Most of us juggle a lot of important relationships in our lives. One of the most important is our relationship with money. Do you know your money relationship status? How do you determine if your relationship status with money is healthy or in need of some TLC? Do you know what to do if you and your finances hit the skids and are in need of some “couple’s counseling”?
We all manage many different relationships in our lives, but the one you have with money can be a particularly tricky one to navigate. Knowing how you relate to your finances is an important part of planning for a healthy financial future. If you aren’t quite sure where you and your money stand, read on to determine your status.
It seems like single folks fall into two camps; the ones who are carefree, content and enjoying their freedom, and those who are biding their time waiting for the right relationship to come along. Which describes you and your finances? If you put yourself in the carefree relationship status category, be cautious! It’s easy to think ignorance is bliss when you are so busy having fun you can’t be bothered with boring things like budgets. The trouble is, ignorance can come back to bite you in various ways, and the consequences can be far-reaching!
There’s nothing wrong with living the “single and fun” life with your finances for a short time, as long as you can afford to have fun without harming your future. Make it a short season and make sure you follow some basic principles to keep yourself out of trouble. Have fun; just have fun on a budget!
You’ve started a relationship, and *fingers crossed* this could be the one. If you’ve just started to get serious about your finances, congratulations! There’s no rush to make a lifelong commitment when your relationship status is “just getting to know each other.”
Now is the perfect time to cover the basics like setting goals, building a budget or getting out of debt. You have time to build a healthier relationship with your money than you might have had in your “single” days.
Maybe it’s been a long process, but you’ve finally made the leap to a lifelong commitment. You are excited about the future and the possibilities it holds. If your relationship status with your money is building a future together, this is a wonderful place to be financially! You have clear financial goals and have made the decision to move forward with the tools and techniques to make them happen.
Many engaged couples go through pre-marital counseling during the time prior to their wedding – perhaps you can take a cue from this practice and do some counseling for you and your finances as well. Whether you meet with a Credit Counselor, a financial planner or even both, make sure that you stay committed to the future health of your relationship with your finances by taking steps to stay healthy and committed for life.
The wedding is over and now you are living out your “happily ever after” – right? While we hope that you and your finances have a blissful and trouble-free future, chances are, like any marriage, you are bound to have some ups and downs. One of the keys to a happy relationship is realizing that it’s completely normal to have difficulties from time to time and that the way you handle them will determine your success.
It’s important that you keep your relationship with your money in focus if you want it to stay healthy. Personal finances are not a “set it and forget it” endeavor. They will need attention and focus. Perhaps you and your money need to have a regular “date night” where you spend some quality time going over your budget. It’s an investment that will pay off large for your future!
Maybe you started off with all the best intentions. Your relationship status with your money was thriving and the future was looking bright! You can’t always see the bumps in the road ahead, and without warning, your finances can get complicated.
If you’ve hit some roadblocks in your relationship, it doesn’t mean it’s over forever. Maybe the budget you have isn’t the right fit for you. Maybe your goals are out of date. Perhaps you have accumulated debt and need to find your way back to a healthy place. Whatever the case, there is always a chance for a fresh start – don’t throw in the towel! It may not be easy, but you can untangle a complicated relationship status with your money and build a stronger bond as you move forward. Getting back to the basics of goals, budgeting, tracking your spending, committing to pay off debt and establishing savings are great places to start.
No matter what your status, every relationship requires work— and your financial relationship is no different. Are you looking to move to a different level in your relationship with your money? Let CESI play matchmaker! One of our certified financial counselors would be thrilled to provide a free assessment of your financial situation so you can determine what your new relationship status will be. Give us a call today!
Consumer Education Services, Inc. empowers people to overcome their financial challenges and lead financially-healthy lives.
CESI is NOT A LOAN COMPANY