Build a Good Relationship with your Money

Life is hectic. Sometimes we have to juggle so many things at the same time. This is why most people don't have the time to build a relationship with their money.

Building a relationship with your money means constructing good spending habits. Make the right choice about your wants and what you really need. It is also very important that you know the financial products that you have knowledge is key, awareness about the financial products that you use can be the difference between a happy life and a life fraught with financial anxiety and trouble.

What to do:

• Go on a financial diet
• Live within your means
• Say no to your kids at the grocery store(tough one)
• Buy what you need and only take on debts that you can afford
• You have to spend time to know and understand your finances

Financial knowledge is a powerful force that can help you gain an holistic control of your life. Your ability to make good financial decisions could be a deciding factor to your well being.

A good relationship with your money is better than a good relationship with your bank. When you are so loyal to a particular bank, you will stop paying attention to your service charges. There are  people who have 4 unlimited chequing accounts at 4 different banks and with a monthly service charge of $14.99 each. Having 4 chequing accounts is excessive because the extra paid fees can be directed towards a savings account.

What not to do:

• Don't put money management on the back burner
• Don't buy things because they are on sale
• Don't ignore your monthly bank statement

Building a long lasting relationship takes time. Education is key!
Please free to email me at margmortgages@gmail.com for any question(s). You can also leave a comment below and subscribe to the blog for future updates.