Broker Check

Love Is In The Air!

February 15, 2023

February is often known for being a month dedicated to and all about love. But February is not only about valentines and sweethearts; instead, it can also be a month for self-love and self-care, improving relationships with family and friends, and loving others.

In fact, one of the most important relationships we can commit to improving isn’t actually with another person. It is our relationship with money! It is often a very polarizing relationship that can have immense impact on our happiness and other areas of our lives not just now, but also well into the future.

The good news is, we can undergo financial therapy to work on improving our relationship with money and with the right support, make it one of the healthiest relationships in our lives.

So, how do we improve our relationship with money? Here are a few steps you can take:  

  1. Start with Honesty – Be honest with yourself about your current relationship with money. Is it controlling you or are you in control of it? Do you know where your money is being spent each month? Are you living paycheck to paycheck? Have you saved for an emergency or for the future?


  1. Determine your “Financial WHY” - Do you enjoy eating out? Do you enjoy traveling? Do you like saving for the future? Do you enjoy shopping? Do you want to grow your investment portfolio? Do you enjoy fine wines? Do you want a new car? Having a financial purpose can simplify many things and put life into perspective. Knowing your “why” can help bring things into focus, reduce debt, increase savings, and make your goals achievable.


  1. Budget – In a 2022 survey, 73% of Americans didn’t regularly follow a monthly budget. I have found that most people don’t follow a budget because it didn’t align with their WHY. Therefore, it became a source of frustration in their life that they soon kicked to the curb! However, a budget isn’t just about restrictions…it can help you prioritize the things you enjoy.


  1. Track Your Spending – How many of you remember having to balance your check book each month? While it may have been a tedious chore, it helped us know exactly how much money we had in our account. Without that habit, many people have found themselves unaware of their account balance and turning to credit cards to pay for daily needs. This has caused everyday Americans to accumulate record amounts of unnecessary debt. Whether you use spreadsheets or an online app, tracking your expenses and knowing where your money is being spent is crucial to sticking to a budget, staying aligned with your why and reaching your financial goals!


  1. Financial Literacy – Take time to improve your financial literacy via online resources or classes at a local university, church or non-profit organization.


  1. Consult a Professional Advisor or Trusted Resource – If you still need help, contact your Financial Advisor, a financial coach or another trusted resource. Also, many churches have free programs available to help members with their financial/budgeting needs.


Change is difficult and break-ups are never fun, so let’s make February the month we end negative relationships with money and commit to a loving, meaningful and supportive one with our finances.

Wishing you a prosperous 2023!