Today is Valentine’s Day, a day where some will bemoan the commercialism of the so-called Hallmark holiday, others will revel in red roses, and others still will ignore it altogether.
It seems somewhat fitting, then, to talk about relationships.
But don’t worry — this isn’t about me!
It’s about how we can build a solid relationship with… money.
The hallmark (!) of any good relationship is the ability to be honest — with yourself as much as anyone else. The same goes for your relationship with money.
Let’s say, for instance, you have a credit card debt you’re avoiding.
When the bank calls to talk about the debt, you cry: “It’s not me, it’s you.” When a statement arrives, you quickly delete it. Sooner or later, you start to think about whether it’d be easier to change your appearance and start a new life than deal with it.
But if you want to build a good relationship with money, you’re going to have to start being honest with yourself about where you’re at, as hard as that may be.
Learn to compromise
Compromising is key in most relationships, money included.
In romantic relationships, you might have to compromise on anything from where you go for a night out to who gets to pick out your Netflix show.
When it comes to money, you might need to learn to compromise when it comes to wants vs needs. Think: you want the new iPhone, but you don’t need it. What you do need is to top up your emergency fund so you have a safety net.
So, maybe you compromise with yourself: When you hit $X in your emergency fund, you can buy yourself a secondhand iPhone. (And maybe by then you don’t want one, anyway!)
Trust is typically the cornerstone of a good relationship.
And research has found that when it comes to money, believing in your ability to succeed financially corresponds quite strongly with your financial wellbeing.
Building financial trust in yourself can be easier said than done. Sometimes, you will feel as though you take two steps forward and one step back. But believing in yourself and your ability to make smart money decisions, even if sometimes you trip up, is important.
Respect the relationship
Here at Spaceship, we believe money is a tool you can wield to do cool things.
If you work on your relationship with money every day — if you have faith in your ability to use money wisely, if you are honest with yourself about how to use it, and if you learn to compromise — you’ll hopefully find yourself in a respectful and positive relationship!
Happy Valentine’s Day!