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In one of your slack moments, try to revisit your relationship with money and find ways on how to improve it. Take a trip of self-exploration to deeply know and re-examine your values and behaviors towards managing your personal finances. Your financial behavior affects your life. What does money mean to you?

While each one holds a unique relationship with money, we still need to have a secure and balanced relationship with money. It still depends on individual differences in levels of financial security and satisfaction. Read on to learn five ways you can improve your perception of money management. 

Weigh your wants versus needs. Record all your expenses and classify them whether they are essentials and non-essentials. You will get to know how much you spend on your wants versus your needs. It is quite natural that you seek pleasure by buying what gives you joy. But if you spend so much on these that there isn’t enough left to meet the basic needs, then it’s time to make a few adjustments in your lifestyle and perception.

Find new ways to reward yourself at the least cost. Definitely, your ‘want’ purchases give you satisfaction. It might be worthwhile to think of alternative ways to reward yourself without spending or costs less. For example, instead of going shopping to please yourself, you might think to spend time meet-up with your friends at the park.

Spend to make you happy, but not on material goods. Buy experiences that enhance your relationships with family and community as well. Spending quality time with family at home or family outings is worthwhile than going shopping at the mall.

Buy, or barter, for more time. Think of ways how you can have more time for fun with family and friends at the expense of money. Hire a babysitter so that you will not tire yourself too much. And, you can enjoy more time with your partner may be a wise move. 

Do not compare. Comparing yourself, most especially on income and material things, creates a never-ending thread of dissatisfaction, You tend to compare your income with an officemate and feel satisfied if you know you rank higher. And you always have a watchful eye on your neighbor if they bought a new home appliance or the whole family went out shopping. 

Reflect on yourself to know what you really want to happen without comparing. Focus on how far you have gone through your hard work. Take contentment in analyzing your achievements because of your efforts and not on the activities of other people.

The takeaway: Every individual is unique. Different family backgrounds and personal experiences mold our behavior and perception of money. It is on this premise that the relationship with money becomes complex. How each one acquires and how he manages and spends his hard-earned money varies significantly between individuals.

A healthy balance between acquiring and spending money becomes the challenge. It is essentially important that the balance should not cause financial difficulties and that everyone is reasonably contented. Otherwise, you are in money trouble!

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Categories: Budgeting