3 Ways to Get a Healthy Relationship with Money

What does it mean to have a relationship with money? On the surface of it, it seems like an absurd idea: money is simply what we use to buy what we need. But the truth is that just like family or a significant other, you have an internal relationship with money that transcends the purely practical.

The way we think about money and its place in our lives can be complicated and rife with insecurity and dysfunction that leads to poor financial decisions that can negatively impact our lives. So how do you cultivate a healthier relationship with money? Just like any other kind of relationship in your life, the answer is a mix of honesty, dedication, and work.

Here are 3 ways to redefine and shape your relationship with money so it's healthy in the long term.

Cultivate Impulse Control

Though impulse control is something that everyone struggles with when it comes to money it can be particularly difficult. How often have you been shopping and picked something up that wasn't on your list only to find once you get home that you didn't really need it? A lack of impulse control can cost you hundreds, if not thousands, in the blink of an eye if you're not careful.

One simple way to gain a little impulse control is the fifteen-minute rule. It's easy to remember: every time you feel the impulse to buy something that isn't on your shopping list, wait fifteen minutes before putting it in your cart. Often this brief time to reflect will strip the luster from what you were going to buy.

Understand Its Limitations

We often use money as a means to feel better about ourselves or mask our insecurities. To use the quintessential mid-life crisis example, do you really want a new shiny sports car? Or do you simply want to feel young again? Does a bigger paycheck really validate your life choices? Will a full bank account actually give you a sense of security?

Often we throw away money pursuing a feeling that we don't need money to achieve. Money has many very real uses, but it's important to understand that it has limitations. You can't buy a better relationship with your family, for example, or use it to get back lost time.

Think About What You Really Want

Once you understand the limitations of money, it's time to take the next step and start to redefine your relationship to center on what you really want. Want to explore the world and travel more? Taking on more hours at the office won't give you that.

Don't get carried away making money only to find that you don't know what you really want and have fallen into a rat race of making more money just for the sake of having it. Think about what you really want, and then fit money into that picture, not the other way around.

Build Your Relationship

Redefining your relationship with money is no easy task, but it has a lot of positives. Not only will it make you more comfortable with your life decisions and situation, but you'll find yourself saving more money without even trying.

Sometimes our relationship with money can take a sudden and negative turn through no fault of our own. If you're hit with a sudden and unexpected expense than a payday loan may be your best option to get back on your feet. Payday loans are a type of loan that uses the title of your vehicle as collateral for a loan. Payday loans are fast and convenient and may be able to get you the cash you need as quickly as today. Just fill out the simple online form to get started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.