terry williams
The new year brings new beginnings, so it's the perfect time to focus on your love life and finances. Love influences our money, whether it's self-love, romantic love, or love for our children. It's better to intentionally mix the two than to butt heads and act as if they're completely separate. In fact, when our love life and finances are not in sync, the consequences can be disastrous. Here are some tips to make 2024 a more successful year.
self-love and economic power
There is a lot of psychological research on the importance of loving yourself. True happiness requires self-love. With all the breakups happening in 2024, self-love will become even more important. However, self-love, especially self-care, can also impact your wallet. Some questions to ask yourself:
- Do you want to pay for it yourself first? Whether you have a job or are self-employed, before spending money on things you want or someone else needs, consider emergency savings accounts, retirement accounts, and even vacation savings accounts. Are you saving money for? To cultivate self-love, you need to put yourself first before helping others.
- Are you an emotionally spendthrift person? When going through life's ups and downs, do you soothe your emotions by shopping? Although many of us are familiar with “retail therapy” because we're depressed. , you can also engage in “manic shopping” when you experience success. Getting a new job or contract, experiencing a new romantic relationship, or celebrating a holiday like Valentine's Day can make us feel excited. If you can control these emotional expenses, you can keep them within your budget.
romantic love and economy
Whether you are seeking a relationship or are currently in one, romance cannot exist without economy. The biggest issue that affects relationships is money. Many of us grew up hearing fairy tales about meeting your soulmate and living happily ever after. Well, the high cost of living today, whether it's housing or transportation costs, can affect our future well-being. Here are some questions to ask yourself.
- What financial resources are you bringing to your relationship? Due to high housing costs, you may need multiple sources of income or even multiple earners. A potential Federal Reserve rate cut in 2024 could make mortgages more affordable. But the cost of housing, whether it's rent or a mortgage, remains high. It is possible, if not impossible, to find a partner to fill the financial hole, help pay financial obligations, or achieve a higher financial position if you do not provide the resources. However, it is becoming increasingly difficult. To build a more harmonious relationship, take good care of your personal finances.
- What are the financial status and requirements of your potential or current partner? Sometimes love is so blinding that you forget basic questions such as what is your employment status? . What is your credit score? How much debt do you have? How much do you have in savings? For a successful relationship, it's important to have a clear understanding of the person as a whole, and money in particular. Money is no longer a taboo topic.
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Parental love and economic power
Let’s be honest, having kids costs money…a lot of money! There is housing, food and clothing, as well as college tuition and financial independence support for the children. Being a parent can be fun, but it can also be financially stressful. Here are some questions to ask yourself in 2024.
- What kind of insurance do I need to protect my loved ones? We all expect to live long and happy lives. But life can throw us a curveball when we least expect it. Sometimes we encounter unexpected financial problems, such as health problems or lawsuits that affect our lives. There are insurance policies that protect us from life events, such as health insurance, life insurance, and even umbrella insurance for lawsuits. Make sure you have the right insurance coverage to meet your loved one's needs.
- Are you modeling good financial behavior? Our children are more likely to do what we do than what we say. How we spend, save, and share money sets the best example for them. In the old days, children sat at the kitchen table watching their parents write checks to pay the bills. They also taught home economics at school. In 2024, most of our financial activities will be online and less visible, and schools will no longer teach financial literacy. So today, take a look around your home and evaluate the financial messages you're sending your children. As an easy option, consider adding a note on your fridge with your financial goals. Remember, your kids are watching.
We all wish you love, happiness and prosperity in 2024. To achieve that, we need to embrace the relationship between love and economy. Being in love is a powerful thing. Loving and having compassion for our finances is even more powerful. Happy new year!
