While money might sometimes get in the way of romance, the two shouldn’t be too hard to balance.
This Valentine’s Day, take a moment to make sure you and your finances are on the same page before continuing what could be a rocky relationship. Here’s five steps to make your relationship with money work:
Break up with your bad habits: Are you a careless spender or an ambitious saver? The first step is identifying your bad habits when it comes to money. Perhaps you’re over-optimistic and jump into things to quick, like a big purchase or an investment decision. Or you compare yourself to others and their financial situation, making you move at a pace that’s not ideal for you. Take things slow by reviewing your bank statements carefully and weighing your options.
Learn from your mistakes: While breaking up with your old ways, you’ll develop a new awareness to make it easier to form new financial habits. If you are behind in your savings, open a high-yield savings account. If you weren’t taking advantage of your company’s retirement plan, start now. If a store credit card was justifying your spending, cancel it. Cut ties with anything interfering with your relationship with your finances. It’s never too late to correct actions from your past and turn mistakes into a positive lesson.
Identify your priorities: It’s time for an honest conversation between yourself and your bank account. Think about the life you want and answer the tough questions. Ask yourself, “What do I value now? What are my life goals?” When answering these questions, it’s important to ensure your partner (a.k.a. your money or your bank) can help you accomplish these things. For example, if going back to school is more important to you than homeownership right now, you should plan and adjust your savings accordingly.
Put in the work: Cut the excuses and put in the work to get back on track. Create and commit to a plan of actionable tactics that will help you cope with everyday financial stressors and build a financially healthy future. Set aside a day once a week when you set, review, and reconcile your budget – call it “date night,” if you will.
Talk about the future: Look at your current situation – from your job to your lifestyle – and determine if you’ll be happy long term with the way things are or if serious changes need to be made. Consider factors like housing, family, and retirement and build out a plan to address these as they arise. Research specific banks, accounts, or tactics that will put you and your money on track for a solid future together.
See a counselor: No, we’re not talking about a marriage counselor. Similarly, a financial counselor can provide the educational and even emotional support to help you manage your money. Although they won’t make decisions on your behalf, they can set you in the right direction to reach your financial goals and empower you to have a healthy relationship with your finances. It okay to ask for help and guidance when you need it most!
Happy Valentine’s Day from the team at Penn Community Bank. We understand your changing needs by offering financial services and insight to help you thrive. Life moves fast, so schedule an appointment today. For more money management and savings tips, visit www.penncommunitybank.com.
