In your life, you will have all sorts of relationships – with family, friends, co-workers, and even organizations you support. But have you ever considered the relationship you have with money?
This type of relationship has several aspects, including saving, spending and investing. Your fellow Americans face challenges in these areas. In a recent survey by financial services firm Edward Jones, only 21% of respondents reported feeling happy when thinking about saving money, while 92% said they see room for improvement in their financial health.
If you share some of these concerns, what should you do?
Identify your money-related emotions. Try to recognize the emotions you feel in connection with saving and investing. Do you get nervous about spending? Does saving money for the future give you satisfaction? Emotions are closely tied to money – but they should not play a big role in your choices.
Develop a financial strategy. By developing a sound financial strategy, based on goals, risk tolerance, and time horizon, you can reduce money-related stress. By creating a long-term strategy and sticking to it, you’ll be far less likely to overreact to market downturns and less inclined to succumb to impulsive purchases.
Get an “accountability partner.” By being open about your finances with loved ones, you can enlist help in staying on track toward your goals. You may also benefit from the help of a financial professional – someone with the perspective, experience and skills necessary to help you make the right moves.
https://www.edwardjones.com/sean-danowski
Sean.Danowski@edwardjones.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.