27 Jan 2021 • 3mins • Yolt

Rebalancing your emotional relationship with money

Man relaxing on sofa

Over time, having an unhealthy relationship with money can start to affect your mental wellbeing. If you regularly worry about how much you’re saving, maybe it’s time to think about your mind/money balance.

Use these money mindfulness tips to help you start a new chapter in your relationship with money…

Realise however you feel, that’s okay

If the idea of money makes you feel a certain way, don’t try to fight it. Instead, just be aware of the feeling. Is it fear? Panic? Anger? Excitement?

Whatever the emotion, coming to terms with how you feel is the first step to understanding the triggers – only then will you be able to take practical steps to move your money relationship forward.

Find the route cause

The next step is to ask yourself: “What could be making me feel this way?”

Perhaps you’re scared of trying to save money because you think you won’t succeed. Perhaps you’re worried that if you spend money now, you may never see it again. Perhaps you prefer not to look at your bank account at all, in case seeing your balance causes you anxiety.

You may find the answer isn’t about the money itself, but routed in past experience, misconception or lack of confidence in how you manage your money.

Maybe you remember a time when your family had to be strict with money during hard times, once lost a lot of money very suddenly, or simply crave the security you feel in having a full account on payday.

These experiences can teach us valuable lessons, such as how to be frugal when we need to be. But if they are causing you unnecessary anxiety years later, that’s when it’s time to rebalance your relationship with money and take back some control.

Reframe your thinking

Now that you’re conscious of your emotions and the triggers that make you feel that way, it’s time to change your state of mind. The next time you feel anxious about money, try saying to yourself: “maybe I’m wrong?”

Changing your thinking can be a very powerful way to reframe your point of view. So instead of, “I’m not saving enough” you can start to say, “I’ve done well to save this much, can I afford to save more?”.

It can take time to change the way you feel about money, but it’s entirely possible. Be kind to yourself – all you need is the right tools and a little self-confidence to see your money relationship soar.

Find out more about how Yolt’s smart features to help you build more confidence with your money.