Our Relationship With Money

We all have a relationship with money.

Each of us carries our own views and beliefs about money that shapes our relationship with it. These beliefs can be formed through how we were raised and throughout our adult lives as we experience life events. Money is a tool and a vehicle for us in our everyday lives, so it’s crucial to understand how you interact with it.

Two Ends of The Spectrum

There are two ends of the spectrum that I typically see for myself and my clients. Those ends are frugal and frivolous.  And a million different variations in between on that spectrum as well. Neither of these are right or wrong, good or bad.  However, if you find yourself on either end of the spectrum, or constantly fluctuating between the two, it might be time to check in on your relationship with money.

Being Too Frugal Can Cost You Your Life!

Just like we work on our personal and professional relationships on a day to day basis, our relationship with non-human objects can be just as important to understand and strengthen. Like money!  Being super frugal and constantly saving, saving, saving can be a dangerous zone!  The people that I’ve worked with on this end of the spectrum tend to sacrifice having fun today in FEAR of not having money or losing it all. Perhaps this was from growing up with little disposable income or in poverty, or seeing frivolous parents blow away their money.  Or perhaps they lost a job at some point or had some sort of traumatic experience along the way where now there is fear instilled. No matter where it comes from, being extremely frugal can cost you your life TODAY.

The Other End

The other end of the spectrum is paying little to no regard to money. Being completely irresponsible with money and having ALL the fun TODAY.  Sacrificing all future savings and potentially even digging a hole of debt along the way. Typically, living on either end of the spectrum for too long ends with a serious wake up call.It’s not ideal to wait for those life altering events to come out of our money  extremes, but sometimes that’s what it takes.  Know that there is a healthy balance that can be found in all of this! There is a level of responsibility that we must take for our lives and our money.  That allows you to have fun TODAY and in the future.

Being Responsible With Your Money

Sometimes it is misconstrued that “being responsible” with your money equals saving a bunch of money.   Sure, that could be the case! Saving money isn’t BAD, obviously. It’s good to prepare for your future, but NOT at the cost of your current state of happiness. There is a balance that can be struck that allows you to loosen up a little bit and not stress every dollar that you spend, and also know that you’re on your way to your big financial goals.

Personal Choice!

These are all personal CHOICES! It is a choice to take responsibility. It is a choice to plan for your future. And it is a choice to have fun today. Typically I see this happen most effectively through mindfulness, goal setting and planning!   Chances are if you feel the ups and downs of this rollercoaster, some simple mindful practices around money and getting a game plan could bring you peace of mind.

Liked this blog? It was written by WalletGyde’s new financial mindset coach, Jordan Youngblade! Her philosophy is it’s not always about having MORE money – it’s about how you view and use your money. She will completely transform your money and LIFE through her process! Stay tuned, she will be sharing her expertise all month!

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