Our relationship with money starts when we are young. Unless we have a healthy approach to money, we may repeat what we’ve inherited.
Your foundation in your understanding of life, including money, starts when you’re a child. But unfortunately, many of us did not come from families with a solid financial foundation.
Whether your family was wealthy or your parents lived paycheck to paycheck, unless they demonstrated a healthy relationship with money, chances are you’ve adopted some poor habits and disempowering beliefs that may no longer serve you.
You must rewire your foundation with money if you want to release any disempowering ideas and habits you may have learned about money.
Read also: 12 ways to improve your finances in 2023
Here are five ways to do that:
1. Question your subconscious beliefs
Most of us adopt financial habits we saw demonstrated or taught by our parents. However, these may or may not help us achieve our financial goals or a healthy relationship with money.
Inherent in these habits and lessons from our parents are deeply entrenched beliefs. Many of us fail to question these beliefs. The idea that you were born poor and may never be rich. Or views money as inherently ‘bad’ and those “wealthy people are entitled.”
If you genuinely believe that money is terrible and wealthy people are entitled, you may unconsciously work against being financially independent because no one wants to look ‘bad’ or entitled.
2. Reframe your beliefs
If you know the life you want and money can help you achieve it, why not adopt empowering beliefs about money?
Beliefs such as; “I can use my money to help others.” And that “money gives me options to live my best life?
3. Put credit in its proper place
Carrying debt — often termed “bad debt” — on depreciating assets robs you of your financial future. Not all debt is “bad.” Debt that helps you purchase assets — such as a mortgage on a home — is often called “good debt.”
Using credit to purchase a new gadget when nothing is broken about your existing one is an example of poor stewardship — of your money and the planet.
4. Release shame
Too many of us walk around shrouded in shame for our poor financial habits and our debt. This article is in no way to leave you feeling ashamed of your current financial situation.
Create a plan to get on track and stay on track.
Pay off your debt. Starting with high-interest debt.
Set some financial goals (3 to 5).
Create a written financial plan.
Work with a money coach.
Limit your access to credit.
As much as possible, pay with cash instead of credit.
Reduce eating out.
Stop compulsive spending.
Discover inexpensive ways to enjoy life.
5. Pay yourself first
When we think about self-care, we imagine a trip to the spa, a quiet evening with a book or a massage. These are all great examples of self-care, but what about self-care when it comes to one of your most important relationships? Your relationship with money.
An essential for of financial self-care is to pay yourself first. Then, automatically have a portion of your income transferred to an account for financial stability and freedom — this should start with an emergency. Once you’ve saved up to six months of living expenses, you should invest additional funds.
Read also: 7 personal finance hacks you must know (must read)
Rewire Your Foundation With Money
Money touches all aspects of your life. A poor relationship with money will impact your health, future, and other relationships. So if money is slipping through your fingers or causing you anxiety, it’s about time you rewire your foundation with money.
Invest in yourself because you’re worth it.
Contributed by Jennifer Thompson
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