Are You Head Over Your Heels or in Over Your Head | Legacy BlueStar | Sanlam Financial Planners Bellville, Cape Town

Financial Planning

Are you head over your heels or in over your head?

What kind of relationship do you have with money and how does this affect all your other relationships?

We all have a relationship with money and the type of relationship you have with money is reflected by your financial situation. If you have a poor relationship with money, it becomes a source of dissatisfaction, stress, anxiety, fear and frustration. On the other hand, if you have a healthy relationship with money, your financial situation becomes a tool you appreciate, improve and use wisely to make your dreams a reality.

All your relationships are affected by your relationship with money

Your relationship with money is not only important to successfully manage, it also affects all your other relationships. A negative relationship with money will impact negatively on all your other relationships – particularly with your partner, your children and other family members. In fact, money is among the top causes of divorce and the most common cause of stress in relationships.

“Money may not buy love, but fighting about it will bankrupt your relationships!” – Unknown

The good news is that it is possible to improve your relationship with money, no matter what it is like now.

Top tips for improving your relationship with money

  • Take an honest look at your finances, without criticising or blaming. Where are your problem areas? Do you have income challenges, debt issues or a spending problem? Do you struggle to manage your money, to save money or to invest?
  • The problem areas reveal your financial issues. This allows you to identify the beliefs about money that cause these issues. Do you believe that money is bad? That you can’t handle money? That there is never enough? Begin to correct these restrictive and inaccurate beliefs with more realistic, supportive beliefs: that money is a valuable resource; that you can learn to handle money; and that it is always possible to improve your finances.
  • Boundaries are essential in all healthy relationships. In terms of money, those boundaries are called a budget. Create a realistic budget and commit to it.
  • Be honest and open about money, your money beliefs and your financial goals with your partner, children and other family members. Include them by making decisions and learning together.
  • Build new money relationships with people who can help you make the right decisions, such as your financial coach.

In this month of celebrating relationships, these tips will help you transform your relationship with money. This will not only empower you to achieve your financial goals but will also ensure your financial situation impacts your other relationships positively.

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