How’s your relationship with your money lately? Have you fallen out of love with your finances?
It happens to the best of us!
Relationships of all kinds require work to flourish. The key to creating a healthy relationship with money is to treat it like you would any other relationship―with love, honesty, and time. By choosing to rekindle your financial relationship, you’re choosing to rekindle your relationship with yourself in the process. By investing in your relationship with money, you’re investing in yourself. And that’s something to be proud of!
Here are 6 ways you can repair your relationship with money and fall back in love with your finances:
- Show up for yourself and your money
How can you rebuild a healthy relationship with your money if you don’t show up for it every day? Instead of ignoring your bank account or turning a blind eye to what your money is trying to tell you, make time for your money, communicate your needs and wants, and acknowledge what your role in this relationship needs to be.
- Don’t be afraid of the hard stuff
Conflict and tough situations happen in every relationship―including your financial relationship. When you hit a rough patch, it’s important to not just run away. Address what’s going on so you can take the necessary steps to fix it.
- Be open to change
Change is inevitable. What may have worked for you before may not work for you now, and that’s okay! Like in every healthy relationship, you need to be open to change and adapt to your current needs and financial situation.
- Celebrate your wins―and forgive your losses
We all have good days and bad days, especially when it comes to our finances. Just as you celebrate momentous occasions like anniversaries, so too should you celebrate your money wins―big and small. Did you pay off your credit card balance this month? Celebrate. Did you make that first appointment with a credit counsellor? Celebrate. And when things don’t go as planned or you have a particularly bad money day, give yourself some grace and learn to forgive yourself. Everyone makes mistakes and it’s important not to make yourself feel worse about them, just as you wouldn’t make a loved one feel worse about a mistake they made.
- Make it a priority
We get it―life is busy. Between juggling work, family, relationships, self-care and chores, it’s hard to find time to fit one more thing into your schedule. But your finances deserve to be prioritized, too! Find an hour each week to take yourself on a date and really get to know your money personality, dreams, flaws, anxieties, goals, and realities. Check in with yourself regularly to make sure your relationship with money continues to be healthy.
- Create open communication
Open, honest communication is necessary for all relationships. What is your money trying to say? What are you telling your money? Are your financial habits aligned with your goals? Are you spending more than you’re making? Are you drowning in debt? Sometimes relationships need counselling and it’s okay if your relationship with money needs it, too. Our unbiased, accredited counsellors are here to help you navigate these murky financial waters so you can start feeling better about your money.
FAQs
What words would you use to describe your relationship with money today? Flow; ease; gratitude; awe; abundance; self-trust; joy. Or, hard; frustrating; scarcity; struggle; powerlessness; fear; doubt; anxiety; stressful.
What is your relationship with your money? ›
Everyone has a complex relationship when it comes to money. How you acquire, spend and manage money is largely due to two factors: the nurturing you received during childhood about money and values, and the way you organized this information in your mind.
How to fix a relationship with money? ›
Prioritize and cultivate a positive and mindful approach to money. Build smart financial habits: Learn to budget, save, and invest wisely. Understand the emotional side of financial decisions. Seek help from a trusted financial advisor and surround yourself with others who have good relationships with money.
Can money break up a relationship? ›
Love and money are often a volatile mix that makes or breaks a relationship, according to a survey from the Institute for Divorce Financial Analysts, with “money issues” being one of the leading causes of divorce.
How do you describe a relationship in 5 words? ›
Understanding, loving, caring , helping each other and always being a loyal.
What role does money play in a relationship? ›
Financial stability is a crucial factor in a healthy relationship and having a stable source of income can provide peace of mind and security. Being employed can also indicate a strong work ethic and responsibility, which are important qualities in a partner.
How is our relationship with money formed? ›
So how is our relationship with money formed? It's formed by our observations and the messaging we see and hear related to money. According to a PBS report, children can understand basic concepts about money as early as age 3, and by 7, their values around money are already set.
What steps will you take to transform your relationship with money? ›
6 Simple Habits That Will Change Your Relationship with Money
- Create and stick to a budget. Creating a budget is the foundation of good financial management. ...
- Set smart money goals. ...
- Avoid impulse buying. ...
- Automate your savings. ...
- Calculate the cost of your time. ...
- Learn about personal finances.
Takeaway. Many relationships involve aspects of both love and financial stability. The varying importance of these factors in a relationship can be up to you, your preferences, and your expectations for romantic relationships.
What is a toxic relationship with money? ›
It feels like your money is working against you. You're constantly worried about how much money you have and whether that money is going to disappear overnight. You feel embarrassed talking about your financial situation in public. Sometimes you're scared to even look at bank statement or open the bills.
Money is widely known as one of the leading causes of divorce in America. It's estimated that financial problems contribute to 20-40% of all divorces. That means that for every 10 marriages that end in divorce, four of them are because of money.
Who is more likely to end a relationship? ›
While it is established that about half of all marriages end in divorce, it is commonly assumed that the breakups are initiated by both genders equally. In fact, it is surprising to most people that women are actually more likely to end their marriages than men.
What is a financial red flag in a relationship? ›
If you find that your partner is hiding accounts from you, such as credit cards, savings or investments, this can be a breach of trust and a major red flag. You don't want to find out they have secret debt by a debt collector showing up at your door.
Can a relationship be strong without money? ›
Yes, absolutely. You put your cards on the table, don't hide anything from your partner, and tell them the truth about your finances. If they walk away, good riddance! If they don't then congrats, you are in a relationship with someone who isn't with you for the money.
What word describes good with money? ›
Some common synonyms of frugal are economical, sparing, and thrifty. While all these words mean "careful in the use of one's money or resources," frugal implies absence of luxury and simplicity of lifestyle. When might economical be a better fit than frugal?
What are words for love for money? ›
money-hunger
- acquisitiveness.
- avarice.
- avidity.
- covetousness.
- cupidity.
- greediness.
- rapaciousness.
- rapacity.
Some common synonyms of rich are affluent, opulent, and wealthy. While all these words mean "having goods, property, and money in abundance," rich implies having more than enough to gratify normal needs or desires.
What words are related to money? ›
Synonyms of money
- cash.
- currency.
- coin.
- bucks.
- dough.
- funds.
- gold.
- dollar.
