How To Transform Your Relationship With Money

Transforming your relationship with money can influence almost every part of your life.

This is because your relationship with money goes beyond receiving a paycheck or paying bills. It is about how you think and feel about money and how those thoughts and feelings contribute to how you use money.

In this article, we'll cover how you can transform your relationship with money by understanding your current relationship, setting goals and intentions for the relationship you want, and taking the steps to establish a healthy relationship with money.

What an unhealthy relationship with money can look like

Having an unhealthy relationship with money often leads to a stressful life because of poor money choices.

This can look like:

  • Impulse shopping

  • Maxing out credit cards

  • Avoiding managing your finances

  • Refusing to talk about money or seek financial assistance 

  • Disliking or displaying anger toward financially secure people

  • Being afraid to spend money even on necessities

How a healthy relationship with money can look

A healthy relationship with money includes:

  • Having a spending plan or budget for your money

  • Feeling good about the money you earn

  • Having a strong savings plan or emergency fund

  • Living debt free or actively paying off debt

  • Being able to make purchases without feeling guilty 

Steps to establishing a healthy relationship

It’s important to know that transforming your relationship with money will take time. Unfortunately, there are no shortcuts to unlearning the false beliefs about money and creating healthy habits. Yet, with a little time and effort, you'll start to see a difference.

1. Take an honest look at your current relationship

The first step is to really take an honest assessment and not a judgment of your current relationship with money. To understand your relationship, ask yourself the following questions.

  • What are my thoughts about money? Are they positive or negative?

  • How have I made progress with money over the last year?

2. Identify how you want your new relationship to be

Now is the time to leave the past in the past and focus on the future. What do you want your relationship with money to be?

Do you want your relationship to be fun yet responsible? For example, you can spend money on things you enjoy but also build savings. 

3. Establish an intention or goal for your relationship

To do this, consider what types of outcomes you want for your new relationship.

Do you want to increase your savings? Feel confident in making more money? Or do you want to pay off debt?

Some examples of financial goals are:

  • Positive habits such as paying yourself first

  • Living below your means

  • Creating a budget or a spending plan that is aligned with your values

4. Start setting a foundation for this new relationship

The easiest way to start building this foundation is through education.  Understanding how money works,  how to use money, and understanding the financial structure can help with transforming your relationship with money.

5. Seek professional guidance

Taking a look at happily married couples, a key to their positive relationship is marriage counseling. Similar to your relationship with money, sometimes you need a little outside help.

And when you seek help from financial experts, they can guide you to make better decisions with your money.

Professionals can help you create a plan for your money and help you to feel good about your money.

Transforming your relationship with money is achievable

With these steps, you will create a relationship with money that is healthy, supportive, and thriving. Remember that this transformation will take time.

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