Do You Have a Healthy Emotional Relationship With Money?

Do You Have a Healthy Emotional Relationship With Money?

Gabrielle Olya    Fri, September 3, 2021,

GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall.

Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.

In today’s column, we chat with Lindsay Bryan-Podvin, LMSW, financial therapist and author of “The Financial Anxiety Solution,” about how to tell if you have a healthy emotional relationship with money — and what to do if you don’t.

What are some signs that a person does have a healthy emotional relationship with money?

A person who has a healthy relationship with money understands the ins and outs of their personal finances and understands that mistakes happen. They are comfortable talking about money and asking questions when they don’t understand something financially related.

What are some signs that a person does not have a healthy emotional relationship with money?

They might avoid looking at money, not negotiate for raises, overspend or spend recklessly.

If someone doesn’t have a healthy relationship with money, what are some steps they can take to improve it?

1) Identify your current relationship with money. If you aren’t sure, I recommend taking note of your thoughts and feelings when interacting with money or financial tasks. Think: seeing your paycheck hit your bank account, handing your credit card over when you get your car repaired or hearing a story about the stock market on the radio. Knowing where you are now can help with where you want to be.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/healthy-emotional-relationship-money-110144434.html