01 May 2021 • 3mins • Yolt

What's the next step in your committed relationship with money?

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Where to go in your committed relationship with money

So you’ve taken our What kind of relationship do you have with money quiz and you’re in a ‘committed relationship’ with money – now what?

What is a committed relationship with money?

If your money relationship status is ‘committed’, you’re probably already quite a savvy saver. You have a budget set and you’re always on time paying into your savings pot. No matter what happens, you’re committed to smashing your money goals and pocketing any extra pennies for a rainy day.

A committed relationship feels great. It’s secure and consistent, and you never have to worry about it being there for you. That said, you sometimes feel your money relationship is a little needy…

How could your committed relationship affect your savings?

There are occasions when even a committed relationship can feel strained. Let’s have a look at a real-life scenario where your relationship with money might need reigning in.

Imagine this…

You take a sideways move at work. You’re earning less money for now, but there’s progression ahead and you enjoy it a lot more. Thing is, you’ve been saving for a house deposit and the cut in salary means you can’t afford to put away your usual amount. You know this, but you can’t escape the guilt of betraying your money commitment. You decide to stay true to your relationship and go without elsewhere. It might mean missing the odd social occasion, but at least your savings are on track – right?

Wrong! Your commitment to saving should never be so extreme that you have to go without. Your mental health is far more important than your bank balance, so don’t beat yourself up, just put away what you can. After all, every penny counts.

How to keep your committed relationship healthy

So, you see even a secure and committed relationship with savings can become a burden. But don’t worry, that’s no reason to break up!

Here’s how to keep your money relationship healthy, while continuing to save:
Give yourself a ‘you’ allowance: set up a savings pot or simply use your Money Jar to create a little bank of money you can spend however you want
Use Habit Builders: turn on Habit Builders to remind you to stash anything you don’t spend into your Money Jar, that way it won’t carry into next month’s budget
Look at the bigger picture: Saving money shouldn’t stop you from enjoying your everyday life. If you start to feel you’re missing out because of your budget it might be time to re-evaluate. Here’s how to work out your living budget