Many of us may consider our relationship with our money a “love-hate” one – but it doesn’t have to be that way. Just like any other relationship in your life, in order for it to be a success, your relationship with money requires a good attitude, consistent communication and an ongoing commitment. Lisa Caputo, Founder and Chief Executive Officer, and Linda Descano, CFA®, President and Chief Operating Officer of Women & Co., offer these tips to help you separate your money and emotions, and forge a healthier way to relate to your finances.
First: Assess how you feel about money. Begin by asking yourself these questions that may determine the psychological factors driving your financial behavior:
- Is money a sign of power or control in your relationships?
- Do you regularly put off budgeting? Saving? Investing?
- Do you use money to boost your self-esteem?
- Does the “rush” of making a purchase drive your spending?
- When growing up, did the subject of money or budgeting start arguments?
If you answered “yes” to any of these questions, it may be time to re-evaluate your attitude toward money and budgeting. A healthy attitude is one that enables you to indulge now and then, but also helps you prepare for unanticipated expenses that inevitably arise. Here are some key ways to get on a healthier track with your personal finances and stay in control of the relationship:
- COMMIT to Your Budget: Commitment is a key element when it comes to successful budgeting.
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