When we talk about relationships, we are often referring to how we interact with our family, friends, coworkers and even strangers. But if I asked you about your relationship with money would you know how to respond or even understand what I was asking you?

Believe it or not there are fields and subfields of study that looks at the effects of phycological influences and biases and how they affect financial behaviors. But, I am not going to go into all of that. If you would like to read more on the study of Behavioral Financial feel free to check out the following article Behavioral Finance: Biases, Emotions and Financial Behavior ( What I am really asking is, When you think about money how do you feel?

Why is your Relationship with Money Important?

Your relationship with money is tied into your overall well-being.  Not only is it part of your financial health (both current and future), it is tied to your physical and mental health as well. If your relationship with money is stressful it can impact both our mental and physical wellbeing.  This does not mean that the more money you have, the less stress and anxiety about money you have. The idea is to have a “healthy” relationship with money where you feel satisfied. Do you feel confident and secure when you think about providing for yourself and others, or do you feel you are constantly reaching for more and can’t keep up with what “everyone else has”?

What Forms or Influences our Relationship with Money?

Our relationship with money is influenced by what we observe around us and we probably started forming this relationship when we were quite young. Whether we realized it or not we likely started forming our relationship with money by observing our families’ spending habits and discussions. Maybe even by seeing how other families lived or listening to your friends take about the latest toy their parents got them or on the flip side couldn’t get them. Maybe your family experienced financial hardship while growing up, but your partner’s family never experienced this sort of financial strain. These experiences help form our relationship with money and can affect the other relationships in our lives.

Time to take a look at Your Relationship with Money

This is where you ask yourself some hard questions:

  •  What has influenced how you value Money? – Maybe it was by observing how your parents, grandparents or friends talked about finances when you were growing up. Or maybe you experienced a financial hardship early in your adult life. We shouldn’t discount how what we hear on the news or see on social platforms can also influence us.
  • When you think about money do you feel confident or does it cause you stress and anxiety? – This emotion may be impacted by where you are at in your life whether it be just starting out as a young adult, getting married, starting a family, paying for college or getting ready to retire.
  • Have I made good financial decisions in the past? – If I haven’t, is this currently affecting my ability to make important financial decisions now? Maybe I have been quick to spend my money in the past and haven’t been able to budget or save.
  • Have my partner and I discussed our money values? – Maybe your different money values have caused arguements or stress in the past. Being open and honest about how you view money and why is key. These discussions are especially important when you consider that your children are observing everything you do. We all hope to pass on a Good Relationship with Money to our children.

Looking at how we view money and discussing these views can be hard. If after reading this you have any concerns regarding your relationship with money, it may be a good time to reach out to your Financial Advisor.


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*This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.