As a champion of holistic financial decision making and financial planning since 2004 that believes in putting the client’s needs first, Clarity Financial Planning wants you to consider both love and money this Valentine’s Day. And we don’t just mean romantic love because there are other types of love that can affect your financial habits.
In a November 2020 article, “Love and Money—and How They’re Connected,” The Wall Street Journal (WSJ) helps readers make connections between these two things observing, “Our relationships with people are often reflected to money. For good and ill.” The WSJ suggests “honest self-reflection about your relationship history (starting with mom and dad) and the role money inevitably played.” According to the article, financial gains and losses are activated in the same part of the brain as our romantic ups and downs. Even if you don’t consciously connect love and money, your subconscious mind is linking the two.
The article includes a link to an assessment tool developed by a certified financial planner who is also a psychologist. This tool “can provide you with a broad brush stroke of your money mind-set.” If you just live and spend without reflection, you may never realize that they way you think about money could be preventing you from reaching your financial goals.
One expert interviewed for the article suggests automating much of your financial life. As you explore the reasons behind your spending style and the decisions you make, you can make sure your financial obligations are met by paying bills and setting aside savings automatically.
This Valentine’s Day consider the concept of self-love as you examine your financial habits and look at what you can do to create more financial stability for yourself. Make a plan to do what you need to in order to move yourself closer to your financial goals.