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10 Ways to Love your Money

All good relationships need to be nurtured and have time and effort invested in them to grow and thrive. The same is true for your money. Love is an emotion we have access to, but it’s also something we can learn. This means that even if you don’t have the greatest relationship with your finances, you can choose to change it by practicing these 10 actions. Here’s my 10 ways to love and get closer with your money. ‍

February 17, 2021

All good relationships need to have time and effort invested into them to grow and thrive. The same is true for our relationship with money.

Love is an emotion we have access to, but it’s also something we can learn. This means that even if you don’t have a the greatest relationship with your finances, you can choose to change it by practicing these 10 actions.

Here’s my 10 ways to love and get closer with your money.   

1. Get to know it- spend time understanding your money position

How much do you earn, have, owe and need ?  

Know these numbers intimately like you know your mobile number and date of birth. You can download my Money Planner template https://drive.google.com/file/d/1syOic8TaPVKXx-KJsBQKi14dsbpxdVq-/view?usp=sharing

to set out all of your assets and debts in one place to give you a financial snapshot.

Start checking your online bank account/s and super fund balances on a regular basis.  For some of you the first step will be registering for online access to your super fund. 

Start doing this practice on a fortnightly basis to begin with.  I’m hearing you ask ‘where am I going to find the time to do this?’  Well, we all get a lunchbreak if we work full-time. How about devoting one a week or fortnight, to tracking down all your financial accounts – insurance policies, super fund (or funds), bank accounts, credit card statements, mortgage balance.  

Do you know how much money you need to fund your lifestyle ? 

Where does your money go ? review your transaction bank account or accounts. Look at the charges made to your credit card.   

2. Give it some attention

Your finances need a little attention on a regular basis. When something pops up (a super statement, bill, insurance renewal), don’t ignore it, give it the attention and time it needs and deserves.  If you don’t have the time, when you open it, schedule in a time in your calendar over the next 7 days to deal with it. 

Alternatively, you can have a regular calendar entry whether it be fortnightly or monthly, where you allocate an hour to going through your personal finances.  I do mine on Friday’s – and call it my Financial Freedom Friday session.

Having someone-on-one time with your money will improve your familiarity and knowledge of your finances. And I’m talking focused time Lovely, not while watching Netflix. 

3. Communication

Be mindful of the language (words) you use when you talk about money with your friends (or to yourself, in your head).  Talk positively and encouragingly about money, your super and new investments rather than negative talk.  Be kind to yourself, and to your money. What messages are you sending internally and externally about your money ? 

4. Make it Feel Important

Life is busy, and as women we get pulled here and there and can easily get distracted from the important things. You have to decide to make it an important part of your life and prioritise it higher up on your ‘to do’ list.  

Express gratitude for what you have.  Think back to a time when you desired what you now have.  Come from a place of enough-ness rather than not enough. 

5. Plan a Long Happy Future Together

Money is going to be with you one way or another for your whole life, so you may as well come with the mindset it’s going to be a positive and rewarding relationship.  

Create along-term plan for your finances to bring more of it into your life. 

What steps can you put in place today, that will improve your future wealth. Have you checked your superannuation investment option ?  Is it matched with your long term retirement objectives (more on that later if this doesn’t resonate yet). 

6. Celebrate Successes

Once you’ve achieved a set milestone with your finances, reward yourself and share your success or accomplishment with friends and family. 

7. Be Light-hearted

Money doesn’t always have to be dead serious or boring. Have some fun with your money. If you keep statements in folders or boxes, make them bright and cheerful, or your favourite colours. 

Re-name or add nicknames to your savings and transaction accounts to something more interesting that transaction account. 

Turn “money…yawn” into “money …YES !” 

Making money can be so much fun.  Really. Money gives you flexibility and choices.

The more you understand how it works, the better you will feel about it. Focus on what the money can do for you in the future and how it will improve your life. 

8. Show Respect

It’s a basic law of finance – respect your money, don’t take it for granted. Do you know any relationship that works where you don’t respect it ?  

Having and earning money is a privilege, one that we don’t all enjoy.  You are the guardian of your money, so take responsibility and care for it as a parent would for their children.   Appreciate your money, with gratitude. 

9. Be Honest

If you’re not in the financial position you think you ‘should’ be in, be honest with yourself.

Forgive yourself for any money mistakes then look to the future rather than in the past. Managing your money may require a change in your current lifestyle today, for a better tomorrow.   We call it 'delayed gratification'.

 

Be honest and talk about it honestly with friends and family about your new savings plans, debt repayment or investment goals. Honesty pays $. 

 

10. Life Commitment

Relationships have their ups and downs. Sometimes they are exciting, other times they are stressful then they may just move quietly in the background in a comfortable position. The same is true of your relationship with money—it won’t be all discos and parties but choose to love it and stick with it anyway.   

Move towards a money relationship built on respect and value rather than fear and anxiety.  

 

If you love and respect money, it will grow and love you back - I promise. 

Karen xoxo

Warmest,

Karen Eley is a financial coach with more than 20 years’ experience as a financial adviser. Through her business, Women Talking Finance, she helps women to be confident and knowledgeable about all things finance. Karen translates complex financial concepts into simple digestible ideas.

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