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What Is Your Relationship With Money Like?

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Money Relationship

What Is Your Relationship With Money Like?

Some people say the world would be a better place without money and that “money is the root of all evil”. Others believe money makes the world go around. 

What do you think? Is money something that causes you and your family worry and stress, or do you see money as something that empowers you and enables you to do the things you want in life? 

It’s important to understand the way you and your family view money and the role that it plays in your household. Are your beliefs about money empowering you or disempowering you?  

Your Attitude Towards Money

Do you tell yourself that you’re just one of those people who can never save money? Do you believe some people are just better with money than others? If so, why are some people better with money and why do you believe you and your family are unable to save money? 
It´s common for people to blame things like their employer, or the city they live in, or their job as the reason they´re unable to save money. Think about this: if you changed job or moved city, would your spending and savings behaviours change? We´re guessing they wouldn´t! 

It’s one thing to be underpaid and living in an expensive city on a low income, but, in many cases, it’s the way we view and prioritise the money in our life which determines our bank balance at the end of the month. 

Studies have shown that those who see money as power are more likely to experience financial troubles than those who see money as a provider of security. 

Studies have also shown that worrying about how much money you spend, buying things in an attempt to feel good, and being in denial about one´s spending habits are the most dangerous. Instead, we see money as something that provides opportunity and security, we´re less likely to experience financial distress.  

Understanding Your Motivations

Unless we´re careful and unless we explore our relationship with money, you can find yourself chasing the rainbow. As German philosopher Arthur Schopenhauer famously said, “wealth is like sea water, the more you drink, the more thirsty you become”. 
There’s nothing wrong with wanting to buy material goods – a new car, new furniture, or new clothes, for example. What’s more important is to understand the motivation behind the desire and to ask yourself if and how the purchase will enhance your life and overall wellbeing. It´s important to have a healthy relationship with money where you can live comfortably but still save money and not overspend. 

Money Leads To More Opportunities

Having money leads to more opportunities. For example, think about job hunting. Having access to money, be it through savings, a credit card, or a loan, means you´re in a stronger position to explore your options instead of having to take the first offer that comes along. You can afford to be choosy and seek out opportunities. 
Having access to money can open up your world in many ways – allowing you to travel more freely, make unforeseen repairs, replace broken items, and purchase goods when needed. Again, when money is seen as an enabler and something which can provide security, we´re less likely to experience financial problems. 
So, what is your relationship with money like? 

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.