5 tips to give your relationship with money some love

We’ve heard it all before - money can’t buy you happiness, and while that saying may ring true in many cases,  in this day and age, money can help you achieve your goals, whether they be personal or financial. 

It is, in fact, your relationship with money that plays a massive part in the way you manage your finances and how successful you are in meeting your objectives. After all, money makes the world go ‘round!

So what better time of year than Valentine’s Day to reassess your relationship with the almighty dollar and see how you can take your relationship to the next level with these five tips.

  1. Shift your thoughts about money
    Before trying to change the way you think about money, take the time to reflect on your thoughts and feelings about money. Is money a sensitive topic? Do you feel that you will never achieve your money goals? It’s these kinds of thoughts that do not help with boosting your confidence in making smarter decisions about money. In fact, negative thoughts will often hinder your goals when it comes to money.

    Instead, try to shift your head space to a more positive outlook. Ask yourself, ‘How do I want to feel about money?’, ‘How do I want to spend money?’, ‘How can I achieve my money goals?’. By distancing yourself from negative thoughts, you’ll realise that by having positive thinking, you’ll be one step closer to achieving your goals.
  2. Review your past money mistakes
    Oprah Winfrey once said “Mistakes are the stepping stones to wisdom” and the truth is, we can all learn from our past mistakes, money ones or not. Whether they are small ones, like buying that extra pair of shoes we didn’t need or bigger ones like taking a European summer holiday on a high rate credit card, these are all lessons we can learn and change from. Think about how much those money mistakes set you back, think about what you could do differently next time and learn to not obsess over bad decisions.
  3. Create money goals
    Setting goals for your money is an ideal way to get motivated and start to rekindle your relationship with it. Often, the key to achieving your goals is to start small, and this same concept applies with cash. Some examples of money goals can be;
    - Shop around and set up a savings account that you can contribute to every week, month or pay day.
    - Review your spending and try to limit unnecessary expenditure to help you save money. Eg making your coffee at work instead of buying one every morning on your way into the office.
    - Take up a side hustle. Whether you can do some freelance work, take on a weekend shift or turn a hobby into cash, you’ll have a bigger income stream that will help you save faster.
  4. Be more accountable
    Now we’re not talking about counting every penny here, but rather looking at the bigger picture when it comes to your spending and being more accountable for the outgoings. No matter if you get paid weekly or monthly, it can be so easy to overspend as soon as your paycheque reaches your bank account.

    Instead, distract yourself from those spending habits that are stopping you from reaching your goals. If you work in the city close to stores, perhaps take a stroll to a park or harbour. If you buy your lunch everyday, perhaps try your hand at some meal prep. There are many things you can do to change the way you spend your money. It's important to be intentional with your spending to make lasting changes. See our article on 24 ways to save in 2024.
  5. Stop comparing yourself to others
    When it comes to money and life in general, comparing yourself to others can be detrimental to your relationship with money. Every individual’s circumstances vary, which means that how people choose to manage their money is different. Whether your focus is to save for a holiday, a big ticket item, use it for your child’s education or save up for a downpayment on a house, your goals are yours and it’s best to stick in your own lane to meet them.

This Valentine’s Day could be your time to look at your relationship with money. If your goal is to manage your money better then see our top bank accounts or compare your options below?

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Last updated 22 July 2024 Important disclosures
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