The relationship between money and emotions

Do you sometimes wonder why you never seem to have enough money to go around, no matter how hard you work? You are not alone – and it could be your emotional attachment to money that is stopping you get ahead. If you want to change your emotional relationship with money to a positive one, here are some great tips from Danielle La Porte.

Be thankful

To be more grateful about money, and what it can do for you, thank yourself that you have the financial capability to pay your bills, rather than grumble about it. Keeping a positive mindset helps you build a better relationship with money.

You have even more to be thankful for, if you have money left over after covering all your bills and putting some aside for savings. When you spend that money, remember to practice gratitude again, rather than just getting caught up in the rush of buying that coveted new item.

Weighing up costs

Most of us don’t have the money to buy absolutely everything we want. We have to make choices. When it comes to your choices, do you often buy things on impulse, or wait for the ‘right moment’ to purchase something you’ve dreamt of for a long time?

While you may get a kick out of instant gratification, imagine how much better you would feel about money if you splurged on that really desired item, instead of the thing that you can get right now.

If you’re dreaming of a Parisian holiday and getting there in business class, every ‘mini-break’ you take is putting that dream holiday further out of reach. Each time you spend money on the non-essentials, consider the cost of what you are losing rather than what you are gaining. You might find it easier to start putting away that money, and easier to avoid impulse spending.

The relationship between money and emotions

Spending at sales

We all like a bargain, it’s only human. But if you buy something that you didn’t really want or need, is it still a bargain?

The general consensus is no – it’s not a bargain. A bargain is when you get something you really want or need, at a price that is cheaper than you would usually pay for it. Buying something on sale just because it’s cheap, and not because of need, is called impulse spending. But how can you identify it (and maybe avoid it)? Before you buy the sale item, ask yourself these three questions, courtesy of Danielle LaPorte:

Will this improve my well-being?
Will this help me get the results I want?
Is this going to help other people?

Asking questions before impulse spending can shift the emotional attachment or buzz that comes with purchasing, to an emotional attachment of satisfaction, when you can buy what it is you really want or need.

Consider the actual dollar cost of what you are buying

The cost of items is relative to what you think they are worth for you. Do you happily spend $30 on brunch out with your friends, only to baulk at paying $6 or more for an avocado out of season? The actual dollar cost is not what the issue is; the issue is the relative importance you are placing on each of your purchases.

After all, money is merely a tool; it’s what money can do for us that triggers the emotional reaction. By practicing awareness and gratitude, you can build positive money emotions, and create more abundance in your life.

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure the content is correct, the information provided is subject to continuous change. Please use your discretion and seek independent guidance before making any decisions based on the information provided in this article.