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Taking Care Of Your Relationship With Your Finances

Young woman sitting at home with pen and paper

Post written by: 
Michael Foguth
– President of Foguth Financial Group in Brighton, Mi, specializing in retirement planning.

I’ve been thinking recently about many of the relationships in my life. It is not news to anyone that relationships need intentional care to thrive and grow. Not only do the relationships we have with our loved ones need care and attention, but the relationship we have with our finances, our health and our work also need care and attention to flourish.

I tend to look at my relationship with money as an evolving one. I check in on my accounts daily. I strive to set these accounts up to work for me and often review which financial products may be best for me and my current situation.

If you’re looking to strengthen your relationship with your finances, here are three tips to help you. They might even help you learn to love the decisions you make with regard to your money.

1. Assess your options and goals.

With tax season requirements ramping up, it’s a good time of year to take a look at your options. Since you’re likely to have a lot of your retirement paperwork and annual summaries in front of you, it’s a perfect time to give them a thorough review. Are you contributing as much as you should to your 401(k) plan? Is there a matching option you’re not taking advantage of? Do you have an individual retirement account set up? Have you looked at tax-efficient savings strategies? Are you protecting your loved ones with the right life insurance options for your situation?

Many local financial advisory firms offer complimentary consultations and reviews. It might be good to schedule an appointment like this alongside your yearly health physical to see if you are on the right track to meet, or better yet exceed, your health goals as well.

2. Learn something new.

Although age-old money rules will never go out of style (“Never spend more than you earn” is the first adage that comes to mind), there are always opportunities to learn new things. There’s a plethora of information out there about investment options and up-to-date financial recommendations you may not be aware of. And it’s a good idea to keep your mind open to options, even those outside your comfort zone.

Again, this is where consulting a professional comes into play. If you had a medical ailment, you might seek a second opinion — the same is true for your finances. A second opinion may give you a purview that you may not have been aware of before.

But there’s plenty you can do on your own as well. Seek out education on your finances. You may find a great class held at your local community center or public library. Learn about investing and life insurance and what new trends are in the market. Research online about new investing tools and apps for your smart device that can help you save. We are increasingly on our devices — what better way to strengthen your relationship with money than to make it “fun” by using a new app on your smart device.

3. Set fun goals.

Last but not least, what better way to fall in love with your finances and strengthen your relationship than by doing something with your money that you’ll actually enjoy? Whether it be making plans for a trip, buying new clothes, or purchasing something fresh and new for your home, it’s OK to give yourself permission to set money aside and do just that. As with anything else, it’s best to plan ahead and set a small amount aside each week or month as you work up to that special purchase.

The more energy you focus on your finances, the better your relationship with them will be. Take a step back and analyze where you want to go and then do some research and educate yourself on how you can get there. Additionally, have fun with your finances and reward yourself. With these tips, you can help your relationship with your finances flourish, while still having fun with your money.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

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