Improving your relationship with money

Improving your relationship with money can have a huge effect on your life. Suddenly, you are no longer a slave to money, but it becomes your enabler.

But what do I really mean by that?

To start with it’s a good idea to reflect on your current attitude to money and how that has been shaped.

For most of us, our parents and family have had a huge impact on how we treat financial matters. I have been open about my own family and how it spurred me on.

Some families find managing finances to be incredibly stressful and upsetting and choose to ignore matters rather than tackling them. We know that burying our heads is not really the way to go, but money can feel like a very steep mountain to climb.

But your very first memory connected with money is likely to be the starting point to how you feel now. Did you get pocket money? Were you encouraged to save it, or spend it? Did you get treats, or were times tough at home? Did you go on holiday every year? And were those good memories?

I want to encourage you to ask yourself if the life you had growing up was one you look back on with great fondness. One that you would like for your own children. Or, whilst it might not have been tough, would you prefer a different life now?

And moving forward to the present day…

How do you feel now? Do you feel you’re working very long hours, constantly saving money for your retirement? Do you feel like there are enough hours in the day to do what you really want? We have talked before about clients, and indeed my own family, and not being able to enjoy retirement. The problem is that we find that out too late.

This is why I am passionate about encouraging all of my clients to live the best life they can right now – not wait until sometime in the future that may never come.

There are many people who have not spent time enjoying hobbies and pastimes and genuinely have no idea how to occupy themselves when they retire. You need to start that process now, so retirement is enjoyable for you. But equally, so is the life you live right now.

And actually, that leads quite nicely on to my next question…

What would you do right now if you had more money?

There are numerous stories about big winners – the lottery, the pools (for those old enough to remember!) and so on. Many of those winners didn’t end up with better or happier lives as a result of their windfalls. Some have even spent it all and gone back to being broke. And that’s another key lesson in your relationship with money.

Remember that the list of new shiny things you’d like to buy will soon dwindle and the novelty of owning those possessions soon fades.

If your first thought is around resigning so you can spend more time with your family, you should consider if you need to find a role that is better suited to who you are now.

Having more money will not buy you happiness – the old adage really is true. But challenging yourself around what good might look like with more money in your pocket may help you evaluate your life and make the right changes.

And what about if you had more time?

So, let’s assume you didn’t have to, or chose not to work anymore. What would you do with your time?

I’ve said before, there are only so many rounds of golf you can play – and I’m a keen golfer!

Again, rather than thinking there is a list of “one days” to be ticked off when you reach retirement, could you plan some of these things in now? Is it really that you think you can’t afford it, or are your financial perceptions holding you back?

When you look back on the life you have lived, what do you want it to look like?

Nobody ever said they wished they worked more hours! But spending more family time, supporting a good cause, helping friends, enjoying your life pleasures… They are all things we can do – so don’t wish that you had – do it!

If you would like to learn more about changing your relationship with money, I would love to talk to you – 01344 875 310.

Start getting a return on your life…

First steps: Take your free Return on Life Index assessment

Improving your relationship with money
Start getting a return on your life…

First steps: Take your free Return on Life Index assessment