YOUR relationship with money?

One Response to “Changing Your Money Relationship”

  1. Simon Elstad September 24, 2013 at 2:56 am #

    For one, I could do more on the planning for its use part. Budgeting doesn’t seem to come so easily, more often than not I’ll operate beyond the budgets boundaries.
    Definitely something am working to correct.

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