Most people don’t even know that they’re connected to their income. Money is easy to see as something for which we have to just deal it.
In fact, the relationship with money is like a person in your life.
You ‘re in it by default, as in any partnership. Our relationship with money is valued by actions and purpose, and our relationship with money is no different.
1.Identifying what kind of money person you are: relationship with money
Establishing a successful financial partnership begins by knowing which kind of person you are and whether you fall into the following categories.
Contributors Will you still shop over and above your resources?
Will shopping have a relation with your mood?
If so, you can see yourself as a contributor.
Contributors expend money in the expectation of getting joy or alleviating the suffering.
The Misers fear poverty and worry that they don’t have ample resources to live.
Miser must be under control and are usually uncomfortable with any form of discomfort.
Interestingly, the misers are worried about poverty, but they live there because they spend too little.
The Haters Money haters they absolutely hate money and what it does to people.
They avoid wealth and often live in conditions of deprivation and desolation.
They will deliberately avoid material possessions whenever possible.
The Searchers Money seekers are the ones who are obsessive about becoming rich.
These people are putting a premium on making a fortune, believing that it will solve all their problems.
In reality, in their lives, they usually face other weaknesses that they seek to compensate for material resources.
2. Weekly 20-minute money date: Relationship With Money
The money will help to foster a closer friendship, with a little face time.
Sit down about 20 minutes a week to review your checking and savings accounts, the balance on your
credit cards, the budget audit and adjust your finances.
You can see where you are and be rational with improvements that will boost your finances.
3. Prioritize and make goals: Relationship With Money
You need to have something to do in order to give your relationship with money a priority.
You must have a money plan, irrespective of whether it pays off loans, saving more for a family holiday, or putting Money should be set aside in case of emergency.
Having a road map is not just a vague picture of where you want to go.
This is the plan that helps you to formulate yourself and gives you simple steps to succeed.
Set both short-term and long-term targets Short-term targets — less than $5000, or a sum that can be met in less than one year.
It could range from updating your computer into debt to even building an emergency fund for you.
Short-term savings target is a perfect opportunity to practically cash yourself for compensation.
Long-term targets are something costing over 5000 dollars that can be accomplished for the next one to
five years.
Long-term objectives can be to purchase a home, pay all of your debt or undertake an extensive journey.
These goals will be more fulfilling and can help you even when they are achieved.
Include these strategic goals in your budget and determine how much it needs to achieve this goal.
4. Have faith in money for a long time: Relationship With Money
Relationships are periodic, sometimes thrilling, and sometimes in the background, they live peacefully.
Nothing is static.
The same applies to your money partnership — not all rainbows and marches can be. You have to make the decision anyway to do it.
5. Adopt a budget: Relationship With Money
A budget helps you to know where you are and where you will be when your costs are met.
You have a budget that can be calculated so you know exactly where your money is going (as long as you follow it carefully).
By calculating how much you can spend in advance on each category of your life, you can ensure that your money for each item is available as long as you meet these limits.
A budget reduces surprises and helps you predict costs rather than blinds. Yet again, you must be honest and keep track of all costs
If you have not decided how you feel about your financial life, it is the same as when you delay a
decision to determine whether or not your present beauty will remain.
You say you‘re at the fence because of something outside, but in fact you don’t want to gather the requisite data so you can make an educated decision.
Change can be painful — but the other side of pain is a caring and safe monetary partnership, it is only waiting for your decision.