Navigating the Emotions of Money and Personal Finances

People get emotional when it comes to money. 

We receive a paycheck, and we feel happy. We realize how much taxes takes away, and we feel sad. If we’re having a rough day, we might buy ourselves something nice. If we reach a negative balance on our account, we feel fear and panic and anxiety. 

If you’re looking to straighten out your finances, you need to realize that your money and your emotions are tethered. The journey towards financial freedom and fiscal strength is filled with moments of fighting your emotional impulses. 

You may start off strong. Getting serious about your money, making a budget, and setting goals can even be exciting initially. You feel good about yourself and the direction you’re heading. But eventually, as normal life sets in, that excitement wears away and other emotions come to the surface. 

You’ll feel frustrated that it’s not moving faster. 

You’ll feel desires for things you don’t need. 

You’ll feel insecure that you’re missing out on events others around you are doing. 

And left unchecked, your emotions will get the best of you, taking you off course and leaving you where you started. Spending money and not worrying about the consequences may feel good in the moment, but there will come a day when debt and a lack of assets will bring very negative emotions. 

That’s why you need to keep your emotions in check now. Doing so by yourself, however, can be very difficult. As our impulses rise up, our willpower weakens. That’s why you need someone outside of your emotional spectrum to keep you on course. 

You Need Accountability 

Accountability has been proven to significantly increase your odds of doing…well, just about anything. The Association of Talent Development found that you have a 65% chance of reaching a goal if you commit to an accountability partner

If you keep regular appointments with that person, the success rate goes up to 95%! 

However, you still need to make sure you pick the right person to partner with you. In the case of money, it’s not just emotional. It’s also strategic. You need a plan with relevant goals and proven methods. 

Otherwise, you’ll just be spinning your wheels and going nowhere financially. Even with an accountability partner, if you spend long enough making zero progress, your emotions will win out, and you’ll quit. 

That’s why the best person to partner with for your finances is an experienced financial advisor. 

Therapy for Your Finances 

If you were to experience serious mental or emotional health problems, you’d visit a trained therapist or counselor, right? Hopefully that’s what you would do. It’s what you should do. And it’s no different with financial problems. 

A financial advisor isn’t someone who just makes you feel worse about your financial situation and tells you to stop spending money. They’re there to partner with you on a journey to financial freedom and prosperity. That includes handling your emotions. 

Helping people control and navigate their emotions is something 84% of financial advisors go through

At KB&P Partners, we work with you to create real, attainable goals, and then we map out a plan to actually achieve them. While you’re on the journey, we’re here to keep your emotions in check so you stay the course. 

We can’t promise it will be easy to improve your financial standing, but the end results are worth it. Money is emotional. Why not make a change so that yours is making you feel positive emotions? 

Contact our financial advisors in Springfield, Ohio today! 

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